Fees and charges

Helping you work out how much it could cost to have a Ready-Made Pension.

 

What will I pay?

All pensions come with fees and charges. These will vary between different providers and pension types, so it’s important to know what you’ll pay so you can compare.

Find out the different types of fees you’ll pay with a Ready-Made Pension. Learn about what our charges cover and see an example of what this might look like for you.

The different types of charges

Here’s a breakdown of the charges you can expect to pay with a Ready-Made Pension.

Account fee

The account fee covers:

  • all the admin
  • managing your account.

This is charged at 0.30% (or a minimum of £5 a month) and will automatically be deducted from your pension fund.

You’ll see this fee listed on your statements.

Investment charge

The investment charge covers:

  • managing your investments
  • all trading costs.

There are ongoing charges of up to 0.23% and transaction costs of up to 0.12% to manage the fund. These are calculated daily based on your pension value. The charges are reflected in the performance of your investments and won't appear on your statement.

The table shows you the overall charges you’ll pay based on how much you invest with us. You can use this to help compare fees or charges with any other pension providers you might be considering. Please note that this table is based on our maximum investment charge so your charges could be lower depending on how close you are to retirement. Our charges are reviewed annually and may change.

Account fee
(per year)

Investment charge (ongoing)

Transaction costs (ongoing)

Account fee(per year)

0.30% (or a minimum of £5 a month)

Investment charge (ongoing)

0.23%

Transaction costs (ongoing)

0.12%

Example

Pension pot value

Say you've got

£50k invested in your pension

Account fee

0.30% (or a minimum of £5 a month)

£150

Investment charge

0.23% (investment charge) + 0.12% (transaction costs)

£115 + £60

Total charge

£150 + £115 + £60 = £325

Less than £28 a month

Remember that investment charges are reflected in the performance of your investment and won't appear on your statement.

Apply for a Ready-Made Pension

Before you start

Please make sure:

  • you open your Ready-Made Pension with at least one of the following:

    •  one or more pension transfers (with a total combined value of at least £10,000)
    •  a lump sum of £5,000 (inclusive of tax relief)
    •  regular monthly payments of £150 (inclusive of tax relief)
  • you’re a UK taxpayer, you’re not a US person, and you’re under 74 years old
  • you're transferring pensions that are with a UK-based provider
  • you haven't taken an income or a tax-free lump sum from the pensions you're transferring
  • your pension doesn’t have any features or guarantees you wouldn’t want to lose if transferring.

Apply now

To start your application, you'll need the following:

  • Your National Insurance number.
  • If transferring, the provider name, policy number, and the type and value of each pension.
  • Log on to your account
  • Find the Wealth and Retirement section on the left menu
  • Select the Ready-Made Pension page

You must be an existing customer to open an account. Please check your personal details are up to date before continuing. If you don't already use Internet Banking, it's easy to register.

To apply through browser, please use Internet Banking.
 

Log on and apply

Apply now

To start your application, you'll need the following:

  • Your National Insurance number.
  • If transferring, the provider name, policy number, and the type and value of each pension.

  • We recommend you use the Mobile Banking app to apply
  • Log on and search 'Ready-Made Pension'

You must be an existing customer to open an account. Please check your personal details are up to date before continuing. If you don't already use Internet Banking, it's easy to register.

To apply through browser, please use Internet Banking.
 

Log on and apply

Important legal information

Lloyds and Lloyds Bank are trading names of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

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