CHOOSE YOUR SCHEME

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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.

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LifePlan

LifePlan helps take the time and effort out of managing your investments because your account automatically switches to funds exposed to less risk as you approach retirement. As the value of investments goes up and down, switching your account in this way is intended to make it less vulnerable to any significant falls in value just before you retire.

LifePlan may be suitable for you if you’re uncomfortable managing your investments or don’t have the time to regularly monitor investment performance. LifePlan invests your account on the basis that you plan to take your benefits at your target retirement age. You can choose to take your benefits earlier or later than this, but if you choose to do so you should check that your account is invested appropriately.

Remember, pensions are a long-term investment and the value of investments goes up and down. Some volatility is to be expected from time to time.

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.
Invested in
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.
Invested in
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.
Invested in
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’re aiming to take your retirement benefits and will determine when your money will move between funds. It’s flexible and can be any age after 55. It can be the same or different to your normal retirement age, which is usually 60.

 

What's the switching period?

The switching period will only apply to you if you choose LifePlan as your investment strategy. It determines when your account will start to switch from the Growth Funds to Approaching Retirement Funds. You can choose a switching period of 5 or 10 years from your target retirement age.

If you decide to change your target retirement age you should update your account via Your Pension, or notify the Scheme administrator, so that your investments do not start switching too early or too late.

Changing your investment choices

You can change your investment strategy, investment funds and target retirement date at any time on Your Pension.

If you’re thinking about changing your investment choices, please remember that pensions are a long-term investment and that the value of investments goes up and down. Some volatility is to be expected and we would advise against making any hasty decisions during periods of financial uncertainty.

You may want to consider taking independent financial advice before making any changes. You can find details of an independent financial adviser (IFA) in your local area by visiting Unbiased.

Investment information

You can monitor how well your funds are performing, check the current value of your account and model what this might be worth at retirement, on Your Pension.

You can also look at the fund investment information, which shows you the past performance and unit price history, together with factsheets detailing how the funds are currently invested.

Cost-effective investments

Fund 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.

For details of the current TERs, see the fund charges factsheet

The Trustee reserves the right to vary charges or introduce additional charges without prior notice to you, but if it does so, it will always aim to notify you as soon as possible.

Unit prices

Each fund has one unit price each day, whether you are buying or selling units, however, most of the underlying assets have a different buying and selling price. The fund’s single unit price can therefore be based on either the buying or selling price of the underlying assets in the fund, depending on whether the fund has to buy or sell more assets that day. This ensures that investors joining or leaving the fund pay or receive a fair price for their investments and are not subsidised at the expense of other investors in the fund.

The benchmark and the manager’s own stated performance figures are based on the mid-price (the average of the buying and selling price) and therefore do not take into account the difference between the buying and selling price that is reflected in the fund’s unit price.

The Trustee regularly reviews the performance of all funds. 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.

The LifePlan strategy aims to grow your account in the early-to-mid stages of saving for your retirement, before switching to funds exposed to less risk as you approach retirement.

Lifeplan info graphic Lifeplan info graphic Lifeplan info graphic

Use our fund selector tool below to choose and find out more about the LifePlan combinations available to choose from.

Choose your Approaching Retirement Fund option

Annuity (regular income for life)

Your account is invested in three 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.

Drawdown (take income as and when you need it)

Your account is invested in two 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. The rest is invested in cash.

Cash (take it all at once)

Your account is invested in two 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.

Choose your Growth Fund option

Global Equity Fund

When you're still a long way from retirement, your account will be invested in the Global Equity 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 five or ten 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 three years, in the expectation that you will take some of your account as a tax-free cash lump sum.

Mixed Investment Fund

Your account will be invested in the Mixed Investment 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 Annuity as your approaching retirement fund, 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 three years, in the expectation that you will take some of your account as a tax-free cash lump sum. If you've chosen Drawdown or Cash as your approaching retirement fund, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final three years.

Global Equity Fund moving to Mixed Investment Fund

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 Annuity as your approaching retirement fund, 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 Drawdown or Cash as your approaching retirement fund, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final three years.

What’s my target retirement age?

This is the age at which you’re aiming to take your retirement benefits and will determine when your money will move between funds. It’s flexible and can be any age after 55. It can be the same or different to your normal retirement age, which is usually 60.

What's the switching period?

The switching period will only apply to you if you choose LifePlan as your investment strategy. It determines when your account will start to switch from the Growth Funds to Approaching Retirement Funds. You can choose a switching period of 5 or 10 years from your target retirement age.

