LBG Pension Redress Payments

Gracemere

I went to complete my Self Assessment last night. HMRC pre load the form with employer details.

I have two part time jobs and both are listed but there is also a third entry for  LBG Pension Redress Payments (along with an employer's Tax reference number I do not recognise). According to HMRC I received just over £250 and tax was paid (presumably at source)

I have never received any communicaitons (or money) in relation to this

I have had the same Pension provider for 15 years and they know nothing about this. An older pension was clsoed when I transfered 15 years ago, account was closed and they will not speak to me. HMRC basically say "Nothing to do with us." Can anyone suggest where I could find out about this and recover the money if it is  sitting in limbo spomewhere

Dazed_and_C0nfused

LBG could well be Lloyds Banking Group - does that help?

MallyGirl

I got a random one off payment for an old DB pension when they changed the rules and I might possibly have been affected by the change.

Marcon

Gracemere said:

I went to complete my Self Assessment last night. HMRC pre load the form with employer details.

I have two part time jobs and both are listed but there is also a third entry for  LBG Pension Redress Payments (along with an employer's Tax reference number I do not recognise). According to HMRC I received just over £250 and tax was paid (presumably at source)

I have never received any communicaitons (or money) in relation to this

I have had the same Pension provider for 15 years and they know nothing about this. An older pension was clsoed when I transfered 15 years ago, account was closed and they will not speak to me. HMRC basically say "Nothing to do with us." Can anyone suggest where I could find out about this and recover the money if it is  sitting in limbo spomewhere

Did you have a different postal address 15 years ago? It could be the old scheme has written to you there.

What you've described sounds very much like a 'top up' payment resulting from the equalisation of Guaranteed Minimum Pensions, IF you were a member of that scheme at any point between 1978 and 1997? You say they won't speak to you, so you may need to write to them and ask.

dunstonh

I have two part time jobs and both are listed but there is also a third entry for  LBG Pension Redress Payments (along with an employer's Tax reference number I do not recognise). According to HMRC I received just over £250 and tax was paid (presumably at source)

Ex Lloyds Bank staff who transferred their pension?   Lloyds recently paid out to ex staff regarding GMP (mentioned above)

gregg23

Very confusing. I had the same thing and struggled to find out this is what happened. Some or all of it may apply to others here.

My fictional employment with LBG PENSION REDRESS PAYMENTS turns out to be the way HMRC data represents my having had a payment from Scottish Widows to correct an old miscalculation. 

I used to have a pension with Scottish Widows until, on my IFA's advice, it was moved to another platform. Out of the blue, Scottish Widows sent me a letter in March saying they had miscalculated the value that had been transferred and had paid the correction plus interest into my bank account after deducting tax from both amounts.

It turns out that shortfall payment was reported to HMRC as if they had been my employer using the name 'LBG PENSION REDRESS PAYMENTS' (Scottish Widows are part of the Lloyds Banking Group, it turns out.) Very confusing for me because I'm retired and have not been employed by anyone for over a decade. The HRMC web form would not allow me to say that I had no employment and gave what to me was a cryptic response saying I couldn't delete things. I ony found out what it was by agreeing to the lie that LBG et had been my employer.

dunstonh

 I ony found out what it was by agreeing to the lie that LBG et had been my employer.

PAYE covers both pension payments and employment payments.  You shouldn't need to put the redress in as employment income.  It should go in as pension income.

Baffled1

Tried to fill in tax return and found LBG redress payment on my account which I haven’t had and Scottish Widows, who I briefly had a pension with, agree I haven’t had. HMRC are saying LBG say I have and I can’t progress with my tax return without agreeing! Any ideas?

dunstonh

Baffled1 said:

Tried to fill in tax return and found LBG redress payment on my account which I haven’t had and Scottish Widows, who I briefly had a pension with, agree I haven’t had. HMRC are saying LBG say I have and I can’t progress with my tax return without agreeing! Any ideas?

My LBG redress relates to Lloyds Bank staff pensions.  It is not to do with retail  SW pensions.   

KRW_3

I have the same issue as the original post.

My 23/24 HMRC tax calculation, which has just become available today states that I have allegedly received and been taxed on a £350 LBG Pension Redress Payment that does not show in my bank account nor have I received any correspondence in relation to such.

HMRC are unable to help and numerous calls to various Lloyds pension departments have failed to be able to connect me with a "Pensions Redress Department".

Has anyone managed to source a contact number for dealing with this issue

dunstonh

KRW_3 said:

I have the same issue as the original post.

My 23/24 HMRC tax calculation, which has just become available today states that I have allegedly received and been taxed on a £350 LBG Pension Redress Payment that does not show in my bank account nor have I received any correspondence in relation to such.

HMRC are unable to help and numerous calls to various Lloyds pension departments have failed to be able to connect me with a "Pensions Redress Department".

Has anyone managed to source a contact number for dealing with this issue

Lloyds employed Aon to handle the redress scheme.

Lloyds Bank Pension Scheme No.1 

Aon

PO Box 196

Huddersfield

HD8 1EG

Tel No: 0345 2680224