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If you're not sure of your membership

If you joined Lloyds Banking Group after 1 July 2010, you’ll have been automatically enrolled in Your Tomorrow.

If you’re still unsure, or if you’re a dependant or representative who needs to get in touch, contact WTW (the scheme administrator) at 01737 227 522.

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Deferred benefits

What are deferred benefits?

Deferred benefits are benefits retained within your Scheme after you leave. Benefits are calculated at the date you leave and remain in your Scheme until you decide either to retire or to transfer them to an alternative pension provider.

How are my deferred benefits calculated?

Your deferred benefits are calculated using your Pensionable service and Final pensionable salary at the date you leave. You'll receive confirmation of your benefits when you leave the Scheme and an annual statement thereafter.

Will my deferred benefits increase?

Your benefits will be increased from the date you leave until the date you retire, in accordance with the provisions of the Scheme rules and statutory revaluation requirements. See Retirement benefits for more information on how this is calculated.

When can I take my deferred benefits?

If the Trustee agrees, you can take your benefits from age 55 (age 57 from 6 April 2028). However, your pension would be reduced to allow for the fact that it will be paid for a longer period than if you'd retired at your normal retirement age (NRA).

In the case of ill health, early payment will be considered at any age subject to satisfactory medical evidence.

What happens if I die without taking my deferred benefits?

Your spouse or dependant may be entitled to a pension and a lump sum.

See Death benefits for more information on benefits payable if you die before you retire.

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