Lloyds Banking Group has announced changes to its defined benefit pension schemes, and said that the changes would have a one-off benefit of £1 billion ($1.68 billion) to its income statement.

The British retail bank will recognise the benefits from pension scheme changes in the second quarter outside of underlying profit.

Lloyds says changes will have a one-off benefit of £1 billion to its income statement

Tapan Panchal, Dow Jones Newswires

Lloyds Banking Group

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Lloyds shakes up defined benefit pension

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