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 investments are 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.
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 option. This 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 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”.
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. You can see the fund charges on funds available to your plan at www.scottishwidows.co.uk/funds/fund-charges.