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PERSONAL PENSION

The Scottish Widows Personal Pension offers flexibility to provide for the most simple or sophisticated requirements. You can also manage Flexi-Access drawdown entirely on the platform. This lets you specify dates for regular income payments and process ad-hoc payments in real time. Scottish Widows Platform supports both the Pension Commencement Lump Sum (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS). You can apply for the Accounts below on the Scottish Widows Platform through your financial adviser.

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FEATURES AND BENEFITS

  • Enables you to benefit from tax relief on your payments.
  • Provide benefits to your beneficiaries if you die.
  • Gives you a choice about how and when you can take retirement benefits.

APPLICATION

You are eligible for this Account if you:

  • are aged 18 years or over.
  • are a resident in the UK and have been for at least the last 6 months (for tax purposes).
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CHARGING

The Account charge is a percentage charge based on the value of the assets under administration in your Account. For the Personal Pension Account there is also an ongoing charge each year and an amount payable quarterly in arrears from available cash in the Personal Pension Account for as long as the Account is open. There is one charge irrespective of whether the Account is pre or post retirement. If the Account has pre and post retirement arrangements the ongoing charge will be split proportionately to the amount held in each.

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 Retirement Account.

  • The value of the Account may go down and you may have less to provide a retirement income.
  • The level of risk and potential performance depends on the assets invested in.
  • Your 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.
  • Changes to tax law may affect the tax benefits of the Account.
  • Charges may increase in the future.
  • Over time, inflation will reduce the buying power of money.

MANAGING THE ACCOUNT

TAKING YOUR BENEFITS

Although you can normally take benefits at any time from age 55, even if you are still working, this is set to change to age 57 on April 6, 2028. Anyone born on or after April 6, 1973, may see their minimum pension age move to age 57.

If you are suffering from ill-health, you may be able to take benefits earlier.

TRANSFERRING FROM THE ACCOUNT

You can transfer your Personal Pension Account by either encashing all the investments (cash transfer) or by re-registering all investments with another pension provider (In-Specie).

CLOSING AN ACCOUNT

If you change your mind about the 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.

If you pass away, unless death benefit is held in a trust, we will pay cash value to your nominated beneficiaries either as;

  • a cash lump sum, or
  • yearly income via an annuity

We also offer dependants a drawdown option so the beneficiary can move to a portfolio of their own.

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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).
Read more
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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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JUNIOR PERSONAL PENSION

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.
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