Have you been thinking about combining your pensions, but not sure if you can? Our pension experts answer some questions we often get asked.
How do I know if I can transfer my pensions to Scottish Widows?
Before you decide to transfer to us, it’s worth checking if you’re eligible. The main things we check when you ask to transfer into an existing pension with us are:
If you’re setting up a new pension with us, you must be under the age of 74.
If you have a pension which was set up by your employer, it might be managed by trustees. If so, you will need to get permission from these trustees before you transfer to us.
If you’re not sure if your pension is run by trustees, check your policy or scheme documents, or contact your scheme administrator.
Which pensions can’t be transferred to Scottish Widows?
We accept most pensions, but here are some of the reasons why you might not be able to transfer to us online, as we don’t offer advice as part of this transfer process. Instead, you can talk to an independent financial adviser about your options.
What are pension guarantees?
Some pensions come with valuable guarantees. For instance, with a Guaranteed Annuity Rate you’d get a guaranteed income for life that’s likely to be higher than what you’d get using current annuity rates.
Other guarantees, such as Section 9(2B) rights, would give you an income based on how much you were earning at the time it was set up. Some older pensions set up by an employer might provide a Guaranteed Minimum Pension.
For these types of pensions, we can’t accept a transfer online. If you have these and you’d like to know more about your options, you can speak to an independent financial adviser. Read our guide to find out more about advice.