Workplace pensions remained a significant driver of growth at the Lloyds Banking Group’s insurance, pensions and investments business, with the Scottish Widows app serving more than one million users after 79 per cent year-on-year growth.
Around 60 per cent of users were reported as active. One in two users take a meaningful action, including reviewing contributions and consolidating pensions.
The phased move of Lloyds Banking Group’s UK defined contribution pension to the Scottish Widows Master Trust is also underway, which will see the transfer of approximately £7bn of assets by the end of 2027.
According to the recent Corporate Adviser Master Trusts and GPP report, Scottish Widows is the second-largest pensions provider by bundled assets (£116bn) and remains a major market player. It has 15 default options, and prior to the Lloyd’s transfer its largest default currently stands at £45bn.
Across the entire Lloyd’s insurance, pensions and investments business, underlying profit was up 70 per cent year-on-year to £245 million and assets under administration up 20% to £303 billion.
Chira Barua, chief executive of Scottish Widows, says: “We’re focused on helping more people engage with their finances, from bringing pensions together and building savings to exploring investing for the first time.
“Alongside continued growth in our workplace pensions and protection businesses, our AI agent is broadening access to guidance, improving understanding and helping build confidence to achieve better financial outcomes.”
Results were reported from the year ending 30 June 2026.
