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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PersonalChoice

How it works

You choose which funds you want your savings to be invested in

PersonalChoice offers you a range of 14 different funds to choose from. You can choose any number and combination of them. You can also choose how you want to split your savings between them. 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 complete control over how your savings are invested. This does mean you need to monitor and manage your investments regularly to make sure they meet your needs.

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.

This approach is for people who are happy to manage and monitor their own investments

If you want to take a more active interest in where your savings are invested, PersonalChoice may be the investment strategy for you.

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.

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.

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.

Responsible investment in PersonalChoice funds

Our PersonalChoice funds include investments in companies that treat their employees, suppliers and communities well, that protect the environment, and that are governed responsibly. This is what many members told us they wanted. Investing this way can also help us reduce risk and deliver better long-term returns.

They do this by integrating environmental, social, and governance (ESG) considerations.

Environmental, social, and governance are three factors fund managers use to assess the risks and opportunities of investments, alongside other financial factors. For instance, for every company they might invest in, they take into account factors such as:

  • What impact does it have on the environment?
  • How well does it treat its workers?
  • How well is the company run?
The factors a fund manager might consider in the investment process:
Environmental Social Governance
How a company treats the environment How well a company treats its workers How well the company is run
Greenhouse gas emissions Approach to health and safety How diverse the board of decision-makers is
Waste management Employee diversity How it protects its shareholders and their rights
Energy efficiency Human rights Transparency
Climate change Labour standards in its supply chain How it compensates its executives
By taking ESG factors into account, a fund manager is likely to invest less in things like:
Environmental Social Governance
Companies that are heavy polluters Companies that don't pay the living wage Companies that pay huge bonuses to their executives without holding them to account
And likely to invest more in things like:
Environmental Social Governance
Companies that are working to reduce their carbon emissions Companies with no gender pay gap Companies with diverse boards

We integrate ESG considerations into the PersonalChoice funds where appropriate to do so. We're working with our investment managers to encourage them to invest more in companies with strong ESG attributes, especially when it comes to climate, and less in those with weaker ESG attributes.

Investment funds

You can choose from any number and combination of the 14 funds available and what percentage of your savings is allocated to which fund is entirely up to you.

Investment funds: characteristics and objectives

Below you'll see the characteristics and objectives of each fund. Every investment fund has a level of risk. Generally speaking, higher-risk funds are expected to produce higher returns, however, their value can be unpredictable and can go down over shorter periods of time. In comparison, lower-risk funds are expected to produce lower returns, but are likely to be more stable. There's more information in the Risk and reward section.

Global Equity Fund

Characteristics
The fund invests in company shares, also known as equities, from around the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares and many of these companies are overseas. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Mixed Investment Fund

Characteristics
The fund invests in a mix of different types of investment from around the world. These include company shares, government and company bonds, property and cash. The mix of investments can change from time to time.

Volatility
Medium

Potential reward
Medium

Objectives
The fund aims to provide medium-to-long term growth. Its performance aims to vary less than funds that invest only in company shares, but it could vary more than funds that invest only in bonds or cash. For this reason, it may not be a suitable choice if you would like a more stable fund.

Annuity Bond Fund (formerly Annuity Focus Fund)

Characteristics
The fund invests in a mix of government and company bonds.

Volatility
Low

Potential reward
Low

Objectives
The fund aims to provide returns on your investment that reflect changes in the cost of buying an annuity (a regular income when you retire). This can help if you are close to retiring and want to reduce the impact that changes in the value of your investment might have on the amount of income you get from your annuity. If you're not planning to buy an annuity when you retire, this fund may not be a suitable choice for you.

Cash Fund

Characteristics
The fund invests in cash deposits with financial institutions and short-term loans to companies.

Volatility
Low

Potential reward
Low

Objectives
The fund aims to avoid large sudden falls in the value of your investment. By aiming to deliver this stability, it gives up some potential for growth. The returns may be lower than inflation, so this fund might not be a suitable choice if you're looking for long-term growth. It is possible that you will get back less than you put in. However, this is less likely than it is with other funds.

