Following the union’s long campaign, TSB has bowed to pressure, and the potential threat of legal action, and confirmed in its new. Job Security Policy that the heritage Lloyds TSB enhanced severance terms are contractual and there is no end date. That’s important because TSB is going to be significantly smaller over the next few years and that is inevitably going to result in more redundancies. If there was any ambiguity around the legal status of the severance terms, TSB could simply say in any legal dispute that the terms are non-contractual and the member of staff is not entitled to the enhanced severance terms.
Members wrote to Rachel Lock, the outgoing HR Director on a number of occasions and in their final letter said:
“If you don’t address the questions I have raised above within 10 working days your silence will be deemed to be acceptance that the heritage Lloyds TSB enhanced severance terms and job security policy form part of my contract of employment and there is no expiration date. I would be grateful if you would ensure that a copy of this letter is filed with my contract of employment”.
TSB’s Job Security Policy now says that the Lloyds Bank enhanced severance terms are contractual and there is no expiry date. So, if nothing else that puts an end to the pantomime every few years when the HR approved unions say they have managed to negotiate an extension to the severance terms for another three years. In the case of Lloyds, no extension is required; not that it was in the first place. TSB has only confirmed what we understood all along. However, for the 425 heritage HBOS staff represented by Accord, TSB confirmed that their enhanced severance terms are not contractual and that they will finish at the end of 2020. TSB might then look to put those staff on the basic severance terms in order to save money.
Members with any questions can contact the Union’s Advice Team on 01234 716029.