I've now been and looked at the prospectus:
Lloyds TSB 9.25% Preference Shares
The provisions of the Lloyds TSB 9.25% Preference Shares will provide, among other things:
(i) that dividends will accrue at 9.25 per cent. per annum, and will be payable in arrear on 31 May and 30 November in each year, save that the first dividend payment will be made on 31 May 2009 and will be 4.625 pence per Preference Share; and
(ii) that the Preference Shares will be irredeemable instruments
Lloyds TSB 6.3673% Preference Shares
The provisions of the Lloyds TSB 6.3673% Preference Shares will provide, among other things:
(i) that dividends will accrue at 6.3673 per cent. per annum from (and including) their issue date to (but excluding) 17 June 2019, and will be payable in arrear on 17 June in each year, save that the first dividend payment will be made on 17 June 2009, and will be £63.673 per Preference Share;
(ii) that from (and including) 17 June 2019, dividends will accrue at a rate, reset quarterly, of 1.36 per cent. per annum above three-month sterling LIBOR, and will be payable quarterly in arrear on, subject (where applicable) to adjustment, 17 March, 17 June, 17 September and 17 December in each year; and
(iii) that all or some only of the Preference Shares are redeemable, at the option of the Company, subject to confirmation from the FSA that it has no objection to the redemption (if required), on 17 June 2019 or any Dividend Payment Date thereafter at the liquidation preference amount per Preference Share.
My bold
So yes a significant difference in the terms.