Emerging Markets Equity Fund

Characteristics
The fund mainly invests in company shares, also known as equities, in economies that are expected to experience greater growth than more developed economies.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares and many of these companies are in emerging markets. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Property and Infrastructure Fund

Characteristics
The fund invests in commercial, industrial and retail property, as well as infrastructure such as transport, utility and communications networks. It invests directly and through buying shares in other funds in the UK and from around the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. Its performance is likely to vary less than funds that invest only in company shares. Moving money in and out of the fund may be delayed if properties have to be sold or values of properties are uncertain. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Bond Fund

Characteristics
The fund invests in a mix of government and company bonds from around the world.

Volatility
Medium

Potential reward
Medium

Objectives
The fund aims to provide long-term growth that is less variable than funds that invest only in company shares (known as equities). However, the potential for growth may be lower compared to company shares over the longer term. For this reason, it may not be a suitable choice if you want a more growth-oriented fund.

UK Equity Fund

Characteristics
The fund invests in company shares, also known as equities, primarily from the UK. This includes some company shares which can be bought and sold in the UK even though the company itself operates overseas.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

North America Equity Fund

Characteristics
The fund invests in company shares, also known as equities, primarily from North America (mainly the USA and Canada). This includes some company shares which can be bought and sold in North America even though the company itself operates in other parts of the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Europe (excluding UK) Equity Fund

Characteristics
The fund invests in company shares, also known as equities, primarily from Europe but not from the UK. This includes some company shares which can be bought and sold in Europe even though the company itself operates in other parts of the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Japan Equity Fund

Characteristics
The fund invests in company shares, also known as equities, primarily from Japan. This includes some company shares which can be bought and sold in Japan even though the company itself operates in other parts of the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Asia Pacific (excluding Japan) Equity Fund

Characteristics
The fund invests in company shares, also known as equities, primarily in the Asia Pacific region but not from Japan. This includes some company shares which can be bought and sold in Asia Pacific even though the company itself operates in other parts of the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Sustainable Select Global Equity Fund

Characteristics
The fund invests in company shares, also known as equities, from around the world. The companies are considered to operate in a responsible and sustainable manner.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares and many of these companies are overseas. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

Shariah Global Equity Fund

Characteristics
The fund complies with Islamic investment principles. It invests in company shares, also known as equities, from around the world.

Volatility
High

Potential reward
High

Objectives
The fund aims to provide long-term growth. It invests mostly in company shares and many of these companies are overseas. This means that the fund's value can change a lot in a short space of time. For this reason, it may not be a suitable choice if you'd like a more stable fund or if you're close to retiring.

 

We may have to suspend some funds for a time

Trading in investment funds can sometimes be limited or suspended for a temporary period.

Investment funds: factsheets and charges

You can find the factsheet, charges, past performance and unit price history for each fund in the fund investment information section.

You'll find the charges for each fund on its factsheet. 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.

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 reasonably possible.

Fund unit prices

Your contributions are invested each month into funds. Each fund is divided into 'units' and each unit has a value (the unit price). Your invested contributions buy units in these funds and every time you pay a contribution into the fund you're allocated more units. The number of units bought with your contributions depends on the unit price on the day when your contributions are invested.

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.

Monitor your investments

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. You can see 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.

How to make changes

How to change your investments

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

If you're registered on Your Pension:

You'll need your user ID. (If you've forgotten your user ID, there is a 'User ID reminder' on the Your Pension login page.)
You'll also need the password you chose when you registered for Your Pension, unless you've updated it since. (If you've forgotten your password, you can reset it on the Your Pension login page.)
Once you've logged in, go to 'Your Pension' tab, select 'Investment Fund Change' and follow the instructions.

If you're not yet registered on Your Pension:

You'll need your user ID and password. (We sent these to you within a month of you joining the Scheme. If you can't find the user ID and password we sent, you can retrieve them via the 'Account Recovery' link on the Your Pension login page.)
Once you've logged in, go to 'Your Pension' tab, select 'Investment Fund Change' and follow the instructions.

Fund factsheets and information

For more information, including fund factsheets, charges, past performance and unit price history, see the fund investment information section.

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.

If you're unsure about any of the investment decisions you have to make, it's strongly recommended that you contact an Independent Financial Adviser (IFA). You can find details of an IFA in your local area by visiting Unbiased or the Finding an adviser page of the Financial Conduct Authority's website.

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