Then you could think about putting them all in one place. "PageRole": "Brochureware", scottishwidows.co.uk uses cookies to help make using our website easier. You can take some or all of the value of the Retirement Planning part as a cash lump sum (pension encashment). For specific information about … The investment charges depend on the type of investments you choose. Let Offset make your clients' money work harder for them. Over 150 funds covering a wide range of asset classes, geographical locations, sectors and management styles. If we haven’t heard from you before your 99th birthday, we’ll purchase a guaranteed income for life on your behalf, so you’ll need to let us know before then if you want to take the remaining benefits in a different way. You should consider the impact this might have on your income in retirement. The Service Charge will be split proportionally between the Retirement Planning and Retirement Income parts of your account. Our charges will automatically come out of your Retirement Account every month. To and through retirement, we want to make sure that you have the investment choice that you need. Invest directly in stocks and shares listed on an HMRC recognised stock exchange, with our share dealing partner, Stocktrade. This site is designed and intended for UK authorised and regulated financial advisers and intermediaries only. You can also choose from a range of Governed Investment Strategies, which gradually move your Retirement Account into lower-risk investments as you approach your selected retirement date, or age 75 if that is earlier. "@context": "{ \"version\": \"1.0\",\"owner\": \"Lloyds Banking Group - Group Web Analytics\"}", After changing the employer i wanted to combine the pension pots however I misplaced the policy number, I got in touch with Scottish Widows just to be told that I don't exist on their system, followed their advise of sending email to request the data- no response, filled out the lost policy form- no response, few months later i got letter from my old employer who advised me about some changes to the policy and … If you are taking income, continuing the current level of income payments after your chosen retirement age could use up all the monies held in your account well before age 99. To find out more about pensions and how you can save, visit the Scottish Widows website. Please be aware that eServices will be unavailable due to essential maintenance from Friday 8th February at 10.00pm until Monday 11th February at 8.00am. See how you structure conversations about protection. Pension Funds - Series 1 : Scottish Widows Adventurous Solution Series 1: 229.10: 241.20-3.80-1.63: Scottish Widows Balanced Portfolio Series 1: 263.50: 277.40-1.40-0.53: Scottish Widows Balanced Solution Series 1: 180.30: 189.80-1.60-0.88: Scottish Widows Building Society Series 1 * 185.20: 195.00-0.10-0.05: Scottish Widows Cash Series 1: 632.10: 665.30: 0.00: 0.00 It is a mistake though to assume that it is easy to just pick the best performing Scottish Widows funds, as past performance is seldom a guide to future returns. (function () { Please see the Fund Supermarket List and Charges Guide for details. Retirement Account Scottish Widows Pension Fund Charges guide (pdf), Scottish Widows Pensions Funds Investor’s Guide (pdf), Retirement Account Scottish Widows Pension Fund Charges (pdf), Retirement Account Share Dealing Guide (pdf), Retirement Account Fixed Term Cash Deposit Guide (pdf), Retirement Account Commercial Property Administration Guide. Details of charges for the Scottish Widows range of life and pension funds: Retirement Account; Personal pensions; Group personal pensions - 1% AMC *Flexible Options Bond *Other life products; Income Drawdown/Phased Retirement/TIB; For Scottish Widows OEIC and ISA fund charges, please refer to the relevant Key Investor Information Document (KIID). You now have more choices when it comes to taking your pensions and retirement income. Separate share dealing accounts can be set up for each part of your Account. For many of us, our pension is an important part of our financial future. Income Drawdown (Flexible Access or Drip-feed). ‘Retirement Income’ – Holds your pension savings post-retirement and allows you to take income drawdown. }; Up tp 25% of the amount you take will be tax-free, and the rest will be taxable. TAFC (% p.a.) There are a number of other investment options available but, for these, only an IFA can discuss your options with you and/or make a recommendation. You can take up to 25% of the amount you move into the Retirement Income part as a tax-free lump sum. You can also take ad-hoc income payments when you need them. The Retirement Saver is made up of two “accounts” – the Retirement Saver – savings and the Retirement Saver – income. How much can I save into my Retirement Account? If you have an adviser and do not want to pay them using this method, they may agree to you paying them directly. New … If you want to take your pension savings there are some important decisions to make. You can change the frequency and amount of income