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.
Here are two things you can do:
- 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 online services or, call us for a valuation on 0345 716 6777. We’re available Monday to Friday 9am to 5pm.
- Review the funds or lifestyle strategy your pension is invested in – are they still suitable? We show you these in your annual statement.
If your plan was taken out under an employer’s workplace pension scheme, your pension will be invested in that scheme’s default investment option unless you’ve told us to change it. This usually provides what’s known as 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.
You can invest in funds if you don’t want to invest in a lifestyle strategy.
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 3: If you have an Individual Stakeholder Pension.
Pension Funds – Series CS9: If you have a Group Stakeholder Pension.
Scheme number starts with the letter “N”.
Plan number starts with the prefix “SW”.
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.
