Widows competes for jumbo schemes after Zurich deal

Scottish Widows said it has launched an enhanced workplace savings range of products following completion of the first phase of the transfer of Zurich’s UK workplace pensions and savings business, Zurich Corporate Savings, to the Edinburgh firm.

Widows said the new range will enable Scottish Widows to compete for the very largest schemes “as well as enabling intermediaries to build bespoke client investments or offer ready-made solutions for a wide range of scheme sizes.”

Jackie Leiper, Scottish Widows distribution director, said: “Our goal is to create the market-leading UK retirement savings business.

“Today’s launch is an important step in that journey and supports intermediaries with products to meet a wide range of workplace client needs, from bespoke investments to ready-made solutions.

“It also broadens our appeal for large employers, enabling us to offer solutions for even the biggest schemes in the market.

“The integration of Zurich’s workplace business gives us a proposition, platform and team of experts to allow us to hit the ground running.”

Andy Seed, Scottish Widows head of partnerships and formerly head of distribution at Zurich Corporate Savings, said: “We are excited to have joined Scottish Widows.

“Our deep knowledge and expertise in the large and complex workplace savings arena, coupled with the ambition and drive of the group, will move the business forward at pace and deliver market-leading products to our customers.”

Scottish Widows announced the acquisition of Zurich Corporate Savings in October 2017.

The Zurich workplace investment products transferred on April 3 and are re-branded Scottish Widows.

Around 200 Zurich employees also transferred.

Completion and transfer of the remaining assets will follow after the required regulatory and legal approvals.