A GUIDE TO YOUR TOMORROWThe pension scheme for Lloyds Banking Group colleagues

This guide provides a summary of the benefits of being a member of Your Tomorrow (the Scheme).

Your Tomorrow is a defined contribution (DC) scheme, also known as a money purchase scheme. This means that contributions from you and Lloyds Banking Group (the Group) are paid into your account every month while you are an active member (employed by the Group and building up pension savings in the Scheme), invested and then paid out when you retire, leave service and transfer to another scheme, or in the event of your death.

Your benefits will depend on the value of your account at that time; made up of how much has been paid in over the course of your membership, how well investments have performed, the charges payable on your account, your age at the time you access the benefits and any cost of converting the benefit into an annuity or of exercising any right to transfer the benefits to another pension scheme.

If you built up benefits in Your Tomorrow while living in Guernsey, Jersey or the Isle of Man, please read the separate guide as tax limits and benefits may be different to the UK.

Welcome to Your Tomorrow

Contents

Welcome to Your Tomorrow 2Joining the Scheme 3Your Pension 4

Your contributions 5Additional contributions 6SmartSaver 6Transfers in 7Transfers within Your Tomorrow 7

Your benefits 8Retirement 8Life cover 9Nominations 10Ill health benefits 10

Your investment choices 11LifePlan 11PersonalChoice 12

Opting out or leaving the Scheme 13Opting out and auto enrolment 13Leaving the scheme 14Temporary absence 15

Help and advice 16Government and regulatory bodies 16General information and useful contacts 17-19Contact us 20

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To encourage more people to save for their retirement, government legislation requires employers to auto enrol all eligible jobholders into a qualifying scheme. An eligible jobholder is anyone who:

• is employed by the Group;• ordinarily works in the UK;• is aged between 22 and State Pension age (SPA); • earns more than a minimum amount set by the government a year, including bonuses, overtime, etc.; and• is not currently in a Group pension scheme, or has previously opted out.

Non-eligible jobholders have a right to opt in to automatic enrolment if they wish.

The Group believes that saving for retirement is important, and currently enrols all new employees into the Scheme, whether required by legislation or not (unless otherwise stated in your contract of employment).

If you’re not a member of Your Tomorrow (or any other Group scheme) and are employed within the Group in the UK, Isle of Man or Channel Islands, you can ask to join by contacting the Scheme administrator (see the back page).

Joining the Scheme

Some of the benefits of being a member of the Scheme include:Generous contributions from your employer – The Group pays more than double the core contributions made into your pension savings every month.

Tax relief – If you’re not in SmartSaver, contributions are taken from your salary before any tax is deducted. This means that the tax you pay is lower, as it’s calculated on your lower monthly figure. If you participate in SmartSaver you don’t pay tax on the value of contributions paid on your behalf.

National Insurance (NI) savings (offered through SmartSaver) – Instead of you making contributions directly to your account, the Group makes contributions on your behalf. In exchange, your pay is reduced by the value of those contributions, resulting in NI savings and increasing your take-home pay.Life cover – All employees have life cover of four times their basic pay in the event of death in service, but as an active member of the Scheme an additional cash lump sum of four times basic pay may be payable if you have any qualifying dependants.

You can opt out of auto enrolment and choose to leave the Scheme. If you do this within one calendar month (or within 30 days if a non-eligible jobholder) of being notified you’re being enrolled (known as the ‘opt-out period’), you’ll receive a refund of the contributions you’ve paid (less tax) and will be treated as if you never joined the Scheme. If you’ve participated in SmartSaver, you’ll receive the value of any contributions made by the Group on your behalf, less tax and NI.

If you want to leave the Scheme once the opt-out period has passed, you’ll be treated as a leaver of the Scheme (see the ‘Opting out or leaving the Scheme’ sections on page 13 of this guide) and you won’t be entitled to a refund of your contributions. Legislation means that you may have to be re-enrolled into the Scheme again at a later date if you are an ‘eligible jobholder’.

You should think carefully before opting out and we recommend you take financial advice if you’re thinking of doing so. For further details visit the auto enrolment section of the Group Pensions website at lloydsbankinggrouppensions.com/joining/auto_enrolment

If you pay in, the Group also pays

(more than double) into your pension

account!

