The £200 billion life insurer and pensions provider, owned by Lloyds Banking Group, is moving to a digital logo of a woman in a cloak to modernise its brand and appeal to a younger, digitally-focused audience.

Scottish Widows CEO Chira Barua told FT: “One in four people in their twenties don’t have a pension and 38% of adults are not on track for a minimum lifestyle in retirement, so we need to revolutionise the way people interact with longer-term savings to close that gap.

“Since we started building the app and digital tools, we’ve had phenomenal uplift in engagement and see this as a game-changer in helping people take the right steps now to get the retirement they want.”

She explained the new branding aims to be “more intuitive in digital channels like our app”, and that the “new look and ‘digital widow motif’ to bring it into a new era”.