Lloyds has seen total life and pension sales increase by 50 per cent in the first half of year, results published today show.
The bank says this is driven by increases in new members in existing workplace schemes, the impact of contracted increases in auto-enrolment workplace contributions and bulk annuities.
Life and pensions new business income was up 75 per cent while it completed the first stage of the transfer of the acquired Zurich UK workplace pensions and savings business.
The high-street lender says these results show its investment to capture the “workplace pensions opportunity” is paying off.
It points to the new drawdown functionality launched within Scottish Widow’s Retirement Account as further evidence of this.