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2

3

4

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Your PensionAs a member of the Scheme, you can access your account on our online administration system, Your Pension, at epa.towerswatson.com/accounts/lbg

What you can do on Your PensionYour Pension offers you a quick and easy way to:

It’s easy to get started. The Scheme administrator will write to you with your login details about one month after you join. If you’ve previously registered but can’t remember your login details, please contact the Scheme administrator (see the back page).

View your contribution

history

Change your investment

fund choices

Change your contribution

rate

Calculate your estimated benefits at retirement

View your pension fund

value

View your personal details

Monitor your investment

fund performance

Update your nominations

for death benefits

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Your contributionsWhen you join the Scheme your core contribution rate is automatically set at 3% of your basic pay. After you’ve joined, you can increase your core contribution rate to 4%, 5% or, from 1 July 2020, 6%. The Group’s contribution rate is more than double that amount and the total amount is invested each month:

From 1 July 2020, the Scheme’s contribution rates are:

If you’d like to contribute more than 6%, you can do so by making regular, additional contributions or a one-off payment (read overleaf for more details).

You receive full tax relief on the contributions you pay, and, if you participate in SmartSaver, you don’t pay tax on the value of contributions paid on your behalf, as long as you’re within the Annual Allowance (AA) and Lifetime Allowance (LTA). Find out more at lloydsbankinggrouppensions.com/library/tax_information

You can change your contribution rate quickly and easily, at any time, through Your Pension. Any changes made will take effect from the next available payday, after the Scheme administrator receives your request.

Your core contribution rate:

3%*

4%

5%

6%

Company contribution rate:

9%*

10%

13%

15%

Total invested in your account:

= 12%*

= 14%

= 18%

= 21%* Your core contribution rate will be 3% and the company contribution will be 8% (up to 30 June 2020), 9% (from 1 July 2020) if you don’t

select otherwise when you’re enrolled into the Scheme.

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Note: The tax relief savings shown may be slightly different if you are a Scottish tax payer, as different rates and bands may apply.If you wish, you can decide not to take part in SmartSaver. Visit the Flex website at www.lbgflex.com for more details.

Example (based on contribution rates as at 1 July 2020):Michael earns £2,500 a month and his core contribution rate is 3% (£75). He participates in SmartSaver, so he receives NI savings of £9, in addition to tax relief of £15 (assuming he is a basic rate taxpayer) – a total saving of £24 each month. The Group pays an additional 9% (£225) into his account. So, Michael gets £300 invested in his account for a net cost of £51 a month.

Note: If Michael didn’t take part in SmartSaver, the same amount (£300) would be invested in his account but he would not receive NI savings. Therefore, the net cost to him would be £60 a month (£75 core contribution less £15 tax relief).

Company contribution

Tax relief and NI savings

Core contribution with SmartSaver

= £51 cost to you for a total investment of £300

Cost to you after tax relief and NI savings

£24£51 £225

> >

If you want to contribute more than 6%, you can top up your pension savings by making regular, monthly additional contributions (ACs). It’s up to you how much you contribute and you’ll make these contributions directly from your basic pay and receive tax relief on them. You can set this up on Your Pension. Please note that ACs do not receive a matching contribution from your employer and that until 30 June 2020 the maximum Group contribution rate is 13%, and 15% from 1 July 2020.

If you prefer, you can make single one-off payments, outside of payroll. You can do this by completing an additional contribution lump sum payment form, available on the Group Pensions website, making payment directly to the Scheme administrator. Payments wouldn’t receive immediate tax relief, but you could claim tax back from HM Revenue & Customs (HMRC).

It may be possible to contribute up to 100% of your pay in any tax year (the maximum that can be paid directly from your monthly basic pay is 85%), subject to certain conditions. However, you should be aware of the Annual Allowance (AA) and Lifetime Allowance (LTA) limits set by HMRC, as these limit the amount of tax relief that you can receive on your pension contributions and benefits across all schemes.

As a member of the Scheme, you’re automatically included in a cost-effective, salary sacrifice arrangement called SmartSaver, subject to certain conditions.

