- Scheme benefits
The Scheme is run by a corporate trustee, Lloyds Banking Group Pensions Trustees Limited (LBGPTL) (the Trustee).
The Trustee is responsible for managing the Scheme, and has the commitment and financial support of the Group. The Trustee's first priority is the best interests of the members. It administers the Scheme in line with the Scheme’s Trust Deed and Rules and any other relevant legislation, and has committees covering areas like administration and investments.
The Trustee Board is made up of twelve directors; five appointed by the group, three nominated by the members and four independent directors. The directors are:
Group Appointed Harry Baines (Chair) Roger Boyes Michelle Cracknell
Member Nominated Geoff Askew Richard Conway Shirley Marsh
Independent The Law Debenture Pension Trust Corporation PLC (represented by Mark Ashworth)
A number of specialist advisers help the Trustee to run the Scheme.
Willis Towers Watson Ltd
Lloyds Pension Administration
Willis Towers Watson
PO Box 545
Telephone: 01737 227 522
31 Great George Street
Lloyds Bank plc
PO Box 72
For a list of investment managers, please see the latest Annual Report and Financial Statements.
The Bank of New York Mellon – Asset Servicing
1 Canada Square
BNY Mellon Nominees Limited
Allen & Overy LLP
The Trustee has established a formal Internal Dispute Resolution Procedure to deal with the resolution of disputes between the Trustee, members of the Scheme and beneficiaries. You’ll need to put your complaint in writing to:
Trustee Support Manager
Lloyds Bank plc
Lloyds Banking Group Pensions Department
Alder Castle House
10 Noble Street
You will receive a written decision, where possible, within four months.
If you are still dissatisfied, you have a right of appeal to the Trustee (Operations Committee).
You can obtain a copy of the procedure from Group Pensions.
Members dissatisfied with a decision reached under the Scheme’s formal procedure can pursue a complaint with the Pensions Ombudsman.
Formal Scheme information
The Scheme's assets are held in a trust completely separately from those of the Group and cannot be used for any other purpose.
Assigning your benefits
You cannot assign your benefits under the Scheme or use them as security for a loan.
Tax status of the Scheme
The Scheme is registered with HM Revenue & Customs under Chapter 2 of Part 4 of the Finance Act 2004. This means that the Scheme and its members enjoy a number of tax advantages. The tax position of the Scheme may, however, vary from time to time. If you’re not a UK resident some of the provisions detailed may not apply to you.