TAKING YOUR PENSION
Retirement Account is a plan for life and gives you the freedom to pay into your pension and take it in a number of ways when you retire.
START THINKING ABOUT YOUR RETIREMENT
How you can take your pension
Unlike some other pensions, Retirement Account offers a range of ways to take your pension when you retire.
If you have an existing Scottish Widows pension and are planning to take your pension or any tax-free cash in less than a year from now, call us to discuss your options.
If you don't already have a pension with us, you can set up a Retirement Account online. We will contact you as you get close to retirement, and our dedicated team will be available to help answer any questions you may have along the way.
How it works
Retirement Account is designed in two parts so you can pay into your pension (Retirement Planning) as well as take an income when you retire (Retirement Income). We have a dedicated team who have helped guide 20,000 customers through their retirement and will be there to support you every step of the way.
Your options when you retire
You can usually start taking your pension any time after the age of 55. But that doesn't mean this is the right option for you, and it's important you consider all your options before deciding.
For example, you could carry on working and keep your whole pot invested until you are ready to retire. When you do decide you are ready to take your benefits, there are different options available.
When you set up a Retirement Account online, we ask you to choose how you'd like to take your pension when you retire. If you invest in one of our Governed Investment Strategies, your investment will automatically adjust over time in line with your decision. But should your circumstances change further down the road, you still have the flexibility to change your investments into something more suitable.
Ways you can take your pension
Bear in mind that your circumstances can change. When it comes to tax-free cash, the Government's tax rules may change too.
What you should consider
You may already have a good idea on how you want to take your pension. However, it's important to think carefully about your situation before deciding.
The option that’s right for you will depend on:
- Your age and health
- When you plan to stop or reduce working
- Whether you have financial dependents
- How much you want to take as an income and how much risk you’re comfortable taking when investing your money
- The size of your pension pot and other savings
- Whether your circumstances are likely to change in the future
- Any pension or other savings your spouse or partner has, if relevant.
START YOUR APPLICATION
If you’re transferring £10,000 or more and know how you want to invest your pension pot, then you’re ready. Have to hand the details of the pensions you want to transfer.