Junior Personal Pension

To give your children a head start, we have a Junior Personal Pension. A parent/guardian will be required to be added to the Account as the registered contact, with the child or grandchild as the Account holder. Your adviser can apply for the Accounts below through the Scottish Widows Platform.

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FEATURES AND BENEFITS

Enables the child to benefit from tax relief on the contributions to the Junior Personal Pension
Gives you the opportunity to provide a retirement income for your child

APPLICATION

A registered contact can open an Account for a child. The child must:

be aged 17 or under, and:
have been resident in the UK for tax purposes for the last six months

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CHARGING

The Account charge is a percentage charge based on the value of the assets under administration in the child’s Account.

For more information on our charges, take a look at our ‘Easy to understand charges – at a glance’.

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THE RISKS

As with all investments, there is some risk involved with the Junior Personal Pension Account.

The value of the Account may go down and the child may have less to provide a retirement income.
The level of risk and potential performance depends on the assets invested in.
The child’s retirement income may be less than expected if investment growth over the lifetime of the Account or annuity rates at the time benefits are taken (or both) are lower than expected, or if you reduce or stop payments to the Account.
Over time, inflation will reduce the buying power of money.

MANAGING THE ACCOUNT

On the child’s 18th birthday, once we have the child’s authorisation, they will take control of their Account and the Junior Personal Pension Account will become a Personal Pension Account.

TAKING MONEY OUT OF AN ACCOUNT

You can normally take benefits at any time from age 57, even if you are still working (subject to current legislation). If you are suffering from ill-health, you may be able to take benefits earlier.

CLOSING AN ACCOUNT

If you change your mind about the Junior Personal Pension Account, the Account can be cancelled within 30 days of you receiving a cancellation notice. You can contact us by post at Scottish Widows Platform, PO Box 24065, 1 Tanfield, Edinburgh, EH3 1EY, or by email at service@scottishwidowsplatform.co.uk.

DOCUMENTS

For supporting documents please view our literature library.

View documentation

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PERSONAL PENSION

Flexibility to provide for the most simple or sophisticated requirements, including both the Pension Commencement Lump Sum (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS).

STOCKS & SHARES ISA

Our Flexible Stocks and Shares ISA has access to a wide range of assets, and allows contributions to be replaced if they are withdrawn with in the same tax year.

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GENERAL INVESTMENT ACCOUNT

Access to a wide range of assets, giving savings the potential for capital growth and income, as well as providing a flexible means of investing and accessing money.

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Giving your children a head start – a parent/guardian will be required to be added to the Account as the registered contact, with the child as the Account holder.

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JUNIOR STOCKS AND SHARES ISA

Tax efficient gifting between generations on the Junior Stocks and Shares ISA; available for children up to the age of 18.

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THIRD PARTY INVESTMENT ACCOUNT

These allow you to retain the product features of your existing pension or offshore bond whilst being able to access additional investment opportunities through the Scottish Widows Platform.