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Lloyds Banking Group to boost Scottish Widows with acquisition of Zurich’s UK workplace pensions and savings business

Ronnie Taylor, Distribution Director

Ronnie Taylor

“Following the announcement earlier this year of continued investment in our “Driving Pensions Value” programme, I’m excited to confirm news of our acquisition.

Zurich Corporate Savings’ proposition moves us along at a faster pace offering capabilities that will strengthen and enhance our current offering, and grow our participation in the large scheme sector.

The flexibility of the investment capabilities will enable employers and advisers to bespoke client investments and access asset types that they haven’t been able to do with us before now.

This greater choice will help us meet the demands of our employers and advisers and cement our commitment to the market. This acquisition is vital for us to exceed adviser, employer and customer expectations and achieve our goal of becoming a market-leader in this sector, offering a comprehensive workplace savings and investment proposition.”

We’ve put together some Q&As to answer any questions you may have, however if you would like to know more, speak to your usual Scottish Widows contact.


What is the announcement?

Lloyds Banking Group has entered into an agreement with Zurich to acquire its UK workplace pensions and savings business, Zurich Corporate Savings, with assets of £19 billion with c.500,000 customers.

Zurich Corporate Savings provides a workplace pensions and savings platform with leading functionality to complement Scottish Widows’ current proposition.

Why is Lloyds Banking Group entering into this agreement?

The transaction enhances Scottish Widows’ current offering whilst delivering a modern, flexible workplace savings platform and an enriched customer experience. Scottish Widows already manages more than £124 billion of funds of which £35 billion is workplace pensions business.

It is in line with the Group’s targeted growth strategy and accelerates the development of its financial planning and retirement business.

How does Zurich Corporate Savings complement the strengths of the Scottish Widows proposition?

Zurich Corporate Savings proposition will enhance Scottish Widows’ current offering and broaden our participation in the large scheme sector with Master Trust and Group Self Invested Personal Pension (GSIPP) solutions. Zurich Corporate Savings provides a flexible investment capability allowing advisers to add value through the ability to create bespoke client investments and access asset types not previously available via Scottish Widows; along with the ability for us to more quickly add and remove funds.

Who’ll be my contact going forward?

We do not intend to disturb existing relationships for our respective schemes.

When can I expect to see changes to my experience of using your services?

The legal aspects of the acquisition do dictate some timelines around key milestones. We will share details with you as we move forward.

What are your key objectives for the next 6, 12, 18 months?

The timing of our objectives is dictated by the legal process of acquisition. Our customers, both existing and new, will receive the service and proposition they expect.

Will Scottish Widows continue to deliver its short-term roadmap of proposition enhancements?

We will continue to work on the enhancements outlined in our current Scottish Widows roadmap for GIA/ISA and seamless access to drawdown from our Group Personal Pension (GPP) products.