Change funds

As one of our Retirement Account customers, you can switch your investment funds whenever you choose. Remember, the value of your investment and any income from it is not guaranteed and can go down as well as up. You may not get back the original amount you invested.

What to think about if you want to make your own fund decisions


We have specially designed five funds for flexible income customers, like you. You can choose one or more based on your attitude to risk:

graph: potential for growth mapped against level of risk

Pension Portfolio 5 fund

This is designed for customers who might want to take payments over the next two years. It is not designed to keep pace with inflation. Nor is it ideal for investing over a long period of time, or if you want to take a regular sustainable income over a number of years.

All the four other funds invest in a mix of bonds and shares, but in different proportions. As a general rule, the greater the proportion invested in shares, the higher the potential risk and reward. With greater growth potential, comes greater risk.

Pension Portfolio C fund

With only 30% in shares and 70% in bonds, it has a higher risk than your Pension Portfolio 5 fund, but the lowest risk and reward potential of the other four options.

Pension Portfolio 4 fund

This has 40% in shares. It’s slightly more cautious than Pension Portfolios A or B, but slightly more risky than Pension Portfolio C.

Pension Portfolio B fund

This has a half and half mix of shares and bonds. It has less risk and reward potential than Pension Portfolio A, but more so than Pension Portfolio 4.

Pension Portfolio A fund

With 60% in shares, this has the highest risk and reward potential of your fund choices.

We recommend you read more about these Retirement Account Income funds by downloading Your guide to Retirement Account Investment Options.

A wider choice of funds

As well as the funds we have designed for flexible income customers, you may also choose from other funds from the Scottish Widows pension fund range.

You can find out about these funds by reading Scottish Widows Pension Funds Investor’s guide.

Have a look at how our funds invest by visiting Scottish Widows investment approaches.

What you can do

Change your investment choices

Call 0345 716 6673 and we can make the switch for you. We’re open between 8am and 6pm from Monday to Friday and 9am to 12.30pm on Saturdays. Please have your Retirement Account number to hand if you call us.

If you want professional help with funds

We have our own team of experienced financial advisers who can work directly with you. Our advisers only make recommendations from Scottish Widows, but they are the experts in what Scottish Widows can do for you. They will first find out about you. Then they will have a careful look at your policies and plans and review your choices. They can give you a tailored recommendation for what you should do next.

For advice from a Scottish Widows Financial Adviser, call 0345 767 8910. One of our consultants will assess your requirements and set up an appointment with one of our advisers.

Although we charge, we like to keep our costs as competitive as possible. Check our charges.

An independent financial adviser can offer you services and products from all providers. Find an independent Financial Adviser (IFA) in your area.