We understand that, for most people, facing redundancy can be a worrying time. The often unexpected loss of income and adjusting to your new financial circumstances, can be difficult and challenging.
Whatever the situation, we want to make sure you have the information you need, not just about your Scottish Widows workplace pension, but also your wider financial wellbeing to help you get back on track - from managing day to day expenses, to planning for the future.
Your retirement savings belong to you and you have a number of choices about what to do next. You can keep your pension pot with Scottish Widows and choose whether or not to continue making contributions. Alternatively, you can transfer your pension when you start with a new employer.
You will still have access to online servicing where you can view your Scottish Widows pension, update your personal details, nominate your beneficiaries or set up new contributions. To take control of your pension, simply use the relevant link below to log in or register for the first time.
If you have a group pension then choose ‘Employee Hub’. If you have a retirement saver pension then use ‘Money4Life’. If unsure then it can be found on any of your pension documents. Retirement saver policy numbers usually start with “Z”
One of the first steps is to work out what you need to cover your essential outgoings. Try the Lloyds Bank Budget Calculator to see where your money is going and where you can make savings.
To get a picture of your financial health, you can also try the Halifax Money Health Check which includes some hints and tips on how to save money; get the best value on your utilities; and find out what support you may be entitled to.
In these uncertain times, it’s important to do what you can to look after yourself financially. Although it’s understandable you are likely to be focused on your immediate financial pressures, it’s important not to lose track of plans for the future.
Our Be Money Well website has advice on managing your financial commitments, and the Money Advice Service has an ‘out of work’ checklist that provides information on benefit claims and legal rights. For more general support on building your financial resilience download our factsheet.
Having positive mental health is just as important as maintaining good physical and financial wellbeing in these challenging times. Whether it’s concerns about money, the health of your family, or a feeling of isolation, it’s important to look after yourself and reach out for support.
Visit our Be Money Well page for information on mental health and money advice.
As a Scottish Widows customer, you can make full use of the Lloyds Banking Group Academy to develop and expand your skills. Whether it’s help with creating a memorable CV, interview tips for tricky questions, or expanding your digital skills in this modern day ‘work from home’ environment, visit our dedicated page for information and tools to help.