Scottish Widows Workplace Pension

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Your workplace pension is a long-term investment that helps you save for your retirement in a tax-efficient way.

Your employer set up your pension plan with us. Every payday a portion of your pay is paid into your pension automatically.

If you change job and move to a new employer, it doesn't mean that you've left the pension. It's still your pension, so you can make payments into it and you can choose how your pension is invested.

Here we explain:

Review your pension

Your pension plays 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 how it's invested is 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. Here you can calculate what you'll get from the State Pension and when you'll get it.

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 retirement by paying more into your plan.

Remember, you get income tax relief and your employer might match your payments too.

Find out more about tax relief and Salary Exchange.

If you have a pension from a previous employer, you can still pay into it yourself. The minimum payment is £16 before tax relief.

Call us on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans.

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.  You can also do this using our app and online services.

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.

What is tax relief

Your workplace pension is a great way to save for your retirement. You get extra money from your employer and through tax relief every time you make a contribution. 

This example is based on a basic rate tax payer.

Tax treatment depends on individual circumstances and tax rules both of which can change. For more information on all tax rates, visit the HMRC website.

What is salary exchange

Salary Exchange (sometimes referred to as Salary Sacrifice) is an arrangement where you can exchange part of your earnings or bonus in return for an employer pension contribution.

As the salary is being ‘exchanged’ rather than paid, you won’t pay National Insurance Contributions (NICs) on the amount exchanged, giving you the potential to save money.

The exchanged amount can then be paid into your pension plan, which means that the money you’ve exchanged will be shown as an employer contribution in your benefit statements.

Find out how this works by watching our video and reading our guide (PDF, 262KB).

How salary exchange works

If you have a workplace pension with salary exchange, you may get a bit more. Find out how this works by watching our video.

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 app, our online services or, by calling us for a valuation on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans. 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

Unless you’ve chosen to change this, your pension will be invested in your scheme’s default investment option. This usually provides what is known as a lifestyling 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.

To find out if you're in a lifestyle strategy and how it's invested, look at your annual statement or give us a call on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans.

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 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 and then one of the following: 

Pension Funds – Series 2

Pension Funds – Series CS7: Group Personal Pension starting after 01/10/2021. Scheme number starts with the letter “N”. Plan number starts with the prefix “SW”.

Pension Funds – Series CS8: Group Personal Pension starting after 31/07/2000. Scheme number has recently been changed to start with the letter “N”. Plan number has recently been changed to start with the prefix “SW”.

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.

Consider the aims and risks of the funds and decide if these still meet your investment needs. See the fund charges on funds available to your plan.

Call us on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans for more details. We're available Monday to Friday 9am to 5pm.

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 your options

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