Existing Customers - Savings

Maturity options for your Fixed Term Pension Fund Deposit Account

When your 1, 3 or 5 Year Fixed Term Pension Fund Deposit Account matures, there are a number of options for you to decide what you’d like to do with the proceeds. If you’d like to withdraw some or all of the balance on the maturity date, call us on 0345 845 0829 and we can arrange this for you.

If you’re not sure what you’d like to do with the proceeds and need more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for pension funds. This account allows quick and easy access and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.

Scottish Widows Bank has a number of other accounts where you could transfer the proceeds of your maturing Fixed Term Deposit. We’ve detailed these options and how to apply below.

We’ll write to you at least 30 days before the maturity date.

Pension Fund Deposit Account 2

A simple savings account for pension funds with easy access:

  • Transfer money to and from your main (nominated) current account as often as you like
  • Operate the account by phone or by post
  • This account is available to UK residents only

Note: While we can accept your instruction to open a new account before the maturity date, your funds can’t be transferred until after the maturity date, without incurring any applicable penalty.