Staff at Britain's state-backed lenders were dealt a double blow yesterday after Royal Bank of Scotland slashed the pension benefits of 62,500 workers and Lloyds Banking Group cut another 200 jobs according to the Telegraph.
Royal Bank of Scotland will face criticism over its decision to cut pension benefits for staff. Unions accused RBS of adding "insult to injury" following its controversial £8.3m pension top-up this year for Sir Fred Goodwin, the bank's disgraced former chief executive. "This is a body blow ... which will erode workers' pensions over time," Rob MacGregor, national officer at the union Unite, said. Full story........
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