Your basic pay (before tax and NI deductions) is reduced (sacrificed) by the value of the core (employee) contributions you’ve chosen to make. The Group then pays these core contributions to your pension savings on your behalf, along with the Group’s contributions. This means that you make a NI saving as well as a tax saving on your pension contributions, so although your basic pay will be reduced, your take-home pay will usually increase. See ‘A guide to SmartSaver’, available on the Group Pensions website, for more details.

Additional contributions

SmartSaver

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With the consent of the Group, you may be able to transfer pension benefits from another arrangement into the Scheme. These will be treated as additional contributions and will be invested in the same way as your core contributions or other transfers in (if you have any), unless you state otherwise. If you’d like to do this, as a first step you’ll need to complete an authority to transfer form, available on the Group Pensions website, and return it to the Scheme administrator.

Transfers in

If you move between the UK, Isle of Man, Jersey or Guernsey and remain a member of Your Tomorrow throughout, the benefits you’ve built up may remain subject to the tax limits and rules applicable in the original location where they were built up and not your most recent location. See the Isle of Man, Jersey or Guernsey specific guides on the Group Pensions website for more information.

Transfers within Your Tomorrow

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Whether you’re close to retirement or it’s still a long way off, it’s important to plan throughout your working life for the kind of lifestyle you want when you retire. You need to check that your savings, investments and pension benefits (from the Scheme and any other pension arrangements you may have) will be enough to provide for your needs when you’re no longer receiving a regular income.

You have a number of choices when you retire, and you can take one or a combination of these options.

Retirement

Annuity: A regular income for life

Use the value of your account to buy a secure, regular income for the rest of your life from an

insurance company.

Drawdown: Income as and

when you need it Transfer the value of your

account to a provider where you can leave it invested and withdraw as much or as little income as you want from it,

as and when you need it.

Cash: Take some or all

of your benefits as a cash lump sum.

Your benefits

There are interactive tools available to help you with your retirement planning. The retirement lifestyle planner on the Group Pensions website at lloydsbankinggrouppensions.com/library/tools will help you get an idea of the amount you spend now and what you might spend in retirement. The modeller on Your Pension at epa.towerswatson.com/accounts/lbg helps you get an idea of the amount you may actually receive when you retire.

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Pension scamsUnfortunately, there are fraudulent companies and individuals who target pension scheme members, encouraging them to transfer their pension savings and sometimes promising them high investment returns for doing so. You should always speak to a financial adviser if you’re considering accessing or transferring your pension.

For more information on pension scams, see The Pensions Regulator’s website at www.thepensionsregulator.gov.uk/pension-scams.aspx

When can you retire? The Scheme’s normal retirement age is 65, although you’ll have the option of taking your benefits at normal minimum pension age (currently age 55, but rising to 57 from 2028, with further increases proposed by the government), or you can choose to take them later in life. If you’re retiring due to ill health, you may be able to take your benefits even earlier than this.

If you’re still employed by the Group, you may be able to take flexible retirement. This means you can take some or all of your benefits while continuing to work, and also continue saving into Your Tomorrow at the same time, provided your employer agrees.

In the year leading up to your chosen target retirement date (or normal retirement date if a retirement date has not been chosen), the Scheme administrator will be in touch to outline your options and ask you what you’d like to do.

Things to considerYou have more choice than ever before with what you can do with your pension savings at retirement, but this means you need to be absolutely sure that whatever you choose is right for your circumstances. Before making a decision we’d recommend that you speak to a qualified financial adviser. Visit Unbiased at www.unbiased.co.uk to find an adviser local to you.

You can also visit PensionWise at www.pensionwise.gov.uk. It’s a free and impartial service provided by the government, which offers you help with the choices available to you. The service is aimed specifically at people who are age 50 or over, and who are thinking of taking retirement benefits in the near future.

Life cover of four times your basic pay is provided from the day you start working for the Group, to the day you leave. This means that, should you die whilst employed by the Group, a cash lump sum of four times your basic pay will be paid out, whether you have joined the Scheme or not.

Active members of the Scheme may also be covered for an additional cash lump sum of four times their basic pay if there are any qualifying dependants.

If you’re an active or deferred member of the Scheme, the value of your account is also payable if you die.

