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Eligibility and minimum payments

Retirement planning

Eligibility

  • No minimum age
  • Maximum age 74 (at least one full year before selected retirement date)
  • UK resident

Minimum payments - new business

  • £200 monthly gross*
  • £2,400 annual gross*
  • £10,000 single premium
  • £10,000 transfer

If one of the new business minimum payment amounts is met, the increments minimum payment amounts (detailed below) will then apply for any other contributions.

*regular payments must be made by direct debit

Minimum payments - increments

  • £50 monthly gross 
  • £600 annual gross
  • £2,000 single premium
  • £2,000 transfer

Retirement income

Eligibility

  • Minimum  age 55 (lower in certain circumstances)
  • Maximum age 98 (at least one full year before the selected retirement date)
  • UK resident

Minimum payments - new business

  • £30,000 single premium or from an external pension transfer, of which at least £10,000 (before tax-free cash) is for immediate vesting into Retirement Income
  • £22,500 for drawdown to drawdown transfers from some existing income drawdown arrangements

Minimum payments - existing accounts - first designation

  • £10,000 (before tax-free cash) provided there is at least £30,000 in the Retirement Planning element
  • The £30,000 can be made up of funds built up in Retirement Planning, or from funds transferred or single premiums paid into Retirement Planning for immediate vesting

Minimum additional payments - existing accounts

  • £2,000 (before tax-free cash)

Risks

  • The amounts shown above can change.
  • Pensions are a long-term investment. The retirement benefits your client receives from their Retirement Account will depend on a number of factors including the value of the Account when they decide to take their benefits which isn't guaranteed, and can go down as well as up. The value of the Account could fall below the amount(s) paid in.

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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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