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Frequently Asked Questions

How can I change my address?

We will need a signed letter from you, quoting your Scottish Widows annuity number along with your new address. Please send your letter to:

Scottish Widows
15 Dalkeith Road
Edinburgh
EH16 5BU

I’m moving abroad, will this mean other changes?

Please call us to discuss this on 0345 716 6777* (Open 8am–6pm weekdays, Saturday 9am–12.30pm). We will then need a signed letter from you, quoting your Scottish Widows annuity number along with your new address. Please send your letter to:

Scottish Widows
15 Dalkeith Road
Edinburgh
EH16 5BU

Can you make payments to an overseas bank account?

Yes. If you want to change the account we send your annuity income to, please call us on 0345 716 6777* (Open 8am–6pm weekdays, Saturday 9am–12.30pm).

I’ve changed my bank account, what do I need to do?

If you want to change the account we send your annuity income to, please call us on 0345 716 6777* (Open 8am–6pm weekdays, Saturday 9am–12.30pm).

How do you know how much tax to deduct on my annuity income?

We deduct income tax from your annuity income on your behalf. Your Tax Office sends us your tax code number, and tells us how much tax to deduct (taking into account your personal allowances). At the end of the tax year you’ll get a P60 showing your annuity income and the tax taken off. You should keep this in case you have to fill in a tax return or need to claim tax back from HM Revenue & Customs. Tax rules depend on individual circumstances and can change.

I think my tax code is changing, what do I need to do?

You don’t need to do anything. Your Tax Office sends us your tax code number, and tells us how much tax to deduct (taking into account your personal allowances). At the end of the tax year you’ll get a P60 showing your annuity income and the tax taken off. You should keep this in case you have to fill in a tax return or need to claim tax back from HM Revenue & Customs. Tax rules depend on individual circumstances and can change.

I think you’ve taken too much tax, what can I do?

Your Tax Office sends us your tax code number, and tells us how much tax to deduct (taking into account your personal allowances). At the end of the tax year you’ll get a P60 showing your annuity income and the tax taken off. You should keep this in case you have to fill in a tax return or need to claim tax back from HM Revenue & Customs. Tax rules depend on individual circumstances and can change.

If you think your Tax Office needs to change your tax code, please contact them directly and they will tell you what you need to do. You can call them on 0300 200 3300 (Open 8am–8pm weekdays, Saturday 8am–4pm).

When will I get my annual tax statement (P60)?

At the end of each tax year you’ll get a P60 showing your annuity income and the tax taken off. You should keep this in case you have to fill in a tax return or need to claim tax back from HM Revenue & Customs. Tax rules depend on individual circumstances and can change.

What happens when I can’t manage my own affairs any more?

If you are finding it difficult to manage your finances you may want to consider setting up a power of attorney. There are different types of power of attorney and we recommend that you talk to a solicitor or other legal representative. There is also information online at:

England and Wales www.direct.gov.uk

Scotland www.publicguardian-scotland.gov.uk

Northern Ireland www.courtsni.gov.uk

What happens when I die?

Your income will stop when you die.

However, if you chose for your income to be paid for a guaranteed period and you die before the guaranteed period has ended, we’ll pay the remaining payments to your estate.

If you die before age 75, any remaining instalments will be paid free of income tax. If you die after age 75, instalments will be paid net of income tax to your estate.

If you’ve chosen a dependant’s income and the dependant is still alive when you die, we will start to pay their income in line with your annuity conditions.

If you die before age 75, any income paid to a dependant will be paid free of income tax. If death occurs after age 75, income will be paid to your dependant net of income tax at their marginal rate.

The total amount of income paid to you and any dependant may be less than the amount used to buy the annuity.