Further details can be found on the Group Pensions website at lloydsbankinggrouppensions.com/scheme_benefits/death_benefits

The cash lump sum may be insured with an external insurance company. In some limited circumstances the insurer may require individual Scheme members to complete a medical questionnaire or undertake a medical examination. If this applies to you, the Trustee or the Group will notify you.

The insurance company may reduce the amount of cover that it provides in certain circumstances, for example, if the information it requests is not provided or if it has to pay out in respect of many Scheme members due to a related event. If for any reason the insurer does not pay out the full amount, benefits will be restricted to the amount received from the insurer. If individual underwriting is required (the Trustee will tell you if it is), lump sum death benefits may be restricted until underwriting is successfully completed.

Life cover

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Nominations

Ill health benefits

You can nominate as many people as you’d like to receive benefits should you die whilst being a member of the Scheme. You can update your nominations for death benefits at any time via Your Pension. If your circumstances change, due to marriage or divorce, for example, you may need to update your nominations to ensure they show your current wishes.

Please note, although your wishes will be taken into account, the Trustee has discretion over who to pay the benefits to and in what shares.

If you have to leave the Group due to incapacity (ill health), you may be able to take your benefits earlier than the normal minimum pension age.

If you’ve completed a minimum of five years’ continuous pensionable service and are an active member at the date you’re due to leave, you may be entitled to receive a top-up payment to increase the value of your account, subject to the Group’s consent. If you have less than five years’ continuous pensionable service, you may still be able to take your benefits early but you wouldn’t be entitled to a top-up payment. The Group and the Trustee will determine whether you’re eligible for ill health benefits based on medical evidence.

If you have deferred benefits and wish to apply to take them early on the grounds of ill health, you’ll need to complete an ill health form, available on the Group Pensions website. The benefit payable would be the value of your account. The Trustee will determine whether you’re eligible to take deferred benefits early based on medical evidence and subject to the Group’s consent.

Have you given the Trustee your nominations?

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Your investment choicesWhen you first join the Scheme your contributions will automatically be invested in an investment strategy chosen by the Trustee. The Trustee’s chosen investment strategy (which may change from time to time) will apply to you unless you choose one of the other investment strategies, so you should check that this is appropriate for your circumstances. You can change your investment strategy at any time (subject to any temporary restrictions that the Trustee might need to apply at certain times, for example, if investment options are being changed).

There are currently two investment strategies available, LifePlan and PersonalChoice. You choose which suits you best and then select the funds you’d like your contributions to be invested in, within that strategy:

£

££££

In the early-to-mid stages of saving for your retirement, your contributions and, if you participate in SmartSaver, any contributions made on your behalf, plus the Group’s contributions, are invested in funds that aim to grow over the medium to long term. As you get nearer retirement, the units are gradually and automatically switched to funds that aim to be more stable and lower risk, with the aim of avoiding large falls in value as you approach retirement.

What are the benefits of LifePlan?LifePlan helps take the time and effort out of managing your investments because your account automatically switches to funds exposed to less risk as you approach retirement.

Within the Trustee’s chosen investment strategy, the aim of the approaching retirement funds is to more closely follow changes in annuity rates than growth funds might do, and therefore remove some of the uncertainty around the amount of income (your pension) that you can get from an annuity with the value of your retirement account. If you don’t want to buy an annuity at retirement, there are other LifePlan options available. If you don’t have the time or confidence to manage how your retirement account is invested, LifePlan may be suitable for you.

What are the drawbacks of LifePlan?Just because your retirement account is switched between funds automatically, it doesn’t mean that LifePlan is the best option for you. LifePlan operates on the basis that you’ll be taking your retirement benefits in a certain way at your target retirement age. Your circumstances may change and you might need to take your benefits earlier or later or in a different way. You can still do this if you’re in LifePlan, but if you haven’t changed your target retirement age or LifePlan option, this could mean that your retirement account is not invested in the most appropriate way – to minimise risk or benefit from investment growth.

If you take an active interest in investing and want to choose the type of funds that your retirement account is invested in and when, the PersonalChoice way of investing might be better for you.

