Lloyds Banking Group SmartSaver Pension

SomersetSaver

KirbyBirch wrote: »

Although Im wrong in what I said above !

Completely confused need a bit of advice please. Am looking at the new joiner form and think am going to go with Lifeplan as I have no knowledge of funds stated on page 4.

However I am confused on page 3 section d1 which to choose god nos how I know which is best from reading this nor do I know when I want to retire and do I also need to fill out page 3 section d3 as well. Hope it makes sense, feeling useless right about now :rotfl:

I can't say I fully understand it myself, but as I'm off on VR next week I've not bothered too much about the SmartSaver stuff as it won't apply!

From the little I know, SmartSaver is the way that you invest into the Pension Funds (i.e. by doing salary sacrifice) whereas Your Tomorrow is just the name of one of the Pension Scheme.

So moving on to Your Tomorrow. Once you're in the pension scheme, you then have the choice of the type of fund to invest in. So you have LifePlan and PersonalChoice. LifePlan basically manages the changing of the fund as you near retirement, changing your investment between the "Growth Funds" and the "Approaching Retirement funds". PersonalChoice allows you to select which funds to invest in and divide a percentage of your contributions across them. Take a look at the Investment Guide and read it through to understand it all.
Within the Documents section, there is a document called New Fund Choices - Technical Information Factsheet which tells you where the investments are made. Looks like they're all in some SW wrapper, but mostly invested in Legal & General funds.

But having gone through all that, in answer to the original question, put in as much as you can to get as much off LBG as possible!

Saints2011

gadgetmind wrote: »

Retirement age on these forms was discussed hereabouts a while ago. It serves two purposes, 1) To allow your investments to be automatically moved into less volatile funds as you approach retirement age, 2) To let the pension company know when to send you a form to try and get you to go with their own crappy annuity.

I've got a variety of ages down on my various pension and even at close to 50 it's not making any difference to anything.

It must be said, I wish I'd had such a generous pension scheme to invest in at your age!

I see thank you :beer:

SomersetSaver wrote: »

I can't say I fully understand it myself, but as I'm off on VR next week I've not bothered too much about the SmartSaver stuff as it won't apply!

From the little I know, SmartSaver is the way that you invest into the Pension Funds (i.e. by doing salary sacrifice) whereas Your Tomorrow is just the name of one of the Pension Scheme.

So moving on to Your Tomorrow. Once you're in the pension scheme, you then have the choice of the type of fund to invest in. So you have LifePlan and PersonalChoice. LifePlan basically manages the changing of the fund as you near retirement, changing your investment between the "Growth Funds" and the "Approaching Retirement funds". PersonalChoice allows you to select which funds to invest in and divide a percentage of your contributions across them. Take a look at the Investment Guide and read it through to understand it all.
Within the Documents section, there is a document called New Fund Choices - Technical Information Factsheet which tells you where the investments are made. Looks like they're all in some SW wrapper, but mostly invested in Legal & General funds.

But having gone through all that, in answer to the original question, put in as much as you can to get as much off LBG as possible!

Thank you for explaining it in a bit more English from the website :rotfl::T