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.

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PersonalChoice

PersonalChoice offers you a range of 12 different funds to choose from. Unlike LifePlan, your funds will not automatically switch to lower-risk investments as you approach retirement – you choose the funds you’re invested in right up until the point you retire – which means you have more control over how your contributions are invested.

Why choose PersonalChoice?

PersonalChoice gives you a wider range of funds than LifePlan, giving you more control over how and where your contributions are invested. It allows you to choose from any number and combination of the 12 funds available and how you want to split your contributions. This approach is suited to more confident and knowledgeable investors and could potentially result in higher investment returns, but you should also be aware of the investment risks involved and seek independent financial advice if you’re unsure.

Who is this suitable for?

If you want to take a more active interest in where your contributions are invested, PersonalChoice may be the investment strategy for you. If you’re not sure when you want to retire, PersonalChoice may be the right approach as it doesn’t work on the basis that you will take your benefits at your target retirement date.

If you decide to invest in PersonalChoice, it's important that you monitor your investments regularly to make sure they're still meeting your needs.

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.

Changing your investment options

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

The PersonalChoice strategy gives you greater choice and control over how and where your contributions are invested.

You choose from any number and combination of the 12 funds available and what percentage of your contributions is allocated to which fund is entirely up to you.

Global Equity Fund

Characteristics
The Global Equity Fund invests in company shares (known as equities) in developed and emerging markets around the world.

Volatility
High

Potential reward
High

Aims
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.

Mixed Investment Fund

Characteristics
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.

Volatility
Medium

Potential reward
Medium

Aims
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.

Annuity Focus Fund

Characteristics
The Annuity Focus Fund invests in a mix of government and company bonds. The mix is chosen by the investment manager, and can change.

Volatility
Low

Potential reward
Low

Aims
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.

Cash Fund

Characteristics
The Cash Fund invests in cash deposits, as well as short-term secured and unsecured loans to companies and financial institutions.

Volatility
Low

Potential reward
Low

Aims
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.

Emerging Markets Equity Fund

Characteristics
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.

Volatility
High

Potential reward
High

Aims
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.

Property and Infrastructure Fund

Characteristics
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.

Volatility
High

Potential reward
High

Aims
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.

Bond Fund

Characteristics
The Bond Fund invests in bonds issued in different currencies and countries, by companies, financial institutions and governments.

Volatility
Medium

Potential reward
Medium

Aims
The Bond Fund aims to provide long-term growth that is less variable than funds that invest only in company shares (known as equities).

UK Equity Fund

Characteristics
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.

Volatility
High

Potential reward
High

Aims
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.

North America Equity Fund

Characteristics
The North America Equity Fund invests in company shares (known as equities) in North America, including the US and Canada.

Volatility
High

Potential reward
High

Aims
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.

Europe (excluding UK) Equity Fund

Characteristics
The Europe (excluding UK) Equity Fund invests in company shares (known as equities) in Europe, but excluding the UK.

Volatility
High

Potential reward
High

Aims
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.

Japan Equity Fund

Characteristics
The Japan Equity Fund invests in company shares (known as equities) in Japan.

Volatility
High

Potential reward
High

Aims
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.

Asia Pacific (excluding Japan) Equity Fund

Characteristics
The Asia Pacific (excluding Japan) Equity Fund invests in company shares (known as equities) in Asia and around the Pacific, but excluding Japan.

Volatility
High

Potential reward
High

Aims
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.

 

If you decide to invest in PersonalChoice, it's important that you monitor your investments regularly to make sure they're still meeting your needs.

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.

Changing your investment choices

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

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.