YOUR WORKPLACE SAVINGS
Governed by Independent Trustees - A partnership of expertise and experience
TAP ONTO YOUR PENSION
The new Scottish Widows app is available for download now. It allows you to see how much is in your pension and your recent payments, so you know if you’re on track. And it’s so easy to use. All you need to register is your National Insurance number and your pension number. If you don’t have your pension number, you can use your postcode.
YOUR RETIREMENT JOURNEY
The experts at the Pensions and Lifetime Savings Association have published a set of retirement living standard to help you picture your retirement and what it might cost. They are pitched at three levels, (minimum, moderate and comfortable) based on a basket of goods and services, from food and drink to holidays.
RETIREMENT BASICS
Tools & Calculators to help plan your future
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Investment options guide (PDF, 596KB) This guide provides information on the different fund choices that are available to you. Introduction to investing (PDF, 1MB) This booklet explains the different types of investment choices available to you and how they work. Investment choices (PDF, This leaflet lists the pension fund choices that are available to you and the total annual fund charge for each fund. Core range fund guide (PDF, This guide provides information on the different core fund choices that are available to you. Pensions Investment Approaches guide (PDF, 893KB) This guide details the Pension Investment Approaches (PIAs) that are available to you. Dynamic lifestyle options guide (PDF, 427KB) This guide explains the dynamic lifestyles that are available to you. Changes to BlackRock fund indices (PDF, 1MB) This document details the changes BlackRock have made to their benchmark indices in some of the funds available to you. Costs and Charges Important Information This contains information relating to the costs and charges applicable to the scheme in the form of the Chair’s statement (PDF, 3MB), Statement of Investment Principles (PDF, 824KB) and representative illustrative examples (PDF for your employer’s section of the Master Trust which is N10557. The Chair’s statement will be published each November. We may have provided links to documents and other information supplied by third parties (including your employer or scheme trustees, and their advisers), who are solely responsible for their content and accuracy. All statements, views and opinions contained in these documents and other information are those of the third parties, not Scottish Widows.
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Retire your way (PDF, 1MB) This guide gives details of the options available to you when you want to start taking your benefits.
Your guide to flexible income (PDF, 251KB) This guide explains the ways in which you can access your pension using the flexible income option. Your pension (PDF, 1.8MB) This guide, from the independent MoneyHelper, is also designed to give details on the options available to you when you start to think about taking your benefits. Flexible income fund range (PDF, This guide is designed to give you an understanding of the funds you can invest in if you wish to take a flexible income. Investment pathways: your guide to investment options for flexible income (PDF, This guide explains the investment pathways available to you if you decide to take a flexible income. We may have provided links to documents and other information supplied by third parties (including your employer or scheme trustees, and their advisers), who are solely responsible for their content and accuracy. All statements, views and opinions contained in these documents and other information are those of the third parties, not Scottish Widows.
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Data privacy (PDF, 3MB) This notice provides information on the trustees requirement and use of your data. Internal resolution process (PDF, 175KB) Information that sets out the formal procedure if you have a complaint. Transfer in form (PDF, 524KB) If you decide to transfer please complete this application. Transaction costs (PDF, 127KB) A breakdown of transaction costs and charges for the funds available within the scheme. Illustrative examples (PDF, 251KB) Illustrative examples for the costs and charges to the scheme using a set of assumptions representative of the membership and funds available. Implementation statement (PDF, 397KB) Outlining how and to what extent trustee investment action over the course of the previous year follows the investment intent, as set out in the scheme’s Statement of Investment Principles (SIP). Chair's statement member summary (PDF, 1MB) This document provides a summary for members of the key information contained in the annual chair's statement We may have provided links to documents and other information supplied by third parties (including your employer or scheme trustees, and their advisers), who are solely responsible for their content and accuracy. All statements, views and opinions contained in these documents and other information are those of the third parties, not Scottish Widows.
| Member guide (PDF, | This guide should answer most of the questions you might have about your plan. |
| Contribution guide (PDF, | This guide details where to find further information about your contributions. |
| Pension tax (PDF, 3MB) | This guide gives information on how your plan is affected by current tax legislation. |
We may have provided links to documents and other information supplied by third parties (including your employer or scheme trustees, and their advisers), who are solely responsible for their content and accuracy. All statements, views and opinions contained in these documents and other information are those of the third parties, not Scottish Widows.
YOUR QUESTIONS ANSWERED
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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.
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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 any tax relief on your contribution you may be eligible for. Depending on how your employer’s scheme is set up, there are generally two ways of contributing to your pension – making payments from your salary or through salary sacrifice. Your employer will let you know which one applies to you. If you make payments from your salary, these will generally be eligible for tax relief.
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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.
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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.
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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.
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Take control of your future, today
It's not too late to make changes to your pension. If you can and your plan allows you, you can think about paying in more. You can also change how your pension invests your money. Before you do, find out how your pension invests now and how investing works.
Here's what you can do now
You can take some or all of your pension now, or take it later. You can choose how you can take it. You can also choose to keep putting money in your pension, if you can.
TAKE MONEY NOW
TAKE MONEY LATER
If you don’t need your money now it can potentially grow, so you have more, when you do.
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Your workplace scheme has a website telling you about your pension and your options. The web address is on letters we send you.