LifePlan

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There are a range of funds for you to choose from that invest in different types of assets. Your contributions and, if you participate in SmartSaver, any contributions made on your behalf, plus the Group’s contributions, are invested as you’ve chosen until you decide otherwise. Your funds will not automatically switch to other funds as you near retirement.

The Investments section of the Group Pensions website provides more detailed information.

What it costsThe fund charges factsheet, available on the Group Pensions website, lists the current fund charges, which are automatically deducted from the funds in which your account is invested.

These charges cover investment costs only and unlike many other pension schemes, these are the only charges that apply to members of Your Tomorrow. Currently, all other costs of running the Scheme are paid by the Trustee using money that the Group has paid into the Scheme for this purpose. If this changes, the Trustee or the Group will notify you.

Monitoring your investmentsThe fund investment information, on the Investments section of the Group Pensions website, includes the current and previous unit prices of each fund, past performance charts and fund factsheets showing what each fund currently invests in.

Making or changing your investment choicesOnce you’ve decided how you’d like your contributions to be invested, you can tell us quickly and easily, at any time, via Your Pension. You can change your investment options as often as you like and there’s no charge for doing so, although the Trustee reserves the right to change this at any time.

PersonalChoice

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Opting out or leaving the Scheme

You can opt out of the Scheme after, but not before, being auto enrolled. If you decide to opt out you must do so within one calendar month (or within 30 days if a non-eligible jobholder) of being notified you’re being enrolled (known as the ‘opt-out period’). If you leave within this period, you’ll be treated as though you’d never joined the Scheme, and any contributions that you have made will be refunded by the Scheme (or by the Group, where contributions have been made via SmartSaver).

You should think carefully before opting out and we recommend you take financial advice if you’re thinking of doing so. If you do opt out, it’s likely that you’ll be re-enrolled into the Scheme at a later date, as auto enrolment legislation means that employers have a legal requirement to re-enrol eligible jobholders into a pension scheme every three years.

If you opt out and want to rejoin the Scheme, you can ask to rejoin rather than waiting to be re-enrolled, but this may be subject to the consent of Lloyds Bank plc. If you rejoin, life cover may be capped at four times basic pay for the first 12 months, and the five year eligibility period for increased ill health benefits restarts when you rejoin. See the sections about life cover and ill health retirement earlier in this guide.

If you want to leave the Scheme after the opt-out period, this is treated as leaving the Scheme, rather than opting out. The following section explains what happens in this situation.

Opting out and auto enrolment

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* Depending on how well investments have performed, this could be higher or lower than the amount of contributions paid in.

You can decide to leave the Scheme at any time while you’re employed by the Group. If you do, all core contributions, company contributions and any additional contributions will stop and you’ll have the options set out below. You’ll continue to be covered for the core cash lump sum of four times your basic pay if you die, but you’ll no longer be eligible for the additional cash lump sum payable to any qualifying dependants.

If you wish to leave the Scheme, you can do so via Your Pension. Providing your instruction is received in sufficient time, your opt out will take effect from the end of the month in which it is received by the Scheme administrator. Otherwise, it will take effect from the end of the following month.If you leave the Group, you automatically leave the Scheme. You’ll no longer be covered for the core cash lump sum of four times your basic pay and the options below apply.

Your options upon leaving the Scheme are:

If you leave the Scheme with less than 30 days’ service, you will…• Receive a refund of the value* of your own (core and any additional) contributions, less tax (where

applicable). If you participate in SmartSaver, you will receive a refund of any contributions made on your behalf. You won’t receive a refund of any Group contributions made to Your Tomorrow. Please note, you won’t be able to take a refund of your contributions if you’ve transferred in benefits from another scheme.

If you have 30 days’ service or more, you can either…• Leave your account in the Scheme until you retire (become a deferred member). You can change your

investment choices at any time prior to retirement; or

• Transfer the full value of your account (all contributions) to another pension arrangement, which must be a registered scheme or qualifying recognised overseas pension scheme, and in the latter case a 25% tax charge may be payable.

