Lloyds Bank Offshore Pension Scheme Pension Investment Plan (PO-902)

Subject

Mr Travis has complained that non-resident employees of Lloyds who were members of the Offshore Scheme have been transferred to an onshore UK registered defined contribution pension scheme (Your Tomorrow). He has complained that the tax treatment of non-resident members is not beneficial and that this was not explained during the consultation process.

The Deputy Pensions Ombudsman’s determination and short reasons

The complaint should not be upheld against Lloyds because the information they provided during consultation was appropriate. The complaint should not be upheld against the Trustee because they would only have been required to provide information about the Offshore Scheme. The complaint should not be upheld against Equiniti because they did not have a direct role in providing information about the scheme changes.