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 have a pension with us, you can set up a Retirement Account online and then call us when you’re ready to take your money.
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 team of dedicated experts 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 it’s right for you and so you should consider all your options.
For example, you could carry on working and keep your whole pot invested until you want to reduce your working hours or stop working altogether. At this point you can take your pension in different ways.
When you set up a Retirement Account, we ask you to choose how you’d like to take your pension, so we know how to invest it over time. This means you can leave the investing up to us and, of course, you can always change your mind later.