Lloyds Banking Group is consulting on moving its UK defined contribution (DC) pension to Scottish Widows’ master trust.
The consultation period, which will run from 17 June to 22 August, will include assessing Scottish Widows’ capability and capacity against a set of requirements.
If the organisation proceeds with the move, members of the Lloyds Your Tomorrow Pension Scheme will see their pension managed by the trustee of the master trust and administered by Scottish Widows from the second quarter of 2026.
The scheme is currently managed by Lloyds Banking Group pension trustees and administered by Willis Towers Watson.
The rationale behind the consultation stems from the group wanting its members to benefit from investment in Scottish Widows and its master trust and to improve the scheme by transitioning to an in-house master trust. It also wants members to benefit from a digital platform that offers flexibility in managing their savings.
Scottish Widows became part of Lloyds Banking Group in January 2009.
A Lloyds Banking Group spokesperson said: “We are consulting with our UK-based employees on a proposal to move our pension provision to the Scottish Widows Master Trust. Scottish Widows has developed an outstanding digital platform, and we believe our people will benefit from the investment and innovation that has shaped it.
“In line with industry trends, we are proposing a shift to our own pensions product, which offers a market-leading digital interface and greater financial flexibility for our people. During this consultation period, we’ll ensure that all of our people have the opportunity to engage, provide feedback, ask questions, and gain a full understanding of the proposed change.”