If you opt out or leave the Scheme and subsequently wish to re-join, you’ll be able to do so subject to the Group’s consent. The benefits payable on death or ill health would be restricted to the core cash lump sum of four times your basic pay for the first 12 months of any subsequent period of membership. This means that the additional cash lump sum of four times your basic pay would not apply to you for the first 12 months after re-joining. The five year qualifying period before being eligible for increased ill health benefits recommences on the date of re-joining.

If you’ve opted out of another Group scheme and then joined Your Tomorrow, the death benefits payable from Your Tomorrow may be offset by any lump sum benefits payable from any other Group scheme. Ill health benefits apply in full providing you have five years’ continuous pensionable service, including membership in the previous scheme.

Leaving the Scheme

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If you’re an active member and have an authorised absence from work (including paid, unpaid and family leave), you can normally remain a member of the Scheme. However, whether contributions are still payable and what benefits are still available in the event of death in service or ill health will depend on your individual circumstances and the employer’s policy in force at the time.

If you leave the Group under the Career Break Scheme, you’ll stop being an active member of the Scheme. This means that your life cover and all contributions to your account will cease.

For further information on temporary absence, including illness, maternity, paternity, parental and adoption leave and career breaks, see the HR Advice and Guidance section of Interchange.

Temporary absence

Help and advice

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Pension Wise A free and impartial government guidance service for those aged 50 and over. It’s there to help you understand the options you have in relation to your benefits. You’ll find lots of useful information on the website, and you will also have the option to book a free telephone or face-to-face appointment.

Pension Wise can also be contacted by telephone on 0800 138 3944

www.pensionwise.gov.uk

The Pensions Regulator Responsible for overseeing the running of occupational pension schemes and is there to step in if employers, trustees or advisers have failed in their duties.

The Pensions Regulator can be contacted at

The Pensions RegulatorNapier HouseTrafalgar PlaceBrightonBN1 4DW

www.thepensionsregulator.gov.uk

The Pensions Advisory Service (TPAS) An independent and non-profit organisation that offers free pensions advice and information, and can assist members and beneficiaries with questions and issues they have been unable to resolve with the Trustee or the Scheme administrator. You can speak to one of their advisers on the phone, or visit their website to read a wealth of useful information.

TPAS can be contacted at:

TPAS11 Belgrave RoadLondonSW1V 1RB

enquiries@pensionsadvisoryservice.org.uk

www.pensionsadvisoryservice.org.uk

The Pensions Ombudsman If you’re a member or beneficiary who has not been able to resolve an issue using TPAS, you have the option to complain to the Pensions Ombudsman, who is there to investigate complaints relating to the way that schemes are run. Please make sure that any complaint has first been made through the Scheme’s Internal Dispute Resolution Procedure (see page 20) before contacting the Pensions Ombudsman.

The Pensions Ombudsman can be contacted at:

The Pensions Ombudsman 11 Belgrave RoadLondonSW1V 1RB

enquiries@pensions-ombudsman.org.uk

www.pensions-ombudsman.org.uk

Pension Tracing Service Offers a free service to those who wish to track down an old pension.

www.gov.uk/find-pension-contact-details

Government and regulatory bodies

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Data protectionThe Trustee is a ‘data controller’ of personal data it processes to administer the Scheme.

As data controller, the Trustee holds and processes certain personal data about you, as a Scheme member, and possibly those of your dependants and beneficiaries. Personal data means information that can be used to identify you, such as your name. The Trustee holds and processes this data to properly administer the Scheme, to comply with the law and to ensure you receive your Scheme benefits.

The types of data the Trustee may collect and hold will include, for example, your National Insurance number, date of birth and your postal address. The Trustee generally collects this data from you and from your employer. Some of the data the Trustee collects may be classed as ‘special category data’, such as information you tell us about your health if you apply for ill-health pension benefits. Where the Trustee collects such data, we are required to meet additional legal requirements in relation to our processing activities. As the Trustee is assisted by third parties to properly administer the Scheme, your personal data may be shared with these parties, including for example, the Scheme’s administrator, the Scheme’s actuary, the Trustee’s professional advisers (such as the Scheme’s lawyers), service providers, regulators and Government bodies. Your personal data may also be shared with your employer and the trustees of any other Lloyds Banking Group pension scheme under which you are a beneficiary or any third parties providing services connected to the administration of those schemes.

