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Control Account

The Control Account acts as a clearing and transactional account for all payments made to and from the Retirement Account.

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If your client has sufficient units in Scottish Widows Pension Funds, they may not need to use the Control Account.

You and your client can access the Control Account(s) online (your client will have read-only access).

If a Control Account has a positive balance it may receive positive balance adjustments, currently calculated at a rate of 0.1% each year.

Should a Deferred Charge occur, each day it cannot be collected from the Control Account the Deferred Charge will increase. The rate of increase is currently equal to the Bank of England Base Rate plus 0.50%.

For more details see:

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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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