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JUNIOR PERSONAL PENSION

To give your clients’ 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. You 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 your clients the opportunity to provide a retirement income for their 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 client’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.

  • 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 your client reduces or stops 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

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

Closing an Account

If your client changes their mind regarding the Junior Personal Pension, the Account can be cancelled within 30 days of the customer 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.

INVESTMENT OPTIONS

Whether your investment proposition features multi-asset funds, discretionary managed model portfolios, or you build your own model portfolios, we can offer you a solution to suit your needs.

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DOCUMENTS

For supporting documents please view our literature library.

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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).
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STOCKS AND 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 clients’ 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 clients to retain the product features of their existing pension or offshore bond whilst being able to access additional investment opportunities through the Scottish Widows Platform.
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