Scottish Widows With-Profts



RWP Research Findings, Overview and Comments


In considering any company and its with-profits RWP will look to assess a range of factors which will include: the company’s management record; its transparency of information, its financial strength; its prospects for providing future returns and the nature of its with-profits approach.

In this regard we believe that Scottish Widows can be classed as one of the poorer with-profits companies.

They are owned by Lloyds Bank. The Clerical medical with-profits funds are also part of this group.

A significant reorganisation and group restructuring was undertaken on 31st December 2015 dividing the with-profits into three sub-funds - the CMIG With-Profits Fund, the Scottish Widows With-Profits Fund and the Combined Fund.

Our view, findings and comments are based on the historic positionrelating to with-profits policies run under the Scottish Widows banner.


We feel the Scottish Widows record fund has generally been poor with most plans and policy types providing below average returns.

Some policies retain favourable guarantee terms, but it does not appear these are widespread.

There is provision to apply MVRs (penalties) across most policies and MVRs have been applied quite widely at different times in the past five years.

There is no expectation around major benefits or enhancements from Inherited Estate pay-outs.

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Company ownership position

In 2000 Scottish Widows was demutualised and became part of the Lloyds TSB Marketing Group. From 2009 it became part of Lloyds Banking Group.


Company history

The Scottish Widows' Fund and Life Assurance Society – Scotland’s first mutual life office – opened for business in 1815.

Scottish Widows Bank launched in 1995 offering customers a range of savings, loan and mortgage products.

Scottish Widows was demutualised and became part of the Lloyds TSB Marketing Group in March 2000.

In January 2009, Scottish Widows became part of the Lloyds Banking Group.

They currently have 6.4 million customers.

With-profits funds run by the company

Under the group structure there are now three funds:

  • The CMIG With-Profits Fund
  • The Scottish Widows With-Profits Fund
  • The Combined Fund


For the latest with-profits bonus information please click here:

For information on how Scottish Widows approach the management of their with-profits please click here:



Please remember that any of our summary findings or conclusions are general; an appraisal of the general position for that company. There will be situations where an individual policyholder with a company that is ‘good’’ may want to look at surrendering or transferring their policy (for example to secure a guarantee or because it does not suit their risk position), likewise there will be situations where policyholders with a ‘poor’ company want to stick with what they have (for example because the penalty of exiting will be too great). Nothing can replace getting a report based on your unique circumstances; it is only this unique, personalised report which will provide the information that will instruct you on your circumstances regardless of the company and our general comments.


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Please note the information on these pages should not be used in any way or form as the basis for any decision about your with-profits investment or plan. RWP makes every attempt to ensure that all information is up to date and accurate but RWP cannot be held responsible for any of the detail provided. The information above is published to act as a broad guide to the Company’s position, history and future prospects. However any decision about your own with-profit plan should only be taken after you have sought and received qualified advice from an appropriate regulated advisory source and should be based entirely on that advice.

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