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Pension Consultation – proposed changes to the Lloyd’s Register Superannuation Fund Association (LRSFA)
Introduction
Planning your future with confidence
This microsite outlines proposed changes to the Defined Contribution (‘DC’) section of the Lloyd’s Register Superannuation Fund Association (‘the Scheme’) which are intended to improve our pension arrangements for colleagues. The purpose of this microsite is to inform you about the proposed changes and what they mean for you.
Over recent years Lloyd’s Register Group Limited (‘the Company’, ‘we’ or ‘’us’), the Trustees of the DC section of the Scheme ('the Trustees') and their advisers have reviewed the current defined contribution pension arrangements. We are now proposing to change these for the benefit of our members.
Given the changes we are proposing, Lloyd's Register Group Limited is required to consult formally with you to explain the background and rationale for this decision, to invite your feedback and comments, and to explain how it proposes to implement the New Plan.
To find out more information about what is being proposed and why see the Frequently Asked Questions section of this page.
Important dates
Key events for your diary
Here are the key dates taking place to help support the proposed changes from the Lloyd’s Register Superannuation Fund Association (LRSFA) to the New Plan.
5 October 2026
Consultation Opens
Your 60 day consultation period opens
5 October - 4 December 2026
Raise Your Queries
This is the time to raise your questions with your employer. Please submit these before the end of the consultation period by email to: group.pensions@lr.org
22 October 2026
Your Lloyd's Register pension Webinar 11am
Standard Life have designed webinars to help you better understand the New Plan. Register here
18 November 2026
Your Lloyd's Register pension Webinar 11am
Standard Life have designed webinars to help you better understand the New Plan. Register here
4 December 2026
End of consultation
January 2027
Consultation outcome
Your employer will make you aware of the consultation outcome.
Investment warning
It's important to understand your pension is a long-term investment. Its value can go down as well as up and you could get back less than was paid in.
Frequently Asked Questions
Got a question?
Discover the answers to common questions and learn more about the proposed changes, Standard Life and the Master Trust.
*Standard Life are not responsible for the content in this document.
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The proposal involves closing the Scheme for future contributions and opening a new pension arrangement (see further details below). Therefore, as your employer, we are required to consult with you about the proposed change.
The key aspects of our proposals are as follows:
- Ceasing all new employee and employer contributions to the DC section of the Scheme with effect from 31st January 2027
- Launching a new DC pension arrangement available to all our employees (the ‘New Plan’) to go-live for future contributions with effect from 1st February 2027 with contributions into the Scheme ending in the preceding month. Please note that there will be no change in the current employee and employer contribution levels
- Launching a new DC pension arrangement available to all our employees (the ‘New Plan’) to go-live for future contributions with effect from 1st February 2027 with contributions into the Scheme ending in the preceding month. Please note that there will be no change in the current employee and employer contribution levels
- Transferring all existing pension savings (including those for ex-employees) to the New Plan (the proposal is to do this by 31st March 2027)
If the proposal goes ahead, once the transfer of all existing savings has been completed, we expect the DC section of the Scheme would eventually be formally dissolved.
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Whilst the Scheme has served us well, we are always reviewing opportunities to enhance the pension arrangements for our employees. Following a review of the wider market and a rigorous due diligence process, we believe that the New Plan will provide a modern and flexible arrangement for our members. Additionally, the Trustees of the Scheme fully support this proposal and believe it is in line with members best interests.
If the proposal goes ahead, the New Plan will continue to be provided by Standard Life, which means many aspects will remain unchanged. For example, the default investment strategy will remain the same, as will the wider fund range, and you will continue to have access to the same range of online tools and support. However, the proposed change will improve our pension arrangements in a number of areas, which include:
- Improved options at retirement including access to flexible income drawdown within the New Plan, which is not available in the Scheme
- Extensive support at retirement which includes access to guidance and advice
- A robust governance structure including independent professional trustees who are better able to quickly adapt to changes in legislation and regularly evolve the offering, including launching new investment approaches or means of communication to support you in building your retirement savings
- A pension arrangement designed to meet evolving regulatory standards and support positive member outcomes over the long term
- High-quality communications, education and online tools, including an easy to access pensions app
If you currently pay pension contributions via salary exchange, this would remain unchanged as part of the proposals. Your pension contributions would simply be redirected into the New Plan with effect from 1st February 2027.
