I joined LR in 1988 and worked for 5 years as Technical Recruitment Manager. Following a major stroke aged 37 I find it difficult to walk and stand and have not been able to return to paid employment. I’m now 65. In my LR job I was told to “sell” the DB pension benefits to potential employees, as this made up for the below-industry salaries offered by LR at the time.
My husband ran LR’s Computing division for 15 years, rising to full board director. When his health started to fail with Parkinson’s in the late 1980’s he kept working until 1992, to ensure we had a good pension. After long years of looking after him, he died in 2013. I am now 85, I depend on my LR pension, and LR won’t even answer my letters to explain why it is not matching inflation on the entire pension. My husband would have been utterly appalled at LR’s callous and unethical behaviour.
I’m aged 82. I started my 16 years at Lloyd’s Register in 1984, as typist in Croydon, becoming the IT Training Manager (worldwide). As a divorcee with a teenager, I accepted LR offer as I required work in a company renowned for its honesty, excellent reputation and respect for its staff, past and present, plus pension for the future. Today, even with AVCs, LR’s lack of cost-of-living increases on pre-1997 pension years from 2015 means I now take home 30% less than I did in 2015.
I spent 34 years as a surveyor for LR and now I’m 82 years old. I'm concerned about my wife in particular once I'm gone - with fixed costs for energy and food, losing a third of our pension is already a huge hit, and getting worse.
I feel betrayed.
I joined LR in 1991 as Public Relations Manager and became Director of the LR Educational Trust until I fell ill in 2013. I’m 75. Lloyd’s Register has always said its most important asset is its people. However in retirement that message is forgotten, and our pensions allowed to diminish. Since 2015, time and time again, LRSFG has recommended a with-inflation pay-rise, and year after year LR has refused it. Shameful! It’s time to keep your promises, LR, and make past and present employees proud of you again.
This situation is steadily driving us towards poverty. LR always made it clear that our working salaries on the Admin side were not as good as other companies in the City (women especially). We all knew that the managers had a different pay structure. However our loyalty would be rewarded with a good pension so we could live comfortably in our old age. Today’s LR managers have forgotten what LR stands for.
It was a privilege to work for LR for 31 years from 1983-2014. Its core value was ‘integrity’, doing the right thing, with a charitable core mission to protect life, property, and the environment. Joining as an administrator, the wages were low but with the promise of a decent Defined Benefit pension ‘fit for purpose' for myself and my wife in later years. But since 2015 LR has cast us pensioners adrift, even as it rewards its executives with multi-million pound, inflation-linked packages. This cannot continue - LR must come to the table and talk to its pensioners now.
LRPAG is a Member of the Pre-97 Pension Justice Alliance