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Scottish Widows unlocks private market investing for millions of workplace pension savers
Graeme Bold
Managing Director, Workplace and Intermediary Wealth, Scottish Widows
4 February 2026
Scottish Widows workplace pension members are now able to tap into private market opportunities through new investment options, Lifetime Investment Plus and Lifetime Investment Extra, giving greater choice and even more opportunities as they save for retirement.
The new options are part of Scottish Widows’ fully governed and flexible Lifetime Investment suite, designed to maximise growth potential and support a sustainable income in retirement, investing across a diversified range of assets through best-in-class managers, with responsible investment fitted as standard.
Lifetime Investment Plus and Lifetime Investment Extra funds invest in two distinct private market strategies to and through the investment journey.
- A growth portfolio: CG SW Growth LTAF
Designed for the growth phase, this portfolio targets higher return assets including private equity, venture capital, infrastructure equity and private credit.
This fund is managed by Aberdeen Investments. - A diversified private credit portfolio: CG SW Diversified Credit LTAF
Designed for the derisking phase, this portfolio invests across diverse private credit opportunities, from infrastructure lending to real estate and SME debt.
This fund is managed by BNP Paribas Asset Management.
Lifetime Investment Plus has around 11% invested in private markets, while Lifetime Investment Extra has around 23%, both via Scottish Widows’ newly launched, bespoke Long-Term Asset Funds (LTAFs). The LTAFs invest in a spectrum of private market investments, tapping into global opportunities from local networks and experts.
Scottish Widows will also look to leverage Lloyds Banking Group’s capability in originating and deploying capital and managing UK-based private market assets. LTAFs are designed to evolve over time and have the flexibility to add new managers and strategies.
Graeme Bold, Managing Director Pensions and Retirement at Scottish Widows, said: “Bringing private markets into workplace pensions is a major milestone in helping customers make the most of
their retirement savings. We believe investing in private markets increases diversification and can provide access to long term growth opportunities to support retirement incomes.
“As the provider of the UK’s biggest and longest‑running default pension scheme we have a deep understanding of what savers want and need. We’re broadening investment opportunities through our new Lifetime Investment Plus and Extra propositions to improve long‑term outcomes and giving members greater choice and flexibility.”
Kevin Doran, Chief Investment Officer at Scottish Widows, said: “With Scottish Widows Lifetime Investment Plus and Extra, members get access to investment opportunities that aren’t available on the stock market including innovative startups and those companies of the future, currently looking to scale. The portfolios will include investments in areas driving energy transition and adaptation, delivering benefits to members in their immediate environment, alongside future financial returns”
Scottish Widows’ Lifetime Investment launched in March last year and is the default pension option which does not invest in private markets. Lifetime Investment Plus and Lifetime Investment Extra are newer choices that introduce private market exposure.
Notes to editors
All Lifetime Investment options are available through the Scottish Widows Master Trust, either as employer defaults or for members to select directly.
About Scottish Widows
Founded in 1815, Scottish Widows is part of Lloyds Banking Group and is one of the UK’s longestestablished financial services providers. With £280bn in assets under administration, Scottish Widows’ award-winning product range includes workplace and individual pensions, investments, annuities, life cover, critical illness and income protection.
More than 1.75 million Scottish Widows customers are digitally registered, with over 750,000 app users. Scottish Widows has an industry leading Trustpilot score of 4.6 stars. The Scottish Widows Platform supports over 170,000 advised clients and provides investment services for financial advisers.