Scottish Widows Individual Pensions

You could transfer to a different pension plan with us or another provider.

Some of your existing pensions’ benefits and features might be valuable and could provide a significantly higher income in retirement. If you transfer, you’ll give these up. So, it’s worth checking before you apply.

Our free non advised online service could help you make an informed decision, and you can use this to transfer other pensions to us. 

To transfer to another pension provider, get in touch with them first.

You’re able to take your benefits anytime between the age of 55 and 75, although the minimum age is set to increase to 57 in 2028. 

Visit our Retirement Options webpage for more information on the options available to you.

Every year we’ll send you an annual statement, which will tell you how much your pension is currently worth and what it could be worth at your selected retirement date. You can get an up-to-date valuation using our mobile app, our online services or, call us for a valuation on 0345 716 6777.  We’re available Monday to Friday 9am to 5pm.

If you had a Group Stakeholder pension from a former employer's workplace pension scheme, your pension may have been invested in that scheme's default investment option unless you've told us to change it. This is usually known as being invested in a lifestyle strategy.

A lifestyle strategy automatically moves from higher-risk investments in the early years, when you can normally afford to take more risk, to lower-risk investments, as you approach your selected retirement date. 

With newer lifestyle options, as you move closer to your retirement date, the investments you’re in will depend on the retirement option you selected. This could be cashing in your pension savings, buying an annuity to provide a guaranteed income for life, or remaining invested to draw an income when you want.

There are no charges for switching lifestyle options. 

Think about how much risk you’re willing or able to take with your investments as this can change over time.

You can find out more about these funds and other available funds at Scottish Widows Funds, Select Brand as Scottish Widows and select Category 

Pension Funds – Series 1: If you have an Individual Personal Pension commencing on/before 31/10/2000.

Pension Funds – Series 2: If you have an Individual Personal Pension commencing after 31/10/2000.

Pension Funds – Series 3: If you have an Individual Stakeholder Pension (Please note: not all Series 3 funds are available for all Individual Stakeholder pensions, call us on 0345 716 6777 for more details).

Here you’ll find fund factsheets, which give information about each fund and its aim - what the fund is trying to achieve by how it’s invested.

There are no charges for switching funds.

It's important to:
 

• Remember that switching funds means moving the investment you have in one option to another.
• Remember the value of your investment isn’t guaranteed, it can go down as well as up. So, you might get back less than you invested.

The State Pension could be a big part of your retirement income when you can get this, which could be in your late 60s. See what you'll get, at what age you'll get it and whether making up for any missed National Insurance contributions might get you more.

We also have some calculators to help you to consider whether you should be saving more and if you’re on track to reach your goals.

Your retirement age is when you want to start taking benefits from your pension and you don’t have to stop working to do this. You’re normally able to take your benefits anytime between the age of 55 and 75, although the minimum age is set to increase to 57 in 2028.