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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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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