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.

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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.

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We're making changes to help you get a better retirement

To get your money working harder for you, we’re making changes to where you can invest your Pension Extra savings. If you were a member of the Scheme in November 2017, we sent you a letter or email to explain how this affects you. You can find more information about the changes below. If you have any questions about the letter or email, or didn’t receive it, please see more detailed Questions and Answers.

You can choose either to invest in one or more of the following individual funds, or in any of a number of new LifePlan options. As a reminder, LifePlan has been designed to move your investments automatically between different funds depending on how close you are to your chosen retirement age and how you might want to take your benefits. If you’re currently invested in LifePlan, we’ll move you to one of the new options. You can find out more about LifePlan here.

Current fund name
Global Journey
New fund name
Global Equity Fund
Current charges*
0.049%
New charges*
0.125%
What is changing and why?
The fund name, charges and how the fund is invested are changing. The fund currently invests around one third of its value in the UK and invests more in companies that are larger. This means that, relative to the World as a whole, the fund is concentrated in the UK and in a small number of large companies. This could result in a greater risk of a sudden fall in value. The changes will increase investment in overseas companies and in smaller and middle sized companies with the aim of spreading investment risk. Although there is a small increase in charges (about 10p in every £100 invested), it is estimated that the fund will perform better, after the effect of charges, over the medium term.
Current fund name
Your Journey Extra
New fund name
Mixed Investment Fund
Current charges*
0.470%
New charges*
0.345%
What is changing and why?
The fund name, charges and how the fund is invested are changing. The changes introduce different investment managers who have alternative approaches to choosing investments. This aims to improve diversification, spread risks and find different opportunities for growth, but without taking as much risk as investing only in company shares.
Current fund name
Your Journey
New fund name
Mixed Investment Fund
Current charges*
0.420%
New charges*
0.345%
What is changing and why?
Your Journey is being removed and will be replaced by the Mixed Investment Fund. The general economic outlook means that the approach taken by the current investment manager is not expected to deliver the level of growth that is desired in the future. This fund is therefore being removed and replaced with the new Mixed Investment Fund, which has a similar investment objective, but is managed in a different way.
Current fund name
Your Destination (Level Income)
New fund name
Annuity Focus Fund
Current charges*
0.0425%
New charges*
0.065%
What is changing and why?
Your Destination (Level Income) is being removed and will be replaced by the Annuity Focus Fund. The new Annuity Focus Fund aims to be more effective at providing investment returns that are similar to changes in the cost of buying a regular income when you retire – known as an annuity. It also aims to provide inflation-adjusted returns in the run up to retirement.
Current fund name
Your Destination (Increasing Income)
New fund name
Annuity Focus Fund
Current charges*
0.058%
New charges*
0.065%
What is changing and why?
Your Destination (Increasing Income) is being removed and will be replaced by the Annuity Focus Fund. The new Annuity Focus Fund aims to be more effective at providing investment returns that are similar to changes in the cost of buying a regular income when you retire – known as an annuity. It also aims to provide inflation-adjusted returns in the run up to retirement.
Current fund name
Destination Cash
New fund name
Cash Fund
Current charges*
0.05%
New charges*
0.05% (no change)
What is changing and why?
Only the fund name is changing, to simplify the name.
Current fund name
Emerging Markets Equity Fund
New fund name
Emerging Markets Equity Fund
Current charges*
0.30%
New charges*
0.70%
What is changing and why?
Charges and how the fund is invested are changing. The fund currently invests in company shares from 'emerging economies' based on their value relative to each other, but this can mean that it invests more in the larger or more expensive companies. The changes allow the investment manager to make more decisions about the companies in which the fund invests. Although there is a small increase in charges, it is estimated that the fund will perform better, after the effect of charges, over the medium term.
Current fund name
Property Fund
New fund name
Property and Infrastructure Fund
Current charges*
0.57%
New charges*
0.375%
What is changing and why?
The fund name, charges and how the fund is invested are changing. The fund currently invests in UK commercial, retail and industrial property. Property can provide good returns, but if property markets do not perform well, large adjustments can be made to the value of the fund at short notice and withdrawing money from the fund can be delayed. The changes allow the investment manager to invest in other funds that invest in property and in infrastructure, such as transport, communications and utility networks, mostly in the UK but some overseas. The aim is to produce similar levels of growth but with less dependency on the UK economy and property market only.
Current fund name
Corporate Bond Fund
New fund name
Bond Fund
Current charges*
0.0425%
New charges*
0.2500%
What is changing and why?
The fund name, charges and how the fund is invested are changing. The fund currently invests in only credit worthy company bonds that are valued in Sterling. This can produce steady returns but it means investments are concentrated with a relatively small number of larger companies. The changes will allow the investment manager to invest in other types of bonds including some issued by overseas companies and governments with the aim of finding better investment opportunities. Although there is a small increase in charges, it is estimated that the fund will have the potential to perform better, over the medium term.
Current fund name
UK Equity Fund
New fund name
UK Equity Fund
Current charges*
0.0275%
New charges*
0.0275% (no change)
What is changing and why?
There is no change.
Current fund name
North America Equity Fund
New fund name
North America Equity Fund
Current charges*
0.04%
New charges*
0.04% (no change)
What is changing and why?
There is no change.
Current fund name
Continental Europe Equity Fund
New fund name
Europe (excluding UK) Equity Fund
Current charges*
0.0425%
New charges*
0.0425% (no change)
What is changing and why?
Only the fund name is changing, to simplify the name.
Current fund name
Japan Equity Fund
New fund name
Japan Equity Fund
Current charges*
0.045%
New charges*
0.045% (no change)
What is changing and why?
There is no change.
Current fund name
Asia Pacific (excluding Japan) Equity Fund
New fund name
Asia Pacific (excluding Japan) Equity Fund
Current charges*
0.0475%
New charges*
0.0475% (no change)
What is changing and why?
There is no change.

