Aberdeen Asset Management, which merged with Standard Life in August, bought Scottish Widows Investment Partnership in 2014, since when it has run significant assets for the provider. Lloyds has pledged to give 12 months notice of any intention to withdraw funds from Aberdeen.

Lloyds agreed not to progress further deal talks until six months after the Standard/Aberdeen merger completed, which suggests no announcements until February at the earliest.

A Standard Life Aberdeen spokesman said: “Anything beyond what is in our prospectus is speculative. In terms of our pension and savings business more broadly – it has built a strong position in both the UK platform and workplace pension markets.

“Our commitment to this market has been demonstrated in a number of ways recently through the acquisition of the Elevate platform, the continued expansion, through acquisition of our national advice arm – 1825 – and reaching over 1 million employees auto-enrolled since 2012.”