Is Scottish Widows an ethical pensions brand?
Owned by Lloyds Banking Group Plc, Scottish Widows is a UK pension provider. Unfortunately, Scottish Widows does not reach The Good Shopping Guide’s minimum Ethical Benchmark. As a result, it has a low score on the Ethical Pensions Ratings Table and cannot be classed as an ethical brand.
Despite not yet reaching our minimum Ethical Benchmark, we still encourage Scottish Widows to apply for Ethical Accreditation. The Good Shopping Guide would give Scottish Widows a detailed assessment and some recommendations on how it can improve its score.
To see how other brands within the Ethical Pensions sector score against Scottish Widows, visit the Ethical Pensions Ratings Table. The Ratings Table can help you to find out more about the criteria that a brand has to reach so that it can meet our minimum Ethical Benchmark.
The Good Shopping Guide encourages all brands to follow in the footsteps of our top-rated brands to adopt more ethical practices and apply for Ethical Accreditation.
What do Scottish Widows receive a top rating for?
Under The Good Shopping Guide’s Environmental Report category, Scottish Widows is awarded a top score. Its parent company Lloyds Banking Group has a recent Environmental, Social and Governance (ESG) report on its website. Within the report, there are details of targets such as reducing greenhouse gases and waste. There is also a target for energy reduction within its recent Climate Report.
What do Scottish Widows receive a bottom score for?
Scottish Widows, unfortunately, receive a bottom score for Irresponsible Lending. A recent report titled ‘Banking on Climate Chaos’ lists Lloyds Banking Group in the top 50 banks for funding fossil fuel companies. It is reported that it has contributed $11.979 billion since the Paris Agreement.
What can Scottish Widows do to improve its score?
Scottish Widows’ score within The Good Shopping Guide is the result of a calculation of multiple ethical criteria. If Scottish Widows were to improve upon its bottom scores, including its bottom score for Irresponsible Lending, it could see its position rise on the Ethical Pensions Ratings Table. Even though it has a below benchmark score, The Good Shopping Guide still encourages Scottish Widows to apply for Ethical Accreditation so that we can offer it some guidance on how to improve and become one of our best pension providers.
Would your insurance brand benefit from Ethical Accreditation? Visit The Good Shopping Guide’s Ratings Tables to see which other brands within the Ethical Pension sector have been awarded with our ethics and sustainability certification, and our Ethical Mark. If you would like more information, get in touch or fill out a rapid initial assessment form.
Ethical performance in category
GSG category benchmark
Carbon Disclosure & Reduction Targets
Responsible Investment Policy
= GSG Top Rating = GSG Middle Rating = GSG Bottom Rating