Strength & expertise

Scottish Widows Mastertrust logo
Graeme Bold

"Working closely with the Trustee Board, our continued focus is on helping members save adequately for retirement. We are committed to delivering innovative digital capabilities and tools, and an exceptional insight led and inclusive member engagement experience. We recognise the huge opportunity to help build financial resilience for members and to help them choose the right retirement journey, with tailored communications and sustainable investment funds that deliver. 

The Scottish Widows Master Trust is well positioned to help members and participating employers on this journey, with the backing and financial security of Scottish Widows, who have been helping members save for their financial future for over 200 years."

Graeme Bold, Managing Director Pensions & Retirement and Chair of the Scottish Widows Master Trust Strategist Committee. 

Scheme Strategist

The Scheme Strategist is responsible for driving the commercial activities and business plan for the Scottish Widows Master Trust.

This role is undertaken by the Master Trust Strategist Committee who are a highly experienced, and workplace pension focused, committee drawing on a breadth of expertise from across Scottish Widows. The Strategist Committee have regular and open dialogue with the Trustees.

Graeme Bold

Managing Director Pensions & Retirement and Chair of the Scottish Widows Master Trust Strategist Committee

Sharon Bellingham

Master Trust Lead

Clare Duggan

Pensions, Stockbroking & Distribution Enterprise Risk Partner

Jerry Butcher

Workplace Savings Director for Lloyds Banking Group’s Scottish Widows business

Kieran Howie

Head of Finance for Workplace & Individual Pensions

Benefits for employers and members

  • insightful member engagement and bespoke, multi-channel communications
  • innovative and Responsible Investment, aiming to improve the financial futures of members to and through retirement
  • a robust and strategic approach to governance, from our diverse and highly experienced independent Trustee board
  • innovative digital solutions bringing members closer to their pension, and supporting financial wellness
  • dedicated employer support with round table events and thought leadership
  • experienced implementation, asset transition and administration support
  • financial strength and expertise, as one of the strongest life and pensions companies in the UK.*

*Rated by Moody's, Fitch & AKG. All ratings correct as at May 2026.

Size, scale and expertise

  • 4.5m Members*
  • 19,140 Employers*
  • Over £129bn assets under management*

*Figures for Scottish Widows Workplace Pensions as at end of December 2025

Our Financial Strength

More about Scottish Widows

Investment in innovation

Scottish Widows continue to prioritise technology and digital innovation to provide a rich member experience.

This long-term commitment and ongoing investment in our customer experience and proposition, means we've a highly knowledgeable and experienced team, who look after members. The team strive to deliver even more innovation tomorrow and far into the future.

Financial sustainability

The Scottish Widows Master Trust is an essential component of our workplace pension business and future strategy. We've been helping people plan for their future for over 200 years. This means participating employers and members not only benefit from demonstrable commitment to market, but also the knowledge, know-how and experience of one of the UK's largest pension providers.

Our awards

UK Pensions awards 2024 Winner DC Master Trust of the year

UK Pensions Awards 2026 - Defined Contribution Master Trust of the Year

UK Pensions Awards 2024 - Pensions Communication Initiative of the Year

Defaqto 5 Star Rating for Workplace Pension Scottish Widows Master Trust 2025

Defaqto 5 Star rating -
Defaqto 5 Star rating for
Master Trust