Lloyds Bank has announced a new initiative that will provide eligible customers with a free £250, with some potentially receiving up to £5,000. The banking giant revealed on Thursday, June 11, 2026, that it is rolling out its first ever pension transfer cashback offer, available to both new and existing customers.
Customers who transfer and consolidate old pensions into a Lloyds Ready-Made Pension (RMP) or Lloyds Self-Invested Personal Pension (SIPP) between now and November 30, 2026, could receive up to £5,000. To qualify, customers must either open or already hold a Lloyds personal pension, and also hold or open a Lloyds, Halifax, or Bank of Scotland current account during the offer period. This account must remain active until May 31, 2027, for the cashback to be paid.
The minimum transfer amount is £20,000 from one or more pensions via the online transfer application. If multiple eligible transfers are made into an RMP or SIPP, the cashback is calculated on the combined total value. Transferred funds must remain invested in the Lloyds pension until May 31, 2027, to qualify.
Cashback will be deposited directly into the customer's Lloyds, Halifax, or Bank of Scotland personal bank account by June 30, 2027, subject to terms and conditions. The amount received depends on the total value of eligible pension transfers at completion:
- £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 should compare charges and consider the potential loss of guarantees or features. Lloyds noted that pensions are subject to investment risk and cannot normally be accessed before the minimum retirement age.
Manuel Pardavila-Gonzalez, Managing Director of Investments at Lloyds, commented: "It is common for people to build up several pension pots over their careers, which can make it harder to track savings or understand charges. Our personal pension aims to simplify bringing those pots together, giving customers a clearer view of their retirement savings. Consolidating pensions can also help them take a more active role in managing their money, making retirement planning simpler and easier, with our cashback incentive making the process even more rewarding."
