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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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Moving roles within the Group

Pension scheme membership where colleagues permanently move from an Offshore role to a UK based role or from the UK to Offshore*

Colleagues considering a change in employer should be aware that this may have an impact on pension scheme membership for colleagues if there is a permanent move from an Offshore role to a UK based role or from the UK to Offshore.

Details of Lloyds Banking Group's policy approach is set out below and provides clarity around the associated treatment of their pension when such a move takes place. The approach applies to all colleagues who are employees of a Lloyds Banking Group company.

Subject to any tax requirements to the contrary, colleagues on secondment will be able to remain in their existing pension scheme for the duration of the secondment (subject to the terms of that scheme). Please refer to the Secondment Policy and the relevant Global Mobility Policy for further information.

Transfer of Employment from Offshore to the UK

Members of the Lloyds Bank Offshore Pension Scheme will have to cease active membership of that existing pension scheme on transfer and will join Your Tomorrow for future pension savings (although they may opt out if they wish). The nature of the benefits provided by Your Tomorrow are different to those provided by the Lloyds Bank Offshore Pension Scheme. More information about the benefits of each Scheme can be found at: www.lloydsbankinggrouppensions.com. Different tax provisions will apply to contributions into and benefits due from the different Schemes.

Members of Your Tomorrow can remain in Your Tomorrow, but will move to the UK section of Your Tomorrow. Different rates of tax will apply to contributions paid into Your Tomorrow and different options, tax rates and limits will apply to the benefits due from Your Tomorrow for benefits built up while living in the UK compared to those built up while living offshore.

Transfer of Employment from the UK to Offshore

Members of the Group's UK defined benefit schemes (the Lloyds Bank Pension Scheme No 1 & 2, the HBOS Final Salary Pension Scheme, the Equitable Pension Fund and Life Assurance Scheme, and the Scottish Widows Retirement Benefits Scheme) will cease active membership of their existing pension scheme on transferring employment and will join the relevant offshore section of Your Tomorrow for future pension savings.

Members of the Lloyds Bank Pension Scheme No 1 (Your Tomorrow Section) and of the Equitable Staff Money Purchase Pension Scheme will cease active membership of their existing pension scheme on transferring employment and will join the relevant offshore section of Your Tomorrow for future pension savings (although they may opt out if they wish).

Members of Your Tomorrow will remain in Your Tomorrow, but will move to the relevant offshore section of Your Tomorrow.

Different rates of tax will apply to contributions paid into members’ previous Scheme/section and different options, tax rates and limits will apply to the benefits due from Your Tomorrow for benefits built up while living offshore compared to those built up while living in the UK.

*Offshore in this context refers to Jersey, Guernsey, Alderney, and the Isle of Man.

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