Select a pension plan
You can choose to either:
- Transfer into your existing pension with us
- Transfer into a new Scottish Widows Retirement Account
Things to consider
Compare which option is right for you by thinking about the following:
What you currently pay in charges
All pension providers take a fee for managing your pension and these charges can vary.
Look at your pension statement to see what you’re paying in charges for any plans you’re thinking about transferring. Compare them with ours to see if you might pay more or less if you transfer them to us. Call us if you’d like to learn more about your charges.
If you choose to transfer into a new Scottish Widows Retirement Account, the more money you have in your pension pot, the lower the charges. See how our charges work.
This means, where the combined value is more than £30,000, the charging structure of our Retirement Account may offer better value than your existing pension with us.
Your pensions’ benefits and features
Your existing Scottish Widows pension may have valuable benefits and features that you might not want to give up. By transferring your other pensions into your existing plan with us, instead of moving it to a Retirement Account, you can hold onto any features that are important to you. It’s worth noting that any additional money you pay in may not qualify for existing benefits, such as Guaranteed Annuity Rates or guaranteed growth rates.
However, if you’re happy to give up your existing pension’s benefits and features, you might consider transferring into a new, flexible Scottish Widows Retirement Account. This gives you more choice about how and when you access your pension savings.
If you’re unsure about whether your existing pension includes any benefits and features that are worth keeping, call us to talk to one of our experts.
Your investment choices
If you transfer into your existing pension with us, you can normally invest your transfer payment in the same way as the rest of your pension. You can see how your money is invested in your current Scottish Widows pension statement. You might want to regularly review your chosen investments, particularly as you near retirement, to make sure they remain the right choice for you.
With a new Scottish Widows Retirement Account, you can also choose from a wide range of investment options. This means there’s a choice to suit most people’s individual circumstances and the amount of risk they’re comfortable taking.
When you apply, we’ll give you the support you need to make the right investment choice for you.
How you want to take your money
If you’re thinking about accessing your pension soon, you could move your pension savings into our Retirement Account, which allows you to take a flexible, taxable income, while giving the remainder of your money the opportunity to grow.
However, if the time’s not quite right to take some, or all of your retirement money, you might decide to keep your existing pension for now.
Whatever type of plan you have with us, you can start taking your pension any time from the age of 55.
Just call us if you want to chat through your options.
If you’re paying into your pension
If you’re paying into a pension you intend to transfer, these payments will stop.
It’s important to consider if you’re paying enough into your pension to keep your retirement plans on track. Keep in mind that you can make both single payments and increase any regular payments free of charge, at any time.
Call us if you’d like to talk to us about your pension payments.
Because this service doesn’t include financial advice, you’re responsible for finding out if your pensions have valuable benefits you could lose. We can show you information that will help narrow down your choices, but we won’t tell you what to do or which option to take. The decision is yours.
If you’re not sure, talk to a financial adviser.