Scottish Widows’ huge workplace pensions book has been built through contract-based schemes, but last October’s acquisition of Zurich’s corporate savings business have given it a string of additions to its product suite, most notably the master trust, but also group Sipp, occupational money purchase, stocks and shares Isa, GIA and investment only solutions. The deal also brought 500,000 customers and £15bn of assets.

Widows’ new acquisition, renamed the Scottish Widows Master Trust, brought with it around 200 former Zurich staff. The first phase of the transition of assets was completed at the end of Q1 this year.

The Scottish Widows Master Trust carries a 78 per cent exposure to equities in its default, with the balance in corporate bonds.

Five years prior to retirement the equity exposure reduces to 45 per cent, and targets 25 per cent cash and 29 per cent government bonds at retirement, with a 16 per cent equity exposure.

Assets are managed by BlackRock and Columbia Threadneedle, thereby avoiding any fallout from the spat between Lloyds Banking Group and Aberdeen Standard Life that has seen the former looking to move other Scottish Widows assets from ASL.

Data as of 31.03.18