Please note that the proposed changes only apply to the DC section of the Scheme. None of your other Company pension arrangements are impacted by this proposal.
Standard Life Mobile App
Manage your money on the go
As a member of a Standard Life pension scheme, you can manage it with the Standard Life app. See your current plan value and performance, use our tools and more.
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The Standard Life App
See what features are available to you when you download the Standard Life mobile app.
The Standard Life App
Our mobile app makes it easier for you to engage with your pension wherever you are.
It empowers you to take control of your future, providing quick access through fingerprint and facial recognition.
With just a few clicks, you'll be able to:
- View the value of your plan
- Track investment performance
- See your payment history, and
- View your charges
Handy functions also make managing your pension plan straightforward. Depending on the type of plan you have, these include being able to:
- Change your investment choices
- Update your personal details, including your beneficiaries and selected retirement date
- Make top up payments
- Transfer in other pensions
- Trace any lost pensions
- Access your pension savings
There are also interactive tools to help you plan for retirement. These can give you an idea of the type of lifestyle your projected retirement income could provide, and help you to understand the potential impact of actions you can take now.
And if you need a helping hand with anything, you can get in touch with us through secure messaging, where you can easily and safely send us important documents.
You can also choose to go paperless and access your documents through a secure digital mailbox, empowering you to manage things in a more environmentally-friendly way.
Our app is a great way to get closer to your pension. But don't just take our word for it - others like you are benefiting today.
Please remember, a pension is an investment, the value can go down as well as up, and you may get back less than was paid in. Transferring other pensions won't be right for everyone. You need to consider all the facts and decide if it's right for you.
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Access your personalised dashboard
Watch our short video to see how you can easily manage your plan online.
Access your personalised dashboard
These days, we can manage almost every aspect of our lives online - why should your pension be any different? With online servicing, you can quickly and securely engage with your pension in a way that suits you.
Registering takes minutes, and once logged in, you'll enter your own personalised homepage where you can see how much is in your pension pot, and other important information. There's even a personalised video, updated in real-time, which shows how much this could be worth in the future, as well as tips on how you could potentially boost this.
You can customise your experience by pinning or dismissing content, letting you see messages which are most relevant to you.
Diving deeper into the 'Your Pension' page, you can view the charges you're paying and take action through a number of handy functions. Depending on the type of plan you have, these include:
- Combining pension plans to give a single view of what you have.
- Reviewing your investment choices, and switch them easily. There's even a tool to track funds you're thinking of investing in.
- See your regular payments, and make top up payments in just a few clicks.
Next, pop over to the 'Your details' section, where you can:
- Make sure your personal details are correct.
- Update your beneficiaries so we know the loved ones, charities or causes who your savings should go to after you're gone.
- Review your selected retirement date - it's easy to do and means you can plan better and receive communications at a time that's more relevant.
There's also a wide range of educational material to help you learn more about different pension topics:
- To increase your understanding of investments, head over to the investment hub, where you'll find a wide range of useful guides on how investing works and what it means for you.
- Our dedicated Plan your Future hub also offers a host of helpful information and interactive planning tools. These give an idea of the type of lifestyle your projected retirement income could provide, and allow you to understand the impact of actions you can take now.
And finally, if you're unsure about anything, drop us a question through secure messaging - we're on hand to help.
Thousands like you are already benefiting from online servicing - join them to take control of your future today.
Please remember, a pension is an investment. The value can go down as well as up, and you may get back less than was paid in. Transferring other pensions won't be right for everyone. You need to consider all the facts and decide if it's right for you.
Access to free impartial guidance
Standard Life recommends you seek appropriate guidance or advice before making any decisions about your pension. From age 50 you can get free guidance over the phone or face to face with Pension Wise, a service from MoneyHelper. Visit www.moneyhelper.org.uk/pension-wise or call 0800 138 3944.
Other MoneyHelper guides are also available at www.moneyhelper.org.uk.
If you want to use a financial adviser, you should make sure they’re authorised by the Financial Conduct Authority (FCA) and appear on the FCA's register.
The government's MoneyHelper service has a useful guide to help you find a financial adviser.
Contact details
Get in touch
As this is a consultation, we want to hear your thoughts, comments and any questions you have on the proposed changes before a final decision is made. You can do this by emailing group.pensions@lr.org. Any feedback must be provided no later than 4 December 2026.
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Important documents
It's a good idea to keep or save a copy of each one.
*Standard Life is not responsible for the content within this communication.