If you’d like to transfer to us online, you need to set up a new pension first. We call this our Scottish Widows Retirement Account.
This section explains
It’s worth checking if your existing pensions have benefits and features which you’d like to keep, as you’ll give these up when you transfer to us. These may include:
Some pensions come with extra guarantees. These can be valuable, and you’d lose them when you transfer. That's why we don’t accept pensions with guarantees such as:
These features can’t be transferred online. You can talk to an independent financial adviser if you’d like to transfer one of these.
If your pension scheme is run by trustees
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.
How to know if you can transfer
For some types of pension, you’d need to speak to an independent financial adviser if you want to transfer to us. These include when:
If an employer, or someone other than you, is paying into your pension, you won’t be able to transfer online to Scottish Widows.
You can find out about these in your policy documents, or by speaking to your provider or scheme administrator.
Our Retirement Account offers you flexibility. You can save for the future and, once you’re over 55, choose how you access your pension when you’re ready.
You can choose from a range of investment options to suit your circumstances and how you feel about investment risk.
Our charges are simple to understand and are based on how much you have in your plan.
Generally, a Retirement Account may be suitable for you if you’re thinking about combining plans worth at least £10,000.
If you’d like to talk about your options, you can contact us.
How to decide if you need advice
The information here is not the same thing as advice. Here, we provide you with guidance so you can make an informed choice about your pension transfer.
Read our guide to find out the difference between the guidance we offer you here, and advice. We also let you know where you can find an independent financial adviser if you need more support.
Our transfer checklist
If you need to speak to your providers about your pensions, use our checklist so you know what to ask.Let us help you check your pensions
This information is not the same thing as advice.
Read more about advice and find out which type might be right for you.
If you’d like to find out more about pension transfers, get in touch today.
Call our Pension helpdesk,
Monday and Friday (9am-6pm).
0345 608 0380
Questions we're often asked
Some people choose to transfer to Scottish Widows because they have an existing pension with us.
Others have compared their other pensions with our new one. They’ve decided they'd like to set up a new Retirement Account with us and transfer into that.
As one of the largest pension providers in the UK, we've been helping people to save for the future for over 200 years. We’re also part of a group which includes well-known brands such as Lloyds Bank, Bank of Scotland and Halifax.