Economy

Lloyds Bank swoops on Zurich's United Kingdom pensions and savings business

Lloyds Bank today snapped up Zurich's £15bn United Kingdom workplace pension arm.

The bank, which returned to full private ownership in May after the Government sold the last of its stake, said the deal would boost its Scottish Widows division by adding £19bn in assets and 500,000 customers.

The acquisition enhances the company's pension and retirement planning subsidiary Scottish Widows, which now has over GBP124 billion of funds under administration of which GBP35 billion is workplace pensions business.

"Zurich Corporate Savings is highly regarded and has achieved good growth in assets under administration driven through strong relationships with large-scale corporate clients and their intermediaries".

The Zurich Corporate Savings proposition will broaden Scottish Widows' participation in the large pension scheme sector, with master trust and group self-invested personal pension (GSIPP) solutions.

Data published in Platforum's February Workplace Savings Guide show that based on third quarter 2016 assets under advice figures, Scottish Widows and Zurich would have a combined £47.7bn AUA compared to Legal & General at £56.9bn and Aviva at £55bn.

Antonio Lorenzo, chief executive at Scottish Widows, said: "Today's announcement is a clear signal of Lloyds Banking Group's commitment to the financial planning and retirement segment".

Tulsi Naidu, chief executive of Zurich in the United Kingdom, said the sale of the corportate business was part of a "simplification" of its business.

Lloyds has not disclosed the price for the deal.

As part of the transaction around 200 Zurich employees - including key management, relationship managers, technical experts and operations staff, located primarily in Cheltenham - are expected to transfer to LBG under a TUPE arrangement.



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