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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Understanding your Pension Investment Plan (PIP)

Your PIP has to give you a certain level of income.

Under the Scheme rules, your PIP has to be big enough for you to be entitled to a certain level of income from the arrangement. When you come to use your PIP account, we work out what this level of income is. If your PIP isn’t big enough to provide this income, the Scheme tops up your PIP so that it can. This arrangement is called an underpin.

If your PIP gets topped up by this underpin, it doesn’t mean that you have to take an income from the Scheme. There are a number of ways in which you can take your PIP account, so it’s important to review your options carefully and choose the one that’s right for you.

Options for No.1 PIP members

When you come to use your PIP account, you have three options. Before you choose any of them, you may be able to take up to a quarter of the value of your PIP account as tax-free cash if you want to. After that, you can:

1. Use your PIP account in the Scheme in exchange for an income for the rest of your life

2. Transfer your PIP account to an insurance company in exchange for an income for the rest of your life

3. Transfer your PIP account to another pension arrangement that gives you other options. These could include:

re-investing your money and perhaps taking an income from that

taking your money as cash

buying an income that lasts a fixed length of time

a combination of these

Getting advice if you don't want the income from the Scheme

The law says you have to get financial advice if you want to transfer your PIP account and the value of your PIP account (including any underpin) is more than £30,000. This is to make sure you properly understand your options and don’t choose one that might not be right for you.

If your PIP account is worth less than £30,000, you don’t have to get advice – though we'd recommend that you do.

This advice needs to come from a financial adviser who is qualified to advise people on defined benefit occupational pensions. You can find an adviser near you by going to moneyadviceservice.org.uk/directory.

Options for Offshore PIP members

When you come to use your PIP account, you have three options. Before you choose any of them, you may be able to take part of the value of your PIP account as tax-free cash if you want to. After that, you can:

1. Use your PIP account in the Scheme in exchange for an income for the rest of your life

2. Transfer your PIP account to a locally approved insurance company in exchange for an income for the rest of your life

3. Transfer your PIP account to another pension arrangement that gives you other options. These could include:

re-investing your money and perhaps taking an income from that

buying an income that lasts a fixed length of time

a combination of these

Please note, if you want to transfer your account to an insurance company or other pension arrangement, this will need to be approved by your local tax authority. If it isn’t, you’ll first need to check with your local tax authority whether it is possible.

Getting advice if you don't want the income from the Scheme

If you want to transfer your PIP account to an insurance provider or another pension arrangement, it’s important to make sure you properly understand your options and choose one that will be right for you. We'd recommend you seek advice from a financial adviser who is qualified to advise people on defined benefit occupational pensions (as the underpin is a type of defined benefit).