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.
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).
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 email@example.com.
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.