Scottish Widows Individual Pensions

man and pregnant woman next to crib

This could be a personal pension or an Individual Stakeholder pension you have opened yourself, through an adviser or through a branch of Lloyds, Halifax or Bank of Scotland.

Here we explain:

Review your pension

Pensions play a vital role in helping you save for the future. But it can be hard to tell if you’re saving enough. If you’ve not reviewed your pensions for a while, it’s a good idea to take some time to consider if they’re still right for you.

 

Find out how much your pension is currently worth

Find out how much your pension is currently worth

You can view and manage your pension online and get up to date valuations.

Review the funds you are invested in

Review the funds you are invested in

Are you in what’s called a Lifestyle strategy, or does your pension invest in individual funds?

Look at your State Pension

Look at your State Pension

The State Pension is a guaranteed regular payment for life you get from the Government once you reach the state pension age.

Your options

Change what you’re investing in

Change what you’re investing in

You can:

Top up your pension

Top up your pension

Make a difference to your income in retirement by paying regular or one-off pension contributions into your plan.

Remember, you get income tax relief on your pension payments too. 

Call us on 0345 716 6777. We’re available Monday to Friday 9am to 5pm.

Combine your pensions

Combine your 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.

Take benefits from your pension

Take benefits from your pension

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.

We’ll be happy to help you, but we can’t offer you financial advice or give you recommendations about what to do.

It’s a good idea to get financial advice before you do this. Advisers will normally charge for advice.

Find out how much your pension is currently worth.

Find out how much your pension is currently worth.

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.

Review the lifestyle strategy your pension is invested in

Review the lifestyle strategy your pension is invested in

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.

Review the funds you are invested in

Review the funds you are invested in

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.

 

Our Factsheet explainer (PDF, 260KB) is an interactive guide to what you can expect to find in each of the sections within the Fund’s Factsheet.

Look at your State Pension

Look at your State Pension

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.

What next?

We hope you found this useful, for details about our other products go back to what you can do

Like to understand more about the basics?

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