Further information on how the Trustee uses your personal data and your rights regarding that data can be found at lloydsbankinggrouppensions.com/data

The TrusteeThe Scheme is managed by Lloyds Banking Group Pensions Trustees Limited (the Trustee). The Trustee is required to run the Scheme in line with the Rules, and is responsible for looking after the Scheme’s assets on behalf of members and beneficiaries. This includes keeping the Scheme’s assets separate from the Group’s at all times.

The administration of the Scheme is delegated to the Scheme administrator by the Trustee. The Principal Employer, Lloyds Bank plc, has the right to change or discontinue the Scheme at any time.

Visit Scheme management at lloydsbankinggrouppensions.com/library/scheme_management to read more.

General information and useful contacts

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Independent financial adviceWhen making decisions about your pension, it may be worth seeking advice from a qualified financial adviser. To find one in your area, visit Unbiased at www.unbiased.co.uk.

Group employees, the Trustee and the Scheme administrator are not able to provide financial advice.

Annual reportA copy of the Scheme’s annual report is available on request, or on the Scheme website at lloydsbankinggrouppensions.com/library/documents

Tax The Scheme is registered with HM Revenue & Customs (HMRC). Under current legislation, this gives you and the Group certain tax reliefs on contributions and benefits.

The Scheme is also approved or recognised by the Jersey, Guernsey and Isle of Man authorities. Different tax limits may apply to contributions paid and benefits built up while living in these locations.

Pensions and divorce In the event of a divorce, pension benefits have to be considered when calculating joint assets. If a pension-sharing order is issued by the Court, a portion of your pension account may be awarded to your ex-spouse or ex-registered civil partner.

In this event, the Trustee will require your ex-spouse or ex-registered civil partner to transfer the share out of the Scheme when the order is received.

Resolving disputes If you’d like to make a complaint, you should first speak to the Scheme administrator who will be able to review the complaint and provide you with a written response. If you feel that the issue hasn’t been resolved appropriately, the next step would be to start the formal procedure the Group has in place, known as the Internal Dispute Resolution Procedure.

The process has two stages:Stage 1: In the first instance, you should refer your complaint to the DC Pensions Policy Manager at Lloyds Banking Group, who will review the case and personally respond to you in writing, usually within two months. Write to:

DC Trustee Support Manager, Group Pensions DepartmentLloyds Banking GroupTrinity RoadHalifaxHX1 2RG

Stage 2: If you are dissatisfied with the decision at Stage 1, you have six months in which to refer your complaint to the Trustee. The Trustee will inform you of its decision in writing, usually after its next meeting. Write to:

Secretary to the Your Tomorrow Trustee, c/o Group Pensions DepartmentLloyds Banking GroupTrinity RoadHalifaxHX1 2RG

At any stage of the process, you can contact the Pensions Advisory Service for advice at www.pensionsadvisoryservice.org.uk. If you are dissatisfied with the decision at Stage 2, you can contact the Pensions Ombudsman at www.pensions-ombudsman.org.uk

The Scheme is a registered pension scheme under Chapter 2, Part 4 of the Finance Act 2004 and is approved under section 150 of the Income Tax (Guernsey) Law 1975, Article 131 of the Income Tax (Jersey) Law 1961 and the Isle of Man Income Tax (Retirement Benefit Schemes) Act 1978.

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Contact us

If you’d like to know more about your Scheme benefits, please contact the Scheme administrator:

Lloyds Pension AdministrationWillis Towers WatsonPO Box 545RedhillSurreyRH1 1YX

01737 227 522

+44 (0)1737 227 522 (from outside the UK)

yourtomorrow@willistowerswatson.com

You’ll find further contact details on the Group Pensions website at lloydsbankinggrouppensions.com/further_information/contacts

It’s also quick and easy to view information about your benefits and make changes to your personal information online by logging into Your Pension at epa.towerswatson.com/accounts/lbg

Disclaimer The full terms and conditions of Your Tomorrow are contained in the Trust Deed and Rules. The Trust Deed and Rules are formal documents that are the legal basis of Your Tomorrow and will prevail in the event of any disagreement. Nothing in this document confers any entitlement to benefits.

YTSG2/April2020

It all adds up