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Charges

Retirement Account has a transparent charging structure, with the overall charges broken down into their component parts, so you should always have a clear picture of the costs.

Service charge for new accounts from 9 january 2017

We deduct a service charge for setting up and managing your client’s Retirement Account. It’s calculated as a percentage of the total value of all assets in both Retirement Planning and Retirement Income. As the total value of the Account changes, so can the rate of Service Charge that applies.

Total value of Retirement AccountService Charge
(per year)
From To less than  
£0 £30k 0.90%
£30k £50k 0.40%
£50k £250k 0.30%
£250k £500k 0.25%
£500k £1 million 0.20%
£1 million and above 0.10%

  

Investment charges

Investment charges depend on the type of investment(s) chosen, and can include charges made by fund managers, Discretionary Fund Managers, the share dealing provider, and the Property Management Charge. Other charges and expenses can apply – for example, professional fees and certain third party administration costs.

 

Adviser charges

Adviser remuneration is intended to cover the cost of any advice and/or services that you provide to your client, and you’ll agree the amounts to be paid with them. Your client can ask us to stop, start or change the adviser charges at any time.

  • Initial Adviser Charge
    • For advice and services received in setting up a new Retirement Account or topping up an existing one.
  • Ongoing Adviser Charge
    • For ongoing advice and services received during the lifetime of the Retirement Account. This can be either a percentage of the value of the Account, or a fixed monetary amount.
  • One-off Adviser Charge
    • For any additional advice that falls outside the services that have already been agreed in respect of the Retirement Account.

 

Additional service charge

This applies only to Retirement Accounts set up on or after 6 April 2015 and before 9 January 2017, and to the Retirement Income element only. It’s calculated as a percentage of the value of the assets in that element. As the value of those assets changes, so can the rate of Additional Service Charge that applies.

Value of Retirement Account element onlyAdditional Service Charge
(per year)
From To less than  
£0 £30k 0.20%
£30k £50k 0.10%
£50k £70k 0.07%
£70k and above 0.05%

For more infomation about charges, see The Retirement Account - Guide to Charges.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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