Lloyds TSB staff set for £27 million payout

Lloyds TSB staff stand to net up to £27 million this week as shares granted to them under the company's Sharesave scheme reached maturity on 1st June 2007.

Under the scheme employees can choose to invest between £5 and £250 from their salaries each month which can be used at the end of the savings term to buy company shares. As well as benefiting from any increase in the company share price, participating staff also purchase the shares at a 20% discount and receive a bonus payment on their investment.

On average, staff will receive £3,000 with those choosing to invest the maximum of £250 in the 2004 scheme now owning shares worth a massive £16,808.

Angie Risley, Lloyds TSB Group Human Resources Director, said: "It's really important our staff feel part of our company success and the Sharesave scheme is a great way for us to reward employees for the part they play.

"It's really easy for staff to take part as the money is deducted directly from their salary each month and the benefits can be huge. The 2004 scheme that has matured has given staff a return that is equivalent to 87% interest on their original investment, so it's an excellent way for employees to boost their savings."

In addition to its Sharesave scheme, Lloyds TSB also runs a Shareplan scheme which gives staff the opportunity to receive free company shares each year and to invest a proportion of their pre-tax salary in shares. This year staff have been awarded a £40 million shares bonus award under the scheme and an additional £11 million 'matching shares' have been awarded to staff who are investing in the Shareplan.