LBG Pension Redress Payments

Marcon

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

If you left the scheme some time ago, do they have an up to date postal address for you? If not, that could be where the correspondence (and cheque) have been sent.

arthur_fowler

dunstonh said:

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

Sorry for hijacking, but I got a statement of retirement benefits this week which contains this:


I believe that I would be potentially affected as I was in the scheme for pretty much all of that period. This is dated 2018 though. Are they really still sorting through this 6 years later? Note this isn't related to LBG employment.

Marcon

arthur_fowler said:

dunstonh said:

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

Sorry for hijacking, but I got a statement of retirement benefits this week which contains this:


I believe that I would be potentially affected as I was in the scheme for pretty much all of that period. This is dated 2018 though. Are they really still sorting through this 6 years later? Note this isn't related to LBG employment.

Yes, and they will be for some considerable time to come. It's an incredibly complex exercise. 

151Taddy

I have the same problem, in that my current PAYE records for the Tax Year 2024/25 show that on 5th July 2024 I have £31.58 Taxable Income with £6.32 Oncome Tax paid.
This is incorrect as I haven't worked in the current (2024/25) Tax Year.


**UPDATE: It transpires to be a correction to a scheme which I was a member of in 2009, I have posted elsewhere the outcome of my investigation and the resolution.

Marcon

151Taddy said:

Does anyone know how to trace an Employer from the Employer Reference Number?

I want to find which UK Employer uses the reference "475/LB48483" ....

You already know:

151Taddy said:

WTW emailed me back and told me that they hadn't made the payment or advised HMRC and that their Employers PAYE Reference Number is 475/LB48483

You've received a redress payment of some description, which has (correctly) been taxed. Such payments are normally reported to HMRC as earnings from employment, despite obviously being something else entirely! 

It isn't related to GMP equalisation because you left the scheme well before 1990, but a number of schemes have unearthed historic errors during their GMP equalisation exercise. The size of the payment, and the fact you've transferred out, means the payment is made directly to you. Have you actually received the cash, either by cheque or bank transfer? It's unusual for such payments to be made without a scheme first tracing the member to confirm the relevant details.

151Taddy

Problem resolved!

I have managed to trace the payment to Scottish Widows!

It seems that I was owed a backdated payment due to a minor accounting error that they uncovered dating back to 2009.

It seems that the generic "LBG PENSION REDRESS PAYMENTS" is a generic title that is given to all payments made by Scottish Widows to policyholders of company pensions that they currently or have previously managed.

Why  "LBG" for Scottish Widows?
Because they are part of the larger "Lloyds Bank Group".

The number to ring to speak to the department that handle all pensions  that have previously or are currently managed by them is 0800 032 1260 "Scottish Widows Pensions".

Hopefully this will resolve the problem of mysterious PAYE notifications for "LBG PENSION REDRESS PAYMENTS"!