* Charges are measured by the Total Expense Ratio (TER). The TER is the cost of running the fund expressed as a percentage of the fund’s value. The TER includes investment management fees (which are usually a fixed percentage), plus trading, legal and other costs incurred in managing the fund which can vary over time.

This is a summary of the reasons why the Trustee is making the changes at this time. If you want to know more about what the funds will invest in and what their investment objectives will be, you can find that here. The Trustee regularly reviews the funds and may make further changes in the future. The Trustee will tell you about important changes to the funds, their objectives or charges.

Here's a summary of the funds you can select from 23 March 2018. It’s intended as a short introduction, so if you’d like to know more about the underlying funds, just click here.

New fund name
Global Equity Fund
What it invests in
The Global Equity Fund invests in company shares (known as equities) in developed and emerging markets around the World.
About the fund
The Global Equity fund aims to provide long-term growth. Because it invests in company shares and because of changes in currency rates (because some are overseas), its performance and value can change a lot in a short space of time, so it might not be suitable if you’re close to retiring and want something more stable. However, by investing in lots of countries around the world, it aims to be less unpredictable than funds which invest in only one country or region.
New fund name
Mixed Investment Fund
What it invests in
The Mixed Investment Fund invests in a blend of investments including company shares, government and company bonds, property and cash. The mix is chosen by the investment manager, and can change.
About the fund
The Mixed Investment Fund aims to create growth over the medium-to-long term. Its performance aims to vary less than funds that invest in only company shares, but it could vary more than funds that invest in bonds or cash. As a result, this fund may not be a suitable option on its own if you’re close to retiring and value stability over potential for future growth.
New fund name
Annuity Focus Fund
What it invests in
The Annuity Focus Fund invests in a mix of government and company bonds. The mix is chosen by the investment manager, and can change.
About the fund
The Annuity Focus Fund aims to provide inflation-adjusted returns on your investment similar to changes in the cost of buying a regular income when you retire – known as an annuity. If you're not planning to buy an annuity when you retire, this fund may not be the best option for you.
New fund name
Cash Fund
What it invests in
The Cash Fund invests in cash deposits, as well as short-term secured and unsecured loans to companies and financial institutions.
About the fund
The Cash Fund aims to avoid large sudden falls in the value of your account. Because it aims to be stable, it gives up some potential for growth. Your returns may be lower than inflation, so this fund might not be appropriate if you’re looking to grow your money over the long-term. Like all funds, it’s also possible that you’ll get back less than you put in – although this is less likely with the Cash Fund compared to some other funds.
New fund name
Emerging Markets Equity Fund
What it invests in
The Emerging Markets Equity Fund invests in company shares (known as equities) in countries that are expected to experience greater economic growth and industrialisation than more developed countries.
About the fund
The Emerging Markets Equity Fund aims to provide long-term growth. Its performance can vary a lot in the short-term, particularly because it invests in emerging economies. It’s also variable because of changes in currency rates. As a result, it might not be suitable if you’re close to retiring and would prefer something more stable.
