Corporate Pensions - Employees and Members - Existing members

Life can change from day to day. Some things can affect your current or future finances. So, now and again it makes sense to review your pension and see if it's likely to be affected by anything that's new or different in your life.

Here are some examples of possible life changes, to help you plan any changes in your pension.

If your payments are a percentage of your earnings, your payments will automatically go up in line with your new income.

However, if you're paying a fixed monetary amount, or have index-linked payments you can opt to increase them if you can afford to pay in more.

To increase payments use our online services, or contact us.

Increasing your payments could result in a bigger pension when you retire.

Our 'What if?' calculator will show you how much difference an increase could make.

If your employer is paying in, or deducting your payments from your salary, ask them what will happen while you are on maternity leave.

The payments may continue while you're receiving maternity pay, and then stop.

If payments stop, you can opt to pay money from your own bank account. If you can't afford to do this, anyone else (eg a partner or parent) can pay in on your behalf or you could reduce your payments or simply stop them for a time.

To alter your payments use our online services, or contact us.

Reducing or stopping your payments would normally result in a lower pension when you retire. If you plan to do this, please speak to your employer to see if their payments to your plan will be affected as a result.

Our 'What if?' calculator will show you how much difference various changes could make.

Whether married or single your need for a retirement income is not likely to change.

If your partner is a high wage earner and you're not, they may want to help by paying some money into your pension.

Or if finances are tight with the wedding and honeymoon to pay for, you could reduce your payments for while.

To alter your payments, or change your name on marriage, use our online services, or contact us.

Reducing or stopping your payments would normally result in a lower pension when you retire. If you plan to do this, please speak to your employer to see if their payments to your plan will be affected as a result.

Increasing your payments could result in a higher pension.

Our 'What if?' calculator will show you how much difference various changes could make.

If you'd like to put some of this money into your pension, you can.

To find out about paying in lump sums either use our online services, or contact us.

Our 'What if?' calculator will show you how much difference this could make to your pension.

It's easy to arrange for other payments to your plan.

Regular monthly or yearly payments

If the person has a bank account, they'll need to set up a direct debit for the amount they want to pay each month. This can be a fixed amount, or one that automatically goes up each year by:

Lump sum payments

Alternatively, they can make one off payments at any time, by cheque payable to Scottish Widows, with your name and pension plan number written on the back.

To find out more, please contact us.

Our 'What if?' calculator will show you how much difference extra payments could make.

There are a number of options. What you choose to do may depend on whether or not:

If you're not working, your employer's payments will stop. Reducing or stopping your payments would normally result in a lower pension when you retire.

To find out more, please contact us.

Our 'What if?' calculator will show you how much difference various changes could make.

If you're not classed as living in the UK, payments into your plan may need to stop within a certain period after leaving the country, but there could be some exceptions.

However, the money already built up in your plan can remain invested until you retire, and we will continue to deduct our yearly charge.

Payments made to you from your plan may be taxed differently, depending on where you are living when you receive them.

To find out more, please contact us.

Although your pension was arranged by your employer, it is not necessarily tied to them. If it's a Group Personal Pension or a Group Stakeholder Pension, it's yours, and you can keep paying into it whoever you work for.

Existing employer-related payments

Your current employer will stop paying in and any payments they deduct from your salary will also stop when you leave their employment.

Existing payments from your bank account

These will continue as normal, if you want them to. If you're not currently paying anything by this route, you can start payments at any time.

New employer

If you get a new job, your new employer may be able to start paying into this scheme if they wish. If they have their own scheme, you may be able to join it.

You can pay into both pensions if you wish.

If you are out of work, you may want to consider reducing or stopping your payments for a time. Doing this would normally result in a lower pension when you retire.

To find out more, please contact us.

Our 'What if?' calculator will show you how much difference various changes could make.

You may be required to share your pension with your ex, as part of your divorce settlement.

There are three different ways this could be done and your solicitor or financial adviser can advise you about this.

If money is tight for a while or you are unable to work while you are in mourning, you can decrease or stop your pension payments for a time.

Once you feel ready, you may wish to take financial advice to make sure you're making the best decisions for your future.

Reducing or stopping your payments would normally result in a lower pension when you retire.

If you're planning to do this please speak to your employer first to see if their payments would be affected as a result.

To find out more, please contact us.

Our 'What if?' calculator will show you how much difference various changes could make.

If you can't afford your current pension payments, you can reduce or stop them. Please speak to your employer first, to see if their payments would be affected as a result. Paying in less would normally result in a lower pension when you retire.

To find out more, please contact us.

Our 'What if?' calculator will show you how much difference various changes could make.