Scottish Widows focuses on wealth management after BPA exit

Scottish Widows today set out its wealth and platform capabilities as it concentrates on intermediary and workplace wealth management following its exit from the bulk purchase annuity market.

Scottish Widows said its platform is now trusted by more than 18,000 advisers and 5,400 advice firms, managing pensions and investments for almost 166,000 clients. The business has more than £232bn of assets under administration across over six million customers, spanning workplace and individual pensions, annuities, life cover, critical illness, income protection, savings and investments.

Intermediary distribution is led by Jenny Davidson, Intermediary Wealth Director at Scottish Widows, who oversees intermediary wealth strategies. Workplace and intermediary wealth activities sit under Graeme Bold, Managing Director, Workplace and Intermediary Wealth at Scottish Widows.

Recent Scottish Widows technical material for advisers has also focused on the evolving UK tax market for savings and investments, including an additional 2% tax charge on the basic and higher rates of tax on dividends from 6 April. The firm has highlighted that a further additional 2% will be added to all rates of tax on savings income from 6 April.

Scottish Widows’ guidance notes that separate tax rates are being introduced for property income profits, at 22% for basic rate taxpayers, 42% for higher rate and 47% at the top rate. It has also drawn attention to a planned £2,000 cap on the amount that can be sacrificed into a pension without paying National Insurance contributions from 6 April.

On wrappers, Scottish Widows has flagged a new £12,000 annual limit on cash ISAs for under‑65s from 6 April 2027. For tax-advantaged investments, its materials point to Venture Capital Trust income tax relief decreasing to 20% from 6 April 2026.

Scottish Widows has further noted the introduction of a High Value Council Tax Surcharge applying to properties valued at £2m or more from 2028, as part of the broader environment in which wealth and retirement planning decisions are being made.

--- Sources: https://www.lloydsbankinggroup.com/ https://www.scottishwidows.co.uk/about-us/media-centre/press-releases/advisers-predict-increased-returns.html https://www.scottishwidows.co.uk/about-us/media-centre/press-releases.html