DWP charge cap hits Lloyds' pension profits

The firm, which includes the Scottish Widows operation, blamed the profit dip on the Department for Work and Pensions (DWP) charge cap proposal, announced in the first quarter of the year. It said its existing book of pension business would be affected by the cap. It also said life, pensions and investment sales were down 14% relative to the significant spike in 2013 pension volumes as a result of the Retail Distribution Review. However, it added "the trend is improving with a strong auto enrolment performance driving an increase relative to the second half of last year". Elsewhere it ...