Scottish Widows grows workplace pension assets to £108bn, boosts digital engagement

Scottish Widows grew its workplace pensions assets under administration by 17% to £108bn in 2024.

The provider also disclosed that it now has more than one million digitally registered customers, with more than 400,000 on its relaunched app.

Growth in 2024 was helped by a 9% increase in regular contributions.

Scottish Widows is now the UK’s second biggest defined contribution (DC) workplace provider, and a top three individual annuities provider with annualised annuity payments of over £0.9bn.

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% 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.