New fund name
Property and Infrastructure Fund
What it invests in
The Property and Infrastructure Fund invests in commercial, industrial and retail property, as well as infrastructure such as transport, utility and communications networks. It invests either directly or through shares in other funds in the UK and other countries.
About the fund
The Property and Infrastructure Fund aims to provide long-term growth. Your returns on investment are likely to vary less with this fund compared to those that invest only in company shares (known as equities). Moving money out of the Fund may sometimes be delayed if properties have to be sold to raise the cash. As a result, it might not be suitable for you if you are close to retiring or if you plan to switch between funds regularly, particularly when property markets are not performing well.
New fund name
Bond Fund
What it invests in
The Bond Fund invests in bonds issued in different currencies and countries, by companies, financial institutions and governments.
About the fund
The Bond Fund aims to provide long-term growth that is less variable than funds that invest only in company shares (known as equities).
New fund name
UK Equity Fund
What it invests in
The UK Equity Fund invests in company shares (known as equities) in the UK. This includes some overseas companies whose shares can be bought and sold in the UK.
About the fund
The UK Equity Fund aims to provide long-term growth. Because it invests in only one region, its performance and value can change a lot over the short-term. This means that it might not be suitable if you’re close to retiring and would prefer something more stable.
New fund name
North America Equity Fund
What it invests in
The North America Equity Fund invests in company shares (known as equities) in North America, including the US and Canada.
About the fund
The North America Equity Fund aims to provide long-term growth. Because it invests in only one region and because of changes in currency rates, its performance and value can change a lot in the short-term. This means it might not be suitable if you’re close to retiring and would prefer something more stable.
New fund name
Europe (excluding UK) Equity Fund
What it invests in
The Europe (excluding UK) Equity Fund invests in company shares (known as equities) in Europe, but excluding the UK.
About the fund
The Europe Equity Fund aims to provide long-term growth. Because this fund invests in only one region and because of changes in currency rates, its performance and value can change a lot in the short-term. This means it might not be suitable if you’re close to retiring and would prefer something more stable.
New fund name
Japan Equity Fund
What it invests in
The Japan Equity Fund invests in company shares (known as equities) in Japan.
About the fund
The Japan Equity Fund aims to provide long-term growth. Because it invests in only one region and because of changes in currency rates, its performance and value can change a lot in the short-term. This means it might not be suitable if you’re close to retiring and would prefer something more stable.
New fund name
Asia Pacific (excluding Japan) Equity Fund
What it invests in
The Asia Pacific (excluding Japan) Equity Fund invests in company shares (known as equities) in Asia and around the Pacific, but excluding Japan.
About the fund
The Asia Pacific (excluding Japan) Equity Fund aims to provide long-term growth. Because this fund invests in only one region and because of changes in currency rates, its performance and value can change a lot in the short-term. This means it might not be suitable if you’re close to retiring and would prefer something more stable.

Fund factsheets giving you a snapshot of how the fund is invested at the end of each quarter, historic investment performance information and daily unit price history for every fund can be found here.

