Lloyds Share Save9 May 2018 21:16
Just for your interest. Lloyds is only currently offering a 3 year option to staff. the limit set by Goverment is �500 per month. Lloyds options are usually oversubscribed and therefore cut down from that �500 limit. The current one I am in completes this year and the max I got was �380 per month.
There used to be interest paid on the savings at the end of the term. However, that is no longer the cases and only the amount saved can be used to purchase shares , with the 20% Discount applied when purchased. With the relatively poor share performance, it's certainly not the cash cow it was in the past. When staff could double or treble their money in a 5 year SAYE.
LLOYDS also runs a SIP share investment plan. This is a maximum of �150 per month, shares are purchased at market price, but with no dealing cost. Shares must be held for 5 years to become Tax free. The benefit of this schem is that the �150 is taken before tax and therefore a 40% tax payer only sees their take home reduced by �90. Lloyds also matches the first �30 of shares at 1.5 to 1 . So if you buy �30 you get �45 of shares fron the Group. So a 20% taxpayer buying �30 would only actually pay �24, but reiceve �75 of shares.