Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
The customers included people auto-enrolled into the Scottish Widows master trust, which is part of Lloyds, as well as people who had purchased individual annuities, and scheme members that had transferred via bulk annuities.
According to the annual results, published today (20 February), there is "strong progress" towards reaching one million new customers by the end of 2020. The bank initially put forward its intention to achieve this goal in its three-year strategic plan in February last year.
According to the results, the group's life and pensions sales were up by 45% in 2018, jumping from £10bn to £14.4bn. It said this was driven by increases in new members in existing workplace schemes, increased AE contributions and bulk annuities.
The increase in members includes some of the 10 million people who have joined a pension scheme since 2012 as a result of auto-enrolment (AE), with total minimum contributions rising from 3% to 5% last April, and set to rise again to a total of 8% this April.
The results document also showed there was a growth in its life and pensions new business income, which was up 87% to £526m. This figure included sales other than pensions, including insurance.
It also highlighted that 165,000 customers viewed their Scottish Widows pension balance alongside their Lloyds banking and insurance products on a daily basis over 2018.
In a foreword to the results, Lloyds chief executive António Horta-Osório said: "In 2018 we launched Single Customer View; a unique capability already enabling over three million customers to view in one place the pension and insurance products they hold with the group alongside their banking products.
"We have expanded our workplace pensions and savings offering to over two million customers and have seen net inflows of £13bn into our financial planning and retirement propositions."
Lloyds was last year involved in a landmark case over equalising guaranteed minimum pensions, with the High Court ruling a variety of methods were possible. The bank estimated a £108m cost to complete the exercise, representing 0.3% of its £41.1bn pension liabilities.
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