The Retirement Account offers tailored retirement planning designed to help clients accumulate wealth from their pension, as well as a means to draw income from their pension without buying an annuity. Clients can switch between different investment options at different stages of their lives without having to change plans, the firm said.

The Investment Portfolio Bond offers a range of funds for medium to long-term investment that are not just designed for capital growth and income but also to help clients manage their inheritance tax position.

Both products are provided by Scottish Widows, the life insurer and investment company which is also part of Lloyds Banking Group.

“The Investment Portfolio Bond provides a tax-efficient means for clients to take an income from their investment, while also giving them the option to transfer the bond to a trust for their family to manage their inheritance tax,” said Richard Anderson, head of regulated proposition at Lloyds TSB Private Banking and Bank of Scotland Private Banking. “It also means clients can benefit from more tailored and flexible investments, giving them a portfolio that is designed to meet their specific and changing needs.”

The launch is described as the next stage of the integration of Lloyds’ wealth businesses. At the end of last month, the London-listed banking group announced the new senior management line-up of the business, which included five new appointments and five appointments to similar roles that they held in the group’s previous UK private banking business or international private banking arm. The bank also said it planned to triple its number of wealthy clients and be the primary wealth advisor to more of its clients by 2014.

Earlier this year, Philip Grant was named managing director of the domestic wealth business, while Russell Galley was appointed managing director of the international arm. Lloyds is 41 per cent owned by the UK taxpayer.