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Scottish Widows workplace pensions growth boosted by digital engagement
Chira Barua
Chief Executive of Scottish Widows and Lloyds’ Insurance, Pensions and Investment business
20th February 2025
Scottish Widows grew its workplace pensions assets under administration by 17% to £108 billion in 2024.
The provider also disclosed that it now has more than one million digitally registered customers, with over 400,000 on its relaunched app. Growth in 2024 was helped by a 9% increase in regular contributions, as the provider continues to champion pension engagement.
Scottish Widows is now the UK’s second biggest defined contribution workplace provider, and a top three individual annuities provider with annualised annuity payments of over £0.9 billion.
The business is part of Lloyds Banking Group, which published its 2024 full year results this morning. Underlying profit across Lloyds’ Insurance, Pensions and Investments division increased by 16% to £220m after the recent sale of its bulk annuities business.
2024 also saw the successful launch of a refreshed independent financial advisor protection proposition, including the launch of income protection, driving significant new business with applications up 50 per cent in second half of the year.
It also completed the transfer of the longstanding life and pensions business to the provider’s strategic platform with four migrations successfully completed during 2024, and Scottish Widows ending the year with an ‘excellent’ TrustPilot score of 4.3.
Chira Barua, Chief Executive of Scottish Widows and Lloyds’ Insurance, Pensions and Investment business, said: “2024 was a year of innovation and growth for Scottish Widows. We’re harnessing the power of the broader Lloyds Banking Group, the UK’s only integrated financial services provider, to deliver great experience, products and services for our customers and the advisers who help them navigate their financial futures.
“We’ve delivered top three positions in workplace and individual annuities with robust plans to grow our intermediary wealth and protection market share. Underlying profit is up 16% as we make rapid progress on our ambitious transformation program.”
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About Scottish Widows
Founded in 1815, Scottish Widows is part of Lloyds Banking Group, the UK’s largest digital bank and financial services group. With £232bn assets under administration and over 10 million customers, Scottish Widows’ award‐winning product range includes workplace and individual pensions, annuities, life cover, critical illness and income protection, as well as savings and investment products.
More than 2 million customers access Scottish Widows products and services through the Lloyds Bank and Scottish Widows apps, in addition to accessing directly through independent financial advisers. The Scottish Widows Platform is trusted by more than 18,000 advisers and 5,400 advice firms that manage the pensions and investments of almost 166,000 clients.