Scottish Widows workplace pension review

Scottish Widows runs workplace pensions for employers as either contract-based plans or through its authorised Scottish Widows Master Trust. Its default fund is Lifetime Investment, and since February 2026 employers can pick versions that hold private market assets. Charges are agreed scheme by scheme, so there is no published price list. This review sets out the facts; it does not rate or rank the provider.

All details were checked on Scottish Widows’ websites and GOV.UK on 6 November 2026.

Who is Scottish Widows?

Scottish Widows is a UK pensions and life insurer owned by Lloyds Banking Group. In a press release in November 2026 it reported more than 6.5 million customers and around £300bn in total assets under administration.

Its employer site describes relationship-led service teams for setup and administration, and a separate site for advisers. Employers can ask for a quote through an online form on its workplace savings page.

What workplace pensions does Scottish Widows offer?

Scottish Widows offers two kinds of workplace scheme, according to its employer site.

The Scottish Widows Master Trust is on the Pensions Regulator’s list of authorised master trusts. Authorisation means the regulator has checked its funding, systems and the people running it. Our guide to master trust pensions explains how the model differs from a contract-based plan.

Scottish Widows does not publish a minimum employer size on the pages we checked. Employers with a few staff should compare it with providers that take any employer, such as NEST.

What is the Lifetime Investment default?

Lifetime Investment is Scottish Widows’ default option, the fund members go into unless they choose otherwise. Scottish Widows says it launched in March 2025; trade press reported at the time that it replaced the earlier Pension Investment Approaches default.

On 4 February 2026 it added two versions that hold private market assets through long-term asset funds (LTAFs).

The private assets sit in two funds: the CG SW Growth LTAF, managed by Aberdeen Investments, and the CG SW Diversified Credit LTAF, managed by BNP Paribas Asset Management. Scottish Widows says all three options are available through the Master Trust. We could not confirm from its pages whether Plus and Extra are offered on contract-based plans.

Scottish Widows’ member pages say a scheme default usually follows a lifestyle strategy, moving from higher-risk to lower-risk investments as retirement nears. Members can switch lifestyle options without a charge.

How much does Scottish Widows charge?

Scottish Widows does not publish a single price list for employers. Charges are set for each scheme, often through the employer’s adviser, and are taken from members’ pension pots.

Two fixed points apply whatever is agreed:

• The charge cap. The default fund in a scheme used for auto-enrolment cannot charge more than 0.75% a year of funds under management, under DWP charge cap rules. Transaction costs sit outside the cap.
• Published costs. The Master Trust trustees publish charges and transaction costs for each default and each self-select fund on the scheme information page, with a Chair’s Statement each November.

We could not open the Chair’s Statement document on 6 November 2026, so this page gives no charge figures. Ask for a quote in writing before you choose. Our guide to the cheapest workplace pensions compares providers that do publish prices.

What do employers have to pay?

Your minimum contributions are the same whichever provider you use. Under auto-enrolment, at least 8% of an eligible worker’s qualifying earnings must go in, with at least 3% from the employer, according to GOV.UK. GOV.UK gives the qualifying earnings band as £6,240 to £50,270 a year.

Use our pension contributions calculator to work out the cost per employee. Our auto-enrolment guide covers your duties with the Pensions Regulator.

Is Scottish Widows a fit for your business?

Which option fits depends on your size and what you want from the scheme.

• If you have an adviser or benefits consultant, ask them for Scottish Widows terms alongside other quotes.
• If you want private market exposure in your default, Lifetime Investment Plus and Extra are available through the Master Trust.
• If you want a published price and no adviser, compare providers listed in our workplace pension providers compared guide.
• If you plan salary exchange, note that from April 2029 the National Insurance saving will apply only to the first £2,000 a year. See the salary sacrifice cap.

How do members contact Scottish Widows?

Members call different numbers depending on their plan number. Lines are open Monday to Friday, 9am to 5pm.

• Plan numbers starting SW: 0345 755 6557
• All other workplace pension plans: 0345 716 6733

Members can also view and manage their pension through the Scottish Widows app.

Frequently asked questions

Is the Scottish Widows Master Trust authorised?

Yes. It is on the Pensions Regulator’s list of authorised master trusts, checked on 6 November 2026.

What is the Scottish Widows default fund?

It is Lifetime Investment, launched in March 2025. It does not invest in private markets, unlike the Plus and Extra versions added in February 2026.

How much does a Scottish Widows workplace pension cost?

Charges are agreed per scheme and Scottish Widows does not publish one price list. The default fund cannot charge more than 0.75% a year under the auto-enrolment charge cap.

Who owns Scottish Widows?

Scottish Widows is part of Lloyds Banking Group.

What is the Scottish Widows workplace pension phone number?

Members with plan numbers starting SW call 0345 755 6557. Members of other workplace plans call 0345 716 6733.