at any time. "Brand": "scottishwidows", Scottish Widows pension reviews written by Smart Money People like you. Back to Adviser Extranet home . The minimum payments into a new Retirement Account, after any tax relief has been added, are: Please note – if there is more than one person paying into your Retirement Account, the different payers can reach the minimum payment amount between them. Registered in England and Wales No. If you die before you are 75, these benefits are normally tax-free. Up-to-date information – You’ll be able to view all transactions online, and keep track of how your investments are performing. Your Retirement Saver – income account will only be available when you move funds into flexible income (drawdown). Scottish Widows annuities are only available to buy if you are under age 75, but you can stay in them after age 75. This normally means that the starting amount of income is lower. The value of your plan could fall below the amount(s) paid in. If you are not a financial adviser or intermediary, please visit our personal site, Find out about your clients’ existing funds and other available choices, Scottish Widows' pensions fund range (PDF), Retirement Account fund supermarket (PDF), SWIS and Clerical Medical life funds (PDF), Scottish Widows life funds (closed) (PDF). For information on the full range of funds available, speak to your financial adviser. You usually have to be age 55 or over to do this. As a part of our Group, they can help you to understand whether your plans will give you the retirement you want and help you make the best decisions for you. You can also use some or all of your Account to provide a regular, guaranteed, taxable income for the rest of your life by buying an annuity from us or another annuity provider. Details of the charges for Scottish Widows, Scottish Widows Investment Solutions (SWIS) and Clerical Medical funds. Scottish Widows Limited. Are there any other investment options available to me? Advisers will normally charge for advice. For more information you can read our guides, or speak to an IFA: We recommend that you speak to your IFA for more information on the Fund Supermarket. Up to 25% of the value will be tax-free and the remainder will be taxable. This means you’ll pay just £16.67 a month. Declaration to Scottish Widows. Investment choice – Choose from a range of investment options depending on your retirement goals, how you plan to take your pension savings and how much risk you want to take. Please accept our sincere apologies for any inconvenience this may cause. They can help to understand your attitude to risk, and advise you on the mix of investments that may best suit your retirement goals. To help you do this, you can view your Retirement Account online where you’ll have access to the following information: We’ll also send you a full statement each year. The retirement benefits you receive from your pension plan will depend on a number of factors including the value of your plan when you decide to take your benefits which isn’t guaranteed and can go down as well as up. Different payment types can also be combined to achieve the minimum amount. Important Information about Scottish Widows. Calculate your retirement income. Get more information on consolidating your pensions. Now more than 6 million customers use their vast range of products that include life cover, critical illness, income protection, pensions, annuities and savings and investment products. The minimum movement is £10,000 (before any tax-free lump sum is taken), provided there is at least £30,000 in the Retirement Planning part before any amounts are moved into Retirement Income. These charges will only apply if you have instructed us to pay a financial adviser for any advice and services they’ve given you on your Retirement Account. Our Retirement Portfolios build on Scottish Widows well-founded reputation for multi-asset investing and strategic asset allocation experience. Opens in a new browser window. If you do this using amounts from Retirement Planning, you can normally take up to 25% of the amount you use as a tax-free cash sum. No charge for drawdown - making it clear for clients that Retirement Account can be a plan for life. all transactions within your Retirement Account. If the total value of your Retirement Account decreases, the rate of Service Charge can increase. What investment options do I have with a Retirement Account? We call this a pension encashment and it’s also known as an UFPLS (uncrystallised funds pension lump sum). We call this a pension encashment and it’s also known as an UFPLS (uncrystallised funds pension lump sum). Scottish Widows has a range of secure services that you can access from the Scottish Widows website. The Scottish Widows HIFML UK Property fund has also performed relatively well, although the recent crisis in the markets in 2020, has affected performance. Can allow you to benefit from competitive terms negotiated with deposit-takers. The value of the tax benefits of your Retirement Account depend on your individual circumstances. Finding