Scottish Widows pension assets increase by 17% following digital engagement boost

Written by Callum Conway

20/02/2025

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

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

In October last year, Scottish Widows announced an expansion of its digital offering, including a new ‘insure’ space in its app for workplace pensions customers to make it easier for members to be more connected to their finances by seeing all of their insurance policies in one place.

It also introduced the ability for workplace pension customers to access ready-made investments via its app, in an effort to make investing easier for savers.

Other factors contributing to its growth in 2024 were a 9% increase in regular contributions and annualised annuity payments of over £0.9bn.

Scottish Widows and Lloyds’ Insurance, Pensions and Investment chief executive, Chira Barua, claimed 2024 was a year of “innovation and growth” for the insurance company.

“We’ve delivered top three positions in workplace and individual annuities with robust plans to grow our intermediary wealth and protection market share,” he added.

Scottish Widows 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.

“We’re harnessing the power of the broader Lloyds Banking Group, the UK’s only integrated financial services provider, to deliver great experience, products and services for our customers and the advisers who help them navigate their financial futures,” Barua said.

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