Lloyds Banking Group could lose £300m over pension discrimination lawsuit

The Lloyds Trade Union (LTU) has commenced action against Lloyds Banking Group over claims that its pension scheme discriminates against female workers.

The LTU was ‘derecognised’ by the bank last year.

The action, which is against Guaranteed Minimum Pensions (GMPs) where firms provide an equivalent pension to those wanting to top up their retirement savings, could be worth up to £2,000 per female member of staff and £300million in total – Economia reports.

The overall bill for UK businesses could be up to £20billion.