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Defined Benefit Section

With effect from 1 October 2010 the DB Section of the LRSFA closed to future accrual.

This area contains information for members with benefits held within the DB Section and details the options available at retirement.

Retirement checklist

If you have DB benefits with Lloyd's Register and are close to retiring, please use the retirement checklist to make sure you have carried out the necessary preparation.

Before you're able to take your DB benefits at retirement, you will need to do the following:

  • Request a retirement quotation from XPS Pensions.
  • Look at the open market options available if you have DC/Additional Employee Contribution benefits.
  • Review your personal quotation; check details and notify XPS Pensions of any discrepancies.
  • Make sure you understand your quotation and ask for further information if required. An IFA (Independent Financial Adviser) will provide impartial financial advice. The Money Advice Service can provide you with more information.
  • If you are in active employment with Lloyd's Register ensure you have spoken to your line manager and gained approval from your Employer in order to draw your pension upon leaving Lloyd’s Register.
  • Let XPS Pensions know in good time which option you wish to take. 
  • Inform XPS Pensions of any benefits from previous employers. Send copies of any quotations or recent benefit statements.

For members that have benefits in both the DB and DC Sections or maybe Additional Employee Contributions, XPS Pensions will provide you with a quotation which will give you two options. You may elect to commute part of your pension for a lump sum. Your pension (but not the pension payable to your spouse) would then be reduced by an amount determined by the Actuary. This lump sum can be paid free of tax in the United Kingdom and, if applicable, will be paid directly to your bank account with your first pension payment.

The lump sum quoted is an enhanced amount based on the maximum allowed by the Inland Revenue. If you wish to take a lower lump sum we can provide you with a quotation upon request. However, any cash taken from any previous pension arrangement has to be taken into account and therefore the figure quoted may, in a small number of cases, have to be reduced.

Alternatively, you can use your DC/Additional Employee Contribution fund value to take as a lump sum without reducing your pension (up to the maximum lump sum allowed).

Other DB benefits

If you die as an active LRSFA member, you may receive certain benefits such as spouse's and children's pensions. 

Spouse's and Children's pensions

A guarantee on the minimum level of spouse’s and children’s pensions was introduced if you remained an active LRSFA member after 30 September 2010.

The spouse’s benefit payable is based on the greater of:


  • DB Section - A spouse’s pension of two thirds of your deferred DB pension as at 30 September 2010 with increases to the date of your death; PLUS 
  • DC Section - An annuity purchased for your spouse from your DC fund built up from 1 October 2010



Guaranteed spouse’s pension - The death benefits that would have been payable if you had died in service on 30 September 2010. These are based on your final pensionable salary at 30 September 2010 and service up to your Normal Retirement Date.