Features and benefits


  • Available for members of our Group Personal Pensions and Group Stakeholder Pensions policies subject to the agreement of your client
  • £1 must be kept in the Group Pension Plan if a member decides to move value from their Group Pension Plan to their Retirement Account


  • Wide individual investment choice and flexibility
  • Provided via a separate Scottish Widows Retirement Account policy
  • Designed to suit customer demand - the option can be removed or added as preferred
  • Employees can build up savings in the Group Pension Plan and then move funds into the Retirement Account
  • Transparent charging structure

Retirement Account

The Retirement Account is for clients looking for retirement planning and/or retirement income. With a range of investment options, including self-invested options, flexibility and a transparent charging structure, it can be tailored to suit your clients' needs.

The Retirement Account can be used

  • To supplement member's retirement savings
  • To invest lump sums differently from the regular savings into a Group Pension Plan
  • As a tax efficient way of contributing shares from employers' Save as You Earn (SAYE) schemes
  • As a primary means of retirement planning

Control Account

A Control Account is set up to act as a clearing and transactional account. Sufficient funds in the control account are needed for

  • Charges and expenses on the Retirement Account
  • Payment for retirement income

Investment choices

  • Scottish Widows pensions funds
  • Access to a fund supermarket with approximately 2,400 funds from over 90 managers
  • A panel of discretionary fund managers: Charles Stanley, Investec Wealth & Investment, Brewin Dolphin Securities, Cazenove Capital Management, Quilter Cheviot, Rathbones Investment Management, Tilney Investment Management, Brooks Macdonald
  • Invest directly in UK commercial property
  • Invest directly in listed stocks and shares
  • The ability to rollover shares from SAYE schemes and Share Incentive Plans
  • In-specie transfers of non-monetary assets (eg commercial property)
  • Fixed Term Cash Deposits

Find out more about Retirement Account investment options.

View fund prices, performance and factsheets.

Contribution options

Members who decide to use the Self Investment Option will have to set up a separate Retirement Account policy. They will then be able to

  • Make contributions via group collection system or direct to Scottish Widows
  • Make transfer payments into the Retirement Account from other pension arrangements, including group pension arrangement
  • Opportunity to make non-monetary (in-specie) transfers and contributions

Minimum payment summary - retirement planning
The table below shows figures after tax relief has been shown

  Minimum payment to new policy Minimum increment to existing policy
Monthly £200 £50
Yearly £2,400 £600
Single payment £10,000 £2,000
TV £10,000 £2,000

Different limits may apply to in-specie transfers and contributions.


  • The Group Pension adviser will have the same dedicated corporate servicing team (CST) for both Group Pension Plans and Retirement Accounts
  • To ensure continuity, your clients can also contact their usual Scottish Widows company pension helpdesk
  • If you are not the adviser for the Group Pension Plan, your usual Account Manager will answer any questions


  • Yearly statements sent for both the Group Pension Plan and Retirement Account


  • Full terms and conditions are available on request from Scottish Widows
  • Charges, terms and limits may change. Actual investment charges will depend on the investments(s) chosen, with no bias towards Scottish Widows Pension Funds

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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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