About the Lloyds TSB Benevolent Fund

Independence

The Fund is competely independent of the Lloyds TSB Group and is administered by a Management Committee drawn from Lloyds TSB Group staff.

Support

The VSF relies totally on the voluntary support of Lloyds TSB staff and pensioners. Donations from offices, departments, individual members of staff and pensioners go directly to assisting those experiencing hardship.

Assistance

Many of those who need help contact the Fund directly, others are referred by management, retired staff liaison officers, union representatives and work colleagues. All requests for assistance are dealt with in the strictest confidence.

The Fund works throughout the year and provides regular financial support to the most needy cases.

History

The Fund was established in the 1920s in memory of a benevolent Chairman of Lloyds Bank, Sir Richard Vassar Smith.

Richard Vassar Smith become a director of Lloyds Bank in 1889 when Worcester City and County Bank was absorbed by Lloyds. He became Chairman in 1909 and held the position until his death in 1922. His 13 years were a period when Lloyds was the biggest bank in England, making several key acquisitions and amalgamations.

Vassar Smith was heavily involved in governmental discussions about wartime preparations, and he served as chairman of the 1917 Treasury Committee on Financial Facilities. In recognition of his contributions to the war effort, he was made a baronet in 1917.