Performance & Reward

Flexibility and choice

We recognise colleagues for acting responsibly by demonstrating our values and behaviours

At Lloyds Banking Group we are committed to making a significant investment in our colleagues. As well as the wide range of development opportunities that are available, we are committed to providing a compelling reward package which, in addition to salary and performance bonus, offers flexibility and choice. Reward is directly linked to performance, considering both ‘what’ is delivered and ‘how’ it is achieved.

We are proud of our benefits package, which allows you to choose the benefits that suit you and your individual needs. As a major employer, we are able to access goods and services at highly competitive rates and, in some cases, offer tax and national insurance savings that further enhance the value of what you receive.

The benefits we currently offer as part of our reward package include:

Your pay reflects the role that you do, based on your grade and contribution. Pay is progressed through the annual pay review, based on your performance and position in your pay range.

Annual Bonus Plan

You may be eligible to participate in a bonus plan and to be considered for a bonus award, depending on your role, business area and grade. Lloyds Banking Group plans are discretionary and non-contractual and payment is dependent on Group, Business Area and individual performance.

Variable Pay and Incentive Plans

You may participate in a variable pay or incentive plan. These plans are designed to reward you at a team and individual level for achieving objectives that support positive customer experience, meet risk requirements and the high standards expected at Lloyds Banking Group.

Lloyds Banking Group recognises the importance of saving for your future. All new joiners are automatically enrolled into 'Your Tomorrow', a pension scheme where you decide how much you save and where your contributions are invested. The more you invest the more we contribute; up to a maximum employer contribution of 13%.  More information can be found at www.lloydsbankinggrouppensions.com

Share plans align your reward package with the shareholder experience and with the longer term success of the Group. You can choose to participate in Sharematch and receive matching shares of up to £45 a month from the company, and you can choose to participate in Sharesave, our combined savings and share option plan.

Flex gives you the opportunity to tailor your Reward Package to match your individual and family circumstances. You will receive a cash sum of 4%, which is in addition to your basic salary.  You can use your cash sum as well as some of your salary for a variety of benefits. Options include Holiday Trading, Childcare Vouchers and a Matched Learning Fund; or you can simply receive cash.

Our company funded Private Medical Benefit provides all colleagues with access to good quality medical care, including accommodation, nursing care and specialist advice.

You also have the opportunity to purchase Private Medical Benefit for your family at competitive prices, as part of Flexible Benefits.

If you are eligible, you can choose a company car, or alternatively opt for a car cash allowance. We also provide essential user cars for colleagues if their role requires substantial business travel.

You can order a new car, funded by a reduction in pay, as part of a salary sacrifice scheme.  Colleague Cars utilises the purchasing power of Lex Autolease and offers a great choice of manufacturers.

We are passionate about doing the right thing for our customers and providing them with a range of financial products to support all aspects of their life.

When you join us you will be eligible to take advantage of these same great financial products, some at a discounted rate, including current accounts, mortgages, home and car insurance and loans.

Colleague Offers is a one stop shop for a wide range of exclusive offers and everyday savings from some of the high street’s leading brand names. You will also be able to share this benefit with some of your friends and family after joining.

Holidays help you to achieve a healthy work-life balance. We offer a generous holiday allowance to enable you to do this. You will be eligible for a minimum of 22 days holiday, rising to 30 days based on length of service and grade. Bank holidays are in addition to this and you will have the opportunity to buy or sell the equivalent of a week’s holiday through our ‘Flex’ scheme.

The wellbeing of colleagues is important and we provide a dedicated intranet site that focuses on four aspects of your wellbeing in everyday life.

These are: your body, mind, finances and work. In addition we provide access to free, confidential support and advice on a range of wellbeing issues through our Employee Assistance Programme.

This support is available 24 hours a day via a freephone number as well as online.

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