Your Workplace Savings

Global Connections Retirement Savings Plan


Your Retirement Journey

Where are you on your retirement journey? We’ve helped people plan their financial futures for more than 200 years. Let us help you.

Your Investment Charges

The fund charges shown in the Your Investment Choices section do not include policy or transaction charges. You can find more information on these charges in the Your Key Documents Library section.

Your investment choices

Click on the links below for information on your investment choices.

Your key documents library

Coming up to retirement

As you start thinking about retirement it’s time to look at your pensions and savings. Will you have enough for the future?

Your questions answered

Many employers provide a workplace pension for their staff. Workplace pensions can be a good option as most employers will also make a regular contribution to your pension.

Am I making the most of my company pension?

Are you making the most of your company pension? Are your saving habits changing with your circumstances?

What is Automatic Enrolment?

Automatic enrolment makes it easier to start saving for your future. All employers are required by law to have set up and enrolled all eligible employees into a qualifying pension.

Watch this video to find out how it works.

Under automatic enrolment, there is a minimum total contribution that must be paid into your pension. The amount is set by the Government and is made up of your and your employer’s contributions, as well as tax relief on your contribution.

What is tax relief?

Tax relief is just one of the benefits of a pension. In this video, we explain how tax relief works and what it could mean for you. The tax treatment depends on your individual circumstances. Your circumstances and tax rules may change in the future.

Can you combine all your pensions?

Merging your pension pots can make managing your pension much easier, but you may lose access to certain benefits if you do so.

No matter how close you are to retirement, you still have time to boost your pension savings. You can top up your existing pension contribution by paying in a lump sum or increasing your regular contributions. The retirement benefits you receive will depend on a number of factors including the value of your plan when you decide to take your benefits which isn’t guaranteed, and can go down as well as up. The value of your plan could fall below the amount(s) paid in.

How much money should I be saving for retirement each month?

When you start saving for your future it’s important to consider how much money you should save.

You can find out more about your investment choices in the Key Documents section of the scheme infosite. You may want to review your current investment choice and be comfortable that these are still aligned to your attitude to risk.

If you are still unsure what to do you could speak to a financial adviser to help you. Please note, you’ll need to pay for this.

Do I need a financial adviser?

Financial Advisers can really help you make the most of your money and plan for your future. We also look at some of the other options available.

Retirement calculators help you to understand what each pension option could mean to you. You can also explore how tax will be applied when taking all or some of your money out.

How can I find out how much my pension is worth?

Knowing what your pension is worth is useful when planning for retirement. In this video, we explain how you can access this information.

When can I access my pension?

When planning for your future, it’s important to know when you can access your pension pot. You can normally take your benefits from age 55.

What happens to my pension when I die?

It’s important to understand what happens if you die before you take all your benefits. This video explains how the benefits can be paid and the possible tax implications.

The following products may be available as part of your workplace savings. If so, you may find the following information useful.

What is an ISA?

An ISA is an Individual Savings Account, which allows you to save without having to pay tax on the interest you earn or any growth you achieve on your savings.

There is no minimum amount you need to start saving into an ISA, but there is a limit into how much you can pay in.

A Stocks and Shares ISA may be more beneficial to you if you’re looking for a longer-term investment (at least 5 years) and you can afford to leave it untouched.

The value of your investment is not guaranteed and can go down as well as up.

Can I transfer my current ISA?

Transferring your existing ISA is normally a simple process.

If you decide to move money from an existing ISA to a Scottish Widows Stocks and Shares ISA, you must ask your existing ISA Manager to transfer the balance to Scottish Widows.

What is an Investment Account?

If you have used up all your ISA limits for the tax year, an Investment Account gives you a flexible way of saving which has the potential for you to increase the value of the money you invest.

There are no limits on the amount which can be saved into your account.

It allows you to choose from a wide range of investments to match your investment objectives and attitude to investment risk.

The value of your investment is not guaranteed and can go down as well as up.

Am I eligible?

To open a Stocks and Shares ISA and/or Investment Account you need to be over age 18, UK resident and have access to the internet. You can only put money into one Stocks and Shares ISA each tax year.

Charges will apply depending on the product you choose and also the types of funds you invest in.

How do I make payments?

Your employer may make arrangements so you can save regularly direct from your salary, or you could pay by direct debit from your bank or building society account. You can monitor and change these amounts any time you want by logging in to the website. You can also make one-off payments by cheque.

What about tax?

You won’t have to pay income tax on any investment income on your ISA savings and you don’t even have to include it on your personal tax return. There is also no Capital Gains Tax to pay on any growth achieved.

You must pay income tax on any interest we pay on cash you hold in your Investment Account and investment income you receive. We’ll deduct basic-rate tax before paying the sums to you. There could be Capital Gains Tax to pay on any growth that is achieved. Tax treatment depends on your circumstances and may be subject to change in the future. Tax rules can also change.

How do I manage my investments?

You’ll be able to track your investments, whenever you want, by logging in to the website. In addition we will also send you a statement, in April, showing the current value of your account.

There is a wide selection of funds and other investments to choose from.

Can I take money out?

Yes, you can withdraw money as a one-off or as a regular withdrawal. You can start, stop or change these at any time by giving us your instructions online.

Your right to cancel

When you buy a product, we’ll issue your documents which will give you details of how to cancel. You will have 30 days from receiving these documents to do this. Please be aware that you may get back less than you invested.

Leaving your employer

If you leave your employer, your account will continue unless you instruct us to close it. If you make payments direct from your salary, these will stop. You can continue to make regular payments by direct debit or one-off payments by cheque.

You can close your account at any time by contacting us.