Scottish Widows will invest £50m in its pensions proposition over the next 18 months as it looks to bring digital banking technology to the savings market.
The provider, a subsidiary of Lloyds Banking Group, has today launched its ‘Driving Pensions Value’ programme designed to boost customer service, improve adviser support and upgrade the digital support offered to corporates and individuals.
Widows will also overhaul its investment fund range to reflect changes in consumer needs following the introduction of the pension freedoms in April last year.
Details of the revamp have not yet been disclosed, but pensions director Ronnie Taylor says the new funds will focus on dampening volatility.
He says: “A lot of this is predicated on digital development. So we will be using the expertise we have in Lloyds and apply it to retirement saving. Why should retirement be any different to looking in your bank account?
“We are focused at the moment on existing Scottish Widows corporate clients, but the principle of being able to see exactly what you want, 24/7 on any device is the direction we’re heading in.”