Lloyds Banking Group (LYG) is planning to increase its focus on workplace pensions to boost its wealth segment as part of its five-year strategy through 2030, Bloomberg reported Tuesday, citing internal company documents and a source familiar with the matter.

Documents showed that Lloyds aims to win bigger corporate institutional customers as part of its pension push, Bloomberg said.

The strategy is intended to beef up the company's wealth services and insurance segments to shield its income from interest rate volatility, according to the news outlet.

Other sources familiar with the matter told Bloomberg that Lloyds also plans to include cross-selling opportunities in its five-year plan, but details could still change.

Lloyds Banking Group declined MT Newswires' request for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)