Lloyds to give these customers free £250 – or more | Personal Finance | Finance
Customers withdrawing money from Lloyds cashpoints (Image: Ceri Breeze via Getty Images)
Lloyds has sent out a new alert, with many customers set to bag a free £250 – and for some, the windfall could reach as much as £5,000.
The banking giant announced on Thursday, June 11, that it is launching its first ever pension transfer cashback offer, open to both new and existing customers.
Lloyds confirmed that customers will receive up to £5,000 for transferring and consolidating old pensions into their Lloyds Ready-Made Pension (RMP) and Lloyds Self-Invested Personal Pension (SIPP) between now and November 30, 2026.
Customers must open or already hold a Lloyds personal pension. A Lloyds, Halifax or Bank of Scotland current account must also be held or opened during the offer period and remain active by May 31, 2027, in order to receive the cashback incentive.
Customers must transfer a minimum of £20,000 from one or more pensions via the online transfer application. Where separate eligible transfers are made into an RMP or SIPP, cashback will be calculated on the combined total value of those transfers.
To qualify for the cashback, transferred funds must remain invested in customers’ Lloyds RMP and/or SIPP until May 31, 2027.
Cashback will be paid directly into customers’ Lloyds, Halifax or Bank of Scotland personal bank account by June 30, 2027, subject to terms and conditions.
The amount of cashback received will depend on the total value of eligible pension transfers at the point of completion.
Amount transferred – cashback earned
- £20,000-£49,999 – £250
- £50,000-£99,999 – £500
- £100,000-£249,999 – £1,000
- £250,000-£499,999 – £1,500
- £500,000-£999,999 – £3,000
- £1,000,000-£1,999,999 – £4,000
- £2,000,000 or more – £5,000
Before initiating a transfer, customers ought to be aware of the significance of comparing charges and the potential risk of forfeiting guarantees or features.
Lloyds noted that pensions are subject to investment risk and cannot ordinarily be accessed before the minimum retirement age.
Manuel Pardavila-Gonzalez, Managing Director – Investments, Lloyds, said: “It is common for people to build up several pension pots over the course of their careers, which can make it harder to keep track of savings or understand the charges they are paying.
“Our personal pension aims to make it easier to bring those pots together in one place, giving customers a clearer view of their retirement savings.
“Bringing pensions together can also help them take a more active role in managing their money, making it simpler and easier to plan for retirement, with our cashback incentive making the process even more rewarding.”
