Lloyds Bank unveils new pension service – is it any good?

Lloyds is the first high-street bank to launch a ready-made pension service. How does it work, is it any good and who can save in it?

A pedestrian walks past a branch of a Lloyds Bank, in central London
(Image credit: JUSTIN TALLIS / Contributor)

Lloyds Bank has become the first high-street bank to launch a ‘one of its kind’ ready-made pension service, which lets savers combine up to 10 pension pots and open a new pension with Scottish Widows. 

The service, named Ready-Made Pension, has launched following new research from Lloyds revealing around 42% of adults don’t know how to contribute more to their pension pot. The data also shows that a banking app would encourage 50% more savers to engage with their pension more frequently. 

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Swipe to scroll horizontally
ProviderAnnual account feeTransaction feeInvestment management feeExit fee
Lloyds Bank0.3% or £5 a month0.14%Up to 0.24%No fee
PensionBeeBetween 0.5% and 0.95% depending on the plan you go for. The fee on savings over £100,000 is halved. 0.04%No feeNo fee
Wealthify0.16% for original plans and 0.7% for ethical plans. No fee0.6%No fee
Nutmeg (based on a fully managed pension)0.75% on up to £100k. 0.35% on savings above £100k. No fee0.22%No fee
Swipe to scroll horizontally
Investment platform Platform feeOnline buying/ selling feesTransfer fee
Vanguard0.15% (maximum £375 a year)No fee. Charges £7.50 for immediate trades.No fee
AJ BellFunds: 0%-0.25% Shares: 0.25% (maximum £10 a month)Funds: £1.50 Shares: £5 (£3.50 if over 10 trades in previous month)Up to £5
Hargreaves Lansdown Funds: 0.1%-0.45% Shares: 0.45% (maximum £200 a year)Funds: no fee Shares: £11.95 (£8.95 if over 10 trades in previous month or £5.95 of over 20 trades)No fee
FidelityFunds: 0.2%-0.35% Shares: £7.50 (maximum £7.50 a month)Funds: no fee Shares: £10 or £1.50 if regular savings plan chosenNo fee
Interactive Investor£5.99 to £12.99 a month£3.99 a trade. Free regular investing No fee
Explore More

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.