Annuities

You can’t change your annuity once you’ve bought it, but you may have questions or want to make changes to your contact details. For example, you may be about to move house or change your bank account. Our frequently asked questions (FAQs) will tell you what you need to do.

Alternatively, you can contact us if you can’t find the information you’re looking for.

If you are an existing Scottish Widows pension customer and want an annuity please call us.

FAQs

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 Limited
PO Box 24171
69 Morrison Street
EDINBURGH
EH3 1HL

Please call us to discuss this. 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 Limited
PO Box 24171
69 Morrison Street
EDINBURGH
EH3 1HL

Yes. If you want to change the account we send your annuity income to, please call us.

If you want to change the account we send your annuity income to, please call us.

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.

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.

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 9am–12.30pm).

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.

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.gov.uk

Scotland www.publicguardian-scotland.gov.uk

Northern Ireland www.courtsni.gov.uk

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.

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.

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.