CHOOSE YOUR SCHEME

Welcome to the new look website, for members of a Lloyds Banking Group pension scheme.

If you joined the Group after 1 July 2010, you'll be a member of Your Tomorrow.

NOT YET A MEMBER?

If you’re an employee of Lloyds Banking Group and not a member of one of our pension schemes, it’s not too late to join, as long as you’re eligible.

IF YOU JOINED THE GROUP ON OR AFTER 1 JULY 2010

You’ll be automatically enrolled in Your Tomorrow on the day you join the Group. If you’re not yet a member, see joining.

IF YOU JOINED THE GROUP BEFORE 1 JULY 2010

HBOS colleaguesIf you were previously a member of the HBOS Group Money Purchase Scheme, or had the right to join, you became eligible to join Your Tomorrow from 1 February 2011.

Lloyds Bank colleaguesIf you were previously a member of a Lloyds Bank Pension Investment Plan (PIP), or had the right to join, you became eligible to join Your Tomorrow from: 1 August 2011 for non-Asset Finance and non-Commercial Finance colleagues 1 September 2011 for Asset Finance and Commercial Finance colleagues go to joining to find out more.

To view information about your benefits Log into YOUR PENSION
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Your Tomorrow

You are building up pension benefits in the Scheme on a ‘Defined Benefit’ (DB) basis. This means that when you retire, your benefits will be calculated based on the length of time you have been a member of the Scheme and your Final Pensionable Pay at retirement (subject to a Pensionable Pay Cap since April 2010).

In November 2019, the Group announced changes to its Defined Contribution (DC) pension schemes, including Your Tomorrow. The changes take effect from 1 July 2020 and see an increase in Group contributions (as highlighted in the table below) for most DC members:

Member contribution Group contribution Total contribution
As a percentage of your basic pay
3% 9% (from 8%) 12% (from 11%)
4% 10% 14%
5% 13% 18%
6%+ 15% (from 13%) 21%+

It’s important that you review the options available to you regularly as the option that best suits your circumstances may change over time. For some members it may be beneficial to opt to leave the Scheme and move to the Your Tomorrow DC pension scheme (with the improved contribution rates) to build up future pension savings, or, you may wish to save more in the Scheme through Pension Extra.

To help you explore your choices, the Group has provided lots of useful information on its internal HIVE site along with access to a new pensions modeller which will allow you to compare your future retirement income based on the options available to you.

The choices you make are important and will affect your current and future finances. If you leave the DB Scheme you won’t be able to re-join it. Before making any decisions, we recommend that you take appropriate advice from an independent financial adviser. You can find one in your area at unbiased.co.uk. Please be aware, accessing financial advice may incur a fee.

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