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Retirement Planning

Pension encashments from age 55

  • Full encashments
  • Partial encashments (subject to a minimum of £5,000 per payment)
  • Small pots.

Income choices from age 55

    • Take benefits in stages
    • Designate into Retirement Income and take up to 25% tax-free cash
    • Buy an annuity
    • Transfer to another provider.

By age 75, the value of the Account must be designated into Retirement Income, used to buy an annuity or transferred to another provider.

Other

  • Tax relief is pre-funded
  • 100% allocation and no bid/offer spread
  • Dedicated customer service team with direct telephones and email
  • Online servicing.

Tax

  • Tax treatment depends on the individual circumstances of your client. Tax rules and your client's circumstances may change in the future
  • Tax charges will normally apply if the Government's 'Annual Allowance', 'Tapered Annual Allowance', 'Money Purchase Annual Allowance' or 'Lifetime Allowance' is exceeded.

Risks

  • The value of your client's Account can go down as well as up, and could fall below the amount(s) paid in
  • If your client takes pension encashments, this will reduce the value of their Account. It may leave them with insufficient funds when they are older. High levels of encashments may not be sustainable and could reduce the value of their Account to zero
  • If your client changes their mind and wishes to cancel their policy (within the 30 day cancellation period), the amount returned may be less than was invested
  • If your client transfers from another pension plan, they could lose any guaranteed benefits and may not be able to return to it.

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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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