How it works
Building benefits in the DC Section
Paying into a pension scheme is one of the most cost-effective ways of saving for your retirement.
Once you start saving into the DC Section of the Lloyd's Register Superannuation Fund Association (LRSFA):
- Lloyd's Register also makes contributions into your account to help you build up your savings
- You'll get tax relief on your contributions, because they're deducted from your pay before tax — if you make your contributions using salary exchange, you'll also benefit from reduced National Insurance contributions
- Your money is invested with the aim of growth — the earlier you start saving, the more time your account has to grow, but remember, investments can go down as well as up
- You'll also receive life cover, so if you die while you're still working for Lloyd's Register, your dependants will receive benefits from the DC Section. Let the Trustee know who you'd like to receive your death benefits by nominating your dependants through Lifelens or your member account
Not yet a member of the DC Section? Head to the 'How to join' page.
How the DC Section works
The DC Section of the LRSFA is a Defined Contribution (DC) pension plan. This means that both you and Lloyd's Register make contributions into an individual pension account in your name. You can contribute from a minimum of 3% of your pensionable salary.
Find out more about contribution levels on the 'What it costs' page.
Your personal account is administered by Standard Life — they can either invest it for you, or you can make your own investment choices. This is an important decision as the value of your account can go up and down depending on how your investments perform over time.
Find out more on the 'Investments' page.
Once you reach the age you've told us you want to retire at, you can use the value of your account to draw your benefits — all you have to do is decide how to access your funds.
Find out more about how you can access your DC Section savings in 'Approaching retirement'.
What is Lifelens?
If you're an active member of the DC Section (you currently work for Lloyd's Register and you're making contributions into the LRSFA), you can manage your Scheme account through Lifelens.
Lifelens is an online portal that can be accessed via your work computer, giving you access to your Standard Life Dashboard without having to log on. Through it, you can track and manage your pension online, check your current fund value, review which funds you're invested in, and change your contributions or investments at any time.
Disclaimer:
Entitlement to benefits is governed by the legal Trust Deed and Rules of the LRSFA and any special terms, and these will override any other description or summary of the Scheme including this one. Whilst the information on this website is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the information. Your benefits and contributions are also subject to HMRC restrictions that apply to the LRSFA as a registered pension scheme and which can change from time to time. Further information about the Scheme and the Trust Deed and Rules can be obtained from the website or by contacting Standard Life.