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Bringing your pensions together in one pot could help you manage your savings more effectively, however close you are to retirement. Discover the benefits and what you might need to consider when consolidating your pensions.
With most people changing jobs several times in their life, it's not surprising some get lost along the way.
Combining your old pensions could help you keep track of the different pensions you gather over time.
*Source: Lost pensions press release (PDF, 179KB) – 2022
Our retirement partners, Scottish Widows, have more than 200 years’ experience and remain one of the UK’s largest pension providers. They’re also part of the same group as ourselves.
5-star product rating for Personal Pension and Drawdown from Defaqto*, an independent financial ratings agency.
*Source: Defaqto Annual Product Ratings – April 2023
Keep track of the value of your pensions without leaving the Lloyds Bank Mobile Banking App. You can see at a glance how much your total pension is worth – anytime, anywhere.
It’s all the same thing – there’s no difference. Combining, transferring and consolidation are all terms used for merging multiple pensions into one pot – which could make it easier for you to manage.
No, you can transfer one or more older pensions as long as the total initial value is over £10,000. This will open your Retirement Account and once this is set up, you can add more pensions to it anytime in the future.
If you’re unsure, you can get free guidance from Money Helper - a government backed organisation that offers clear and simple guidance online or over the phone. Alternatively, you can speak to a financial adviser. They normally charge you for advice. You can visit Unbiased to find a financial adviser near you.