If you decide to change your target retirement age you should update your account via Your Pension, or notify the Scheme administrator, so that your investments do not start switching too early or too late.

Changing your investment choices

You can change your investment strategy, investment funds and target retirement date at any time on Your Pension.

If you’re thinking about changing your investment choices, please remember that pensions are a long-term investment and that the value of investments goes up and down. Some volatility is to be expected and we would advise against making any hasty decisions during periods of financial uncertainty.

You may want to consider taking independent financial advice before making any changes. You can find details of an independent financial adviser (IFA) in your local area by visiting Unbiased.

Investment information

You can monitor how well your funds are performing, check the current value of your account and model what this might be worth at retirement, on Your Pension.

You can also look at the fund investment information, which shows you the past performance and unit price history, together with factsheets detailing how the funds are currently invested.

Cost-effective investments

Fund 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.

For details of the current TERs, see the fund charges factsheet

The Trustee reserves the right to vary charges or introduce additional charges without prior notice to you, but if it does so, it will always aim to notify you as soon as possible.

Unit prices

Each fund has one unit price each day, whether you are buying or selling units, however, most of the underlying assets have a different buying and selling price. The fund’s single unit price can therefore be based on either the buying or selling price of the underlying assets in the fund, depending on whether the fund has to buy or sell more assets that day. This ensures that investors joining or leaving the fund pay or receive a fair price for their investments and are not subsidised at the expense of other investors in the fund.

The benchmark and the manager’s own stated performance figures are based on the mid-price (the average of the buying and selling price) and therefore do not take into account the difference between the buying and selling price that is reflected in the fund’s unit price.

The Trustee regularly reviews the performance of all funds. 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.

When you’re first enrolled into the Scheme your contributions will automatically be invested in a specific version of LifePlan, chosen by the Trustee. It will continue to apply to you throughout your membership unless you make your own investment choice:

Approaching Retirement Fund Growth Fund and switching period Target retirement age
Annuity (regular income for life) Global Equity Fund moving to Mixed Investment Fund between 30 and 20 years from retirement, with some switching over the final 10 years to the Annuity Focus Fund, and some to the Cash Fund in the final three years. 60

You can choose to take some of your account as tax-free cash at retirement, and this version of LifePlan assumes you will, so some of your account will gradually move into the Cash Fund in the final three years before your target retirement age. This fund invests in a range of cash and cash-like investments and aims to provide stability by giving a low-volatility return.

What’s my target retirement age?

This is the age at which you’re aiming to take your retirement benefits and will determine when your money will move between funds. It’s flexible and can be any age after 55. It can be the same or different to your normal retirement age, which is usually 60.

What's the switching period?

The switching period will only apply to you if you choose LifePlan as your investment strategy. It determines when your account will start to switch from the Growth Funds to Approaching Retirement Funds. You can choose a switching period of 5 or 10 years from your target retirement age.

If you decide to change your target retirement age you should update your account via Your Pension, or notify the Scheme administrator, so that your investments do not start switching too early or too late.

Changing your investment choices

You can change your investment strategy, investment funds and target retirement date at any time on Your Pension.

If you’re thinking about changing your investment choices, please remember that pensions are a long-term investment and that the value of investments goes up and down. Some volatility is to be expected and we would advise against making any hasty decisions during periods of financial uncertainty.

You may want to consider taking independent financial advice before making any changes. You can find details of an independent financial adviser (IFA) in your local area by visiting Unbiased.

Investment information

You can monitor how well your funds are performing, check the current value of your account and model what this might be worth at retirement, on Your Pension.

You can also look at the fund investment information, which shows you the past performance and unit price history, together with factsheets detailing how the funds are currently invested.

Cost-effective investments

Fund 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.

For details of the current TERs, see the fund charges factsheet

The Trustee reserves the right to vary charges or introduce additional charges without prior notice to you, but if it does so, it will always aim to notify you as soon as possible.

Unit prices

Each fund has one unit price each day, whether you are buying or selling units, however, most of the underlying assets have a different buying and selling price. The fund’s single unit price can therefore be based on either the buying or selling price of the underlying assets in the fund, depending on whether the fund has to buy or sell more assets that day. This ensures that investors joining or leaving the fund pay or receive a fair price for their investments and are not subsidised at the expense of other investors in the fund.

The benchmark and the manager’s own stated performance figures are based on the mid-price (the average of the buying and selling price) and therefore do not take into account the difference between the buying and selling price that is reflected in the fund’s unit price.

The Trustee regularly reviews the performance of all funds. 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.

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