When moving home it is best to update your address across your pension providers (and all other accounts).
We’ll cover how to complete your Lloyds Pension change of address online in just a few minutes.
If you’re moving home you need to let your pension provider(s) know about your change of address. If your Lloyds Pension is registered to your previous address you will miss out on potentially important information.
Since you’re moving home, we will also cover how you can update your address across other essential institutions and companies (HMRC, Council, NS&I, Energy etc…) at the same time.
Firstly, we’ll explore a quick, safe and hassle-free way of updating your address with Lloyds Pension (and tell other companies) that you’re moving.
Let’s jump straight in.
Tell everyone that you’re changing address in minutes.
At the click of a button we’ll update your address with your Lloyds Pension and across any other all accounts, at the same time in one place. You can also update your address with other pension providers, water, electoral roll, HMRC, councils and others that you are moving home. You can do this yourself manually if you prefer (see below) or use our hassle-busting service to save hours of time.
Select who needs to know you're moving - Lloyds Pension, HMRC, Electoral Roll etc..
Enter your previous address, new address and the date you moved home
Click submit and we'll update your address with accounts automatically
Our sloths will save you the time and hassle of organising all of the updates by taking care of everything in one place 🦥
Once you click submit we’ll update the address on your Lloyds Pension as well as any other institutions or companies you selected. You won’t need to do anything further, so you can kick-back, relax and spend your time doing something else.
If you’d prefer to update Lloyds yourself manually, you can call on 01737 227 522 or create an account here.
Whether you currently draw your pension or not, it’s important to update your Lloyds Pension (along with any others) when you’re moving home.
Having the most up-to-date address across your pension accounts means you won’t miss any important updates by mail, nor will they go to a third party.
Here’s how to complete a quick and simple Lloyds Pension home move and other address changes:
You can also update your Lloyds pension by phone (01737 227 522) or creating an account online here.
If you’re using SlothMove you will also be able to select other pension providers and update them at the same time.
To complete the Lloyds Pension moving house process you’ll need to provide:
You are able to cash in up up to 25% of your total pension as a tax-free lump sum in cash, providing it is within your Lifetime Allowance.
The Lifetime Allowance is the amount of cash you are able to withdraw from your pensions without paying any additional tax. You can calculate your lifetime allowance by multiplying your expected annual pension by 20. Then, add that number with any tax-free lump sum from that pension to calculate your lifetime allowance
You can find more information about your specific Lloyds Pension in their scheme summary.
According the Lloyds Bank Pension Trust (administered by Willis Towers Watson), you can take your Lloyds pension from the age of 60. If the group consents you can actually draw your deferred pension from age 50. This is very typical of private pensions in that most companies enable you to draw down from age 60.
You final pension amount is calculated from your pensionable service at date of retirement and your pensionable salary.
Lloyds Banking Group Pensions have lots of helpful resources which you may find helpful, including:
Now we’ve covered how to complete a change of address for your Lloyds pension, let’s look at how you transfer other providers into one place.
Most people reach end up with pensions across multiple providers. It can be easier to transfer all pensions into one place. This helps you to keep track of where everything is, save money on fees and make it simpler to manage.
So, how do you transfer your Lloyds Pension?
To transfer your lloyds Pension you will need the following 4 pieces of information:
You would then submit an application and Lloyds would process that. if you’d like to take your pension from Lloyds to another provider then you would first need to choose where you’d like your pension to be managed. Then, follow that specific providers process.
We’ve covered everything you need to complete the Lloyds Pension moving home process 🎉
We’ve discussed how to update the registered address on your Lloyds Pension, as well as how to transfer-in other providers. We’ve also covered some insight on when you can draw down your pension. Now we’ve covered how to update your address, feel free to explore SlothMove.