How it works
Benefits of the DC Section
Saving into a pension scheme is a cost-effective way of building up savings for your retirement.
There are a number of benefits to saving into the DC Section:
- Once you start making payments into your Defined Contribution (DC) account, Lloyd’s Register also makes contributions towards the build-up of your pension account.
- Because your contributions are deducted from your pay before tax, you get tax relief on your contributions. Also, if you choose to make your contributions via salary exchange, you will benefit from reduced National Insurance contributions.
- The earlier you start saving, the longer your money remains invested and the more time it has to grow.
- Life cover is included too, meaning that if you die, your dependants will receive benefits from the DC Section. You can nominate your dependants through Lifelens or your member account, to let the Trustee know who you would like to receive the payment.
If you’re not yet a member of the DC Section, head to the ‘How to join’ page to find out more
How the DC Section works
The DC Section is a Defined Contribution (DC) pension plan. This means you and Lloyd's Register both make contributions to your pension account – you can choose to contribute from a minimum of 3% of your pensionable salary.
To find out more about contributing to the DC Section, head to the ‘What it costs’ page.
Your personal account is administered by Standard Life and is invested for you on your behalf or you can make your own investment choices if you wish. It is important that you think carefully about your investment decisions, as your pension savings can go up and down depending on how they perform over time.
To find out more about investing head to the 'Investments' page.
The value of your account will be used to provide benefits in retirement and there is flexibility in how you access your funds.
You can find more information about using your DC Section savings in ‘Approaching retirement’.
What is Lifelens?
Lifelens is the portal available to current active employees of Lloyd’s Register. It allows you to have ‘single sign on’ into your Standard Life Dashboard - no passwords are needed. Through Lifelens, your personal online account allows you to track and manage your pension online. You can use the site to view your current fund value, see what funds your pension is invested in and change your contributions and investments at any time.