Lloyds Banking Group operates a Group Performance Share plan which distributes part of the group's profit back to colleagues when business performance objectives are met for a financial year. The GPS scheme replaced a previous bonus scheme and is non-contractual.
Details of any GPS award will be made available following the publication of the bank's full-year results. GPS awards are paid in March and are for the previous performance year.
This was last updated to cover the terms for the 2022 GPS award due for payment in March 2023.
- New joiners to the bank are eligible for consideration of an award from the date of joining. For Grades A-C this will automatically be pro-rated for the period worked (no adjustments to this can be made if joining after the 3rd October 22). For Grades D-G, awards are based on performance, so typically appropriate for those with a minimum of 3 months' service, but managers have discretion to make awards for exceptional contribution.
- To receive an award, you must be employed by the bank on the 31st December the year before the award is paid. If you leave the bank before this date, no award is paid for that GPS year.
- Awards for anyone that leaves the bank after the 31st December until the date of payment will have awards capped at £2,000 cash.
- The business will grant an award for colleagues leaving the business through redundancy, retirement (including ill health early retirement), TUPE and death in service.
- Automatic reductions are applied for periods of leave during the financial year. Full details of the types of leave this applies to are included within the bank's policy.
- You will be ineligible for an award for the period of any disciplinary sanction (6/12 months i.e. any award may be reduced by 50% or 100%). If you're awaiting an outcome of a disciplinary hearing, your award will be suspended until a decision has been issued.
- You will not receive an award for any period during the financial year where you have been under a formal performance action plan.
- If you're a temporary worker or contractor you may be eligible for an award if you are in scope of the Agency Worker Regulations - e.g. employed via PAYE or via an umbrella company. This will be paid via the Agency subject to Agency Terms & Conditions. If you started as a contractor/temporary workers and secure a permanent position within the bank, you may be eligible for an award as a LBG employee and as an agency worker. In both cases, there must be a minimum of 3 months continuous service.
View the full policy for more details.
Appealing an award:
There is an appeal process to review GPS decisions applied to you. The process may change from year to year.
Some general information to note:
- You can't challenge the GPS policy criteria, you can only ask for a review of how the policy has been applied to you.
- There is a a defined period of time for you to ask for a review.
- Any decision made during the independent review process are final, there won't be a further right to appeal.
- In cases of alleged discrimination, bullying or harassment, you may be contacted further by the bank's Resolutions team to discuss how to take forward your complaint.
You can find the full appeals process in our article Appealing Group Performance Share (GPS) awards.
Performance bonus, variable pay