The Trustee regularly reviews the performance of all funds. The investment managers and benchmarks of the funds, effective from 23 March 2018, are set out below. After consulting with its advisers, the Trustee may change the funds or investment managers at any time if it believes there is good reason to do so, for example, if it is expected to improve investment performance or help the funds to achieve their objectives. The benchmarks or fund charges may also change from time to time. Current information will always be available on the Scheme website. The Trustee will tell you about all important changes to the funds, their objectives or charges.

New fund name
Global Equity Fund
Investment manager
92.5% Legal & General Investment Management (global equities) / 7.5% Somerset (emerging markets)
Benchmark
MSCI All World Index
Fund charges (Total Expense Ratio)*
0.125%
New fund name
Mixed Investment Fund
Investment manager
50% Legal & General Investment Management / 25% AQR / 25% Invesco
Benchmark
UK Consumer Price Index (CPI)
Fund charges (Total Expense Ratio)*
0.345%
New fund name
Annuity Focus Fund
Investment manager
Legal & General Investment Management
Benchmark
A composite of the indices of the underlying funds in which it invests, with the aim of producing returns in line with changes in UK annuity rates
Fund charges (Total Expense Ratio)*
0.065%
New fund name
Emerging Markets Equity Fund
Investment manager
75% Somerset / 25% Legal & General Investment Management
Benchmark
MSCI Emerging Markets Index
Fund charges (Total Expense Ratio)*
0.70%
New fund name
Property and Infrastructure Fund
Investment manager
75% Legal & General Investment Management (property) / 25% MFG Asset Management (infrastructure)
Benchmark
UK Consumer Price Index (CPI)
Fund charges (Total Expense Ratio)*
0.375%
New fund name
Bond Fund
Investment manager
Wellington
Benchmark
ICE BofA ML Global Corporate Hedge GBP
Fund charges (Total Expense Ratio)*
0.25%
New fund name
Cash Fund
Investment manager
Legal & General Investment Management
Benchmark
7 Day LIBID
Fund charges (Total Expense Ratio)*
0.05%
New fund name
UK Equity Fund
Investment manager
Legal & General Investment Management
Benchmark
FTSE All Share Index
Fund charges (Total Expense Ratio)*
0.0275%
New fund name
North America Equity Fund
Investment manager
Legal & General Investment Management
Benchmark
FTSE AW - Developed North America Index
Fund charges (Total Expense Ratio)*
0.04%
New fund name
Europe (excluding UK) Equity Fund
Investment manager
Legal & General Investment Management
Benchmark
FTSE AW - Developed Europe (ex UK) Index
Fund charges (Total Expense Ratio)*
0.0425%
New fund name
Japan Equity Fund
Investment manager
Legal & General Investment Management
Benchmark
FTSE AW - Japan Index
Fund charges (Total Expense Ratio)*
0.045%
New fund name
Asia Pacific (excluding Japan) Equity Fund
Investment manager
Legal & General Investment Management
Benchmark
FTSE AW - Developed Asia Pacific (ex Japan) Index
Fund charges (Total Expense Ratio)*
0.0475%

* Charges are measured by the Total Expense Ratio (TER). The TER is the cost of running the fund expressed as a percentage of the fund’s value. The TER includes investment management fees (which are usually a fixed percentage), plus trading, legal and other costs incurred in managing the fund which can vary over time.

How your new LifePlan options work:

Step 1 - Approaching Retirement Funds

Choose how you think you might want to use your account at retirement (you can change your mind at any time before retirement, but remember to check that your account is invested appropriately, as your chosen option determines which 'Approaching Retirement Funds' you are invested in).