a pension provider that you can trust and rely on is a must for many people. You and your IFA may decide that your investment needs are such that you require a more bespoke service to manage your Retirement Account investments. Governed Investment Strategies and Premier Governed Investment Strategies are available for Retirement Planning only. It is not intended for onward transmission to retail customers & should not be relied upon by any other person. You can access the latest European MiFID template (EMT) for our Scottish Widows and Halifax OEIC Funds here. Scottish widows have dealt with pensions for decades in the UK and have excellent experience. However, you will only have access to a limited number funds. You will need to buy an annuity or transfer to another provider if you haven’t taken all of your savings by then. Aims to protect the value of your investment. Offers the potential to benefit from lower charges on some funds than if you were to buy them direct. We aim to cater for straightforward investment requirements, as well as those that are more complex, giving you both freedom and flexibility, and providing a number of investment solutions to help support your income requirements throughout your retirement. Retirement Account allows you to pass on the value of your Account when you die, as a lump sum or an income. You don’t have to choose just one option, you can combine them to suit your own needs. Retirement Account is designed to support you throughout saving for your retirement, taking your pension savings, or both. How can I keep track of my Retirement Account? You don’t have to take an income. Below you’ll find more information about the different investment solutions and who you can talk to about them. If you are not an adviser please return to our consumer site, Salary, dividend & pension tool (xls 234kb), Carry Forward calculator 2020/2021 (xls 332kb), Carry Forward calculator 2021/2022 (xls 332kb), If you are not a financial adviser or intermediary, please, Please Enter to access social media links, More information on how to set up an agency, Takes you to our funds tool opens in a new tab. While there is the potential for higher growth, potential losses are also slightly higher. Know the basics of tax and retirement. A pension that allows you to phase in your retirement. Check pension fund prices. If you take only some of your Retirement Account, currently you must take at least £5,000. For Fund Supermarket funds, a Platform Charge is deducted separately. This locks you into the choices you make at that time. On transferring they explained everything to us clearly and helped us through the process. When deciding how much cash or income to take, you should bear in mind a number of things including charges and expenses, how well your investments perform, and your long-term plans. Any remaining balance in the Retirement Planning part, if lower, can also be moved to Retirement Income, even if this is less than £2,000. We can help you find a financial adviser if you don’t already have one. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. 2. For example, if you have a pension pot of £40,000 and you want to access it flexibly in retirement, then your overall charge rate is 0.5% a year. It’s important to keep up-to-date with how your Account is performing and keep track of your pension savings. These strategies will automatically start to adjust as you approach retirement, so that your Retirement Account is invested in one of three ways, depending on whether you want to purchase an annuity, keep your funds invested and take an income, or take a cash lump sum. Offers a fixed level of interest, payable at the end of the term. Scottish Widows Retirement Benefits Scheme Contents Pages Trustee Directors, advisers and service providers 1 Trustee's annual report 3 Annual statement regarding DC governance 18 Independent auditors’ report to the Trustee of Scottish Widows Retirement Benefits Scheme 22 Fund account 24 }).call(this); Use fund name, code or other filters to find the fund you need. Moving your pension savings into Retirement Income allows you to take a flexible, taxable income, while giving the remainder of your Account the opportunity to grow. S orry, something wasn't right. As the Service Charge table shows, if the total value of your Retirement Account increases, the rate of Service Charge can decrease. An adviser will be able to help you decide whether a Retirement Account is suitable for you. *The tables above shows the standard rates that apply for new Retirement Account applications. High levels of pension encashments or income may not be sustainable and in some cases could reduce the value of your Retirement Account to zero. Scottish Widows have been helping people plan for retirement for over 200 years. If you would like to transfer into your existing Scottish Widows Workplace Pension, please use the Workplace Pension form instead. Different companies assume different growth rates based on their views on possible investment returns from their funds. Visit the Scottish Widows Linkedin page.