Third-Party Investment Account - Openwork with Scottish Widows Platform

In some instances a client may not want to move from an existing provider, although they would like the value and flexibility that investing on the Scottish Widows Platform brings. This is where a Third Party Investment Account can help.

Our Third Party Investment Account (TPIA) allows clients to retain the product features of their existing pension or offshore bond whilst being able to access additional investment opportunities through the Platform. It really is the best of both worlds.

To set up a TPIA, the third‑party provider must be approved, the client created on the Platform, and a TPIA application form submitted.

Find out more, included useful FAQs, in our TPIA adviser guide.

View TPIA adviser guide

How to get set up

Any third-party provider must be approved before a TPIA can be set up. The client is then created on the platform and a TPIA application form submitted. Once set up, the Account can be managed online.
Note, the third‑party provider will be the Account holder, and the client the underlying beneficiary.
Find out more about how to get set up, including a link to the TPIA application form, in our TPIA Adviser guide.

Contributions

TPIA can be started with a minimum cash or assets transfer from the Provider of £5,000. There is no maximum amount.
The following payments in are accepted: One-off payments from the Provider bank account; a re-registration transfer of investments held elsewhere.

Investments

The range of investments available through the platform includes:

Mutual funds;
Exchange-traded instruments (ETIs) including securities;
Mutual funds and ETIs contained in model portfolios.
A third-party provider may apply its own investment selection criteria that needs to be observed when selecting investments to be held within the TPIA.

Charges

The following are the type of charges that could be applied to an Account depending on the services chosen. Charges are deducted from the ‘Available Cash’ within an Account.

The initial charges include any initial adviser charge.
Ongoing and ad-hoc charges can include:
- Ongoing Scottish Widows Platform charge;
- Ongoing adviser charge;
- Discretionary investment manager charge.

You should check with the third-party provider whether adviser charges are to be taken from the Platform or from the third-party provider themselves.

Further details on charges can be found in our literature library.

Withdrawals

One-off or regular withdrawals can be made to the third-party provider’s bank account.
We do not apply any charges for taking money out of the Account, however there may be charges involved in selling certain investments.
The third-party provider is responsible for making any onward payments to the client.

Offshore Bonds

Scottish Widows Platform provides administration, custody and execution‑only services through the TPIA structure for Canada Life International and Utmost International.