Options available
Annuity (regular income for life)
Description
Your account is invested in the following 'Approaching Retirement Funds' at your target retirement age, in the expectation that you plan to use most of your account to buy an annuity. The Annuity Focus Fund aims to provide returns similar to changes in the cost of buying an annuity. The Mixed Investment Fund aims to provide you with some growth and the Cash Fund aims to provide some lower risk returns.
annuity graph

Mixed Investment Fund
Annuity Focus Fund
Cash Fund

Options available
Drawdown (take income as and when you need it)
Description
Your account is invested in the following 'Approaching Retirement Funds' at your target retirement age, in the expectation that you plan to reinvest the value of your account elsewhere and 'drawdown' an income from it as and when you need it. Most of your account is invested in the Mixed Investment Fund with the aim of continuing to provide growth up to your retirement age, but with less variability than if it was all invested in company shares.
drawdown graph

Mixed Investment Fund
Cash Fund

Options available
Cash (take it all at once)
Description
Your account is invested in the following 'Approaching Retirement Funds' at your target retirement date, in the expectation that you plan to take all of your account as cash. Most of your account is invested in cash to reduce risk and variability of returns, but some of your account is invested in the Mixed Investment Fund with the aim of continuing to provide some growth up to your retirement age.
cash graph

Mixed Investment Fund
Cash Fund

Step 2 - Growth Funds and switching period

Choose a combination of 'Growth Fund' and a 'switching period' of either 5 or 10 years.

Options available
Global Equity Fund
Description
When you're still a long way from retirement, your account will be invested in the Global Equity Fund (your 'Growth Fund') only until the start of your 'switching period', with the aim of providing long-term growth. Your 'switching period' is the period before your target retirement age, during which your account is automatically and gradually moved out of your 'Growth Funds' and into the ‘Approaching Retirement Funds’ - you can choose 5 or 10 years depending on how close to retirement you want to remain invested entirely in the Global Equity Fund. A small amount of your account is moved into the Cash Fund in the final 3 years, in the expectation that you will take some of your account as a tax-free cash lump sum.

OR

Options available
Mixed Investment Fund
Description
Your account will be invested in the Mixed Investment Fund (your 'Growth Fund') only until the start of your 'switching period', with the aim of providing long-term growth, but with less variability than investing only in company shares. If you have chosen the annuity option in Step 1, your 'switching period' is the period before your target retirement age when your account is automatically and gradually moved out of your 'Growth Fund' and into the ‘Approaching Retirement Funds’. A small amount of your account is moved into the Cash Fund in the final 3 years, in the expectation that you will take some of your account as a tax-free cash lump sum. If you've chosen the drawdown or cash option at Step 1, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final 3 years.

OR

Options available
Global Equity Fund moving to Mixed Investment Fund
Description
Your account will be invested in the Global Equity Fund only until you are 30 years away from your target retirement date. It will then gradually move from the Global Equity Fund into the Mixed Investment Fund over the following 10 years. Your account will be invested in the Mixed Investment Fund only when you are 20 years from your target retirement date until it starts to move to your 'Approaching Retirement Funds' nearer to retirement. The aim is to provide long-term growth but to reduce variability as the value of your account gets higher and as you get nearer to retirement. If you have chosen the annuity option in Step 1, your 'switching period' is the period before your target retirement age, when your account is automatically and gradually moved out of your 'Growth Funds' and into the ‘Approaching Retirement Funds’. A small amount of your account is moved into the Cash Fund in the final 3 years in the expectation that you will take some of your account as a tax-free cash lump sum. If you've chosen the drawdown or cash option at Step 1, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final 3 years.

Step 3 - Target retirement age

Choose your 'target retirement age'

Options available
Any age from 55
Description
This is the age at which you expect to take your retirement benefits. Legally this cannot be before age 55, increasing to 57 by 2028 (different ages may apply if you are outside the UK). You do not have to take your benefits at your chosen target retirement age, but as this determines how your account is invested, you should keep it under review.

If you are already invested in a LifePlan option, we'll move you to this one to start with. You should check if this matches your plans, and if not, you can choose the different options above:

Your Approaching Retirement Funds option:
Cash (take it all at once)
Your Target retirement age:
This will stay the same as it is now. You can change this yourself if you wish at anytime using 'Your Pension'
Your Growth Fund and switching period:
Global Equity Fund moving to Mixed Investment Fund between 30 and 20 years from retirement, moving mostly to the Cash Fund in the final 3 years.