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 platform, letting you specify dates for regular income payments and process ad-hoc payments in real time. Scottish Widows supports both the Pension Commencement Lump Sum (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS). You can apply for the Accounts below through the Scottish Widows Platform.

FEATURES AND BENEFITS

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

APPLICATION

Your client is eligible for this Account if they:

  • 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 the client’s 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 Personal Pension Account.

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

MANAGING THE ACCOUNT

TAKING BENEFITS

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

If your client is suffering from ill-health, they may be able to take benefits earlier.

Transferring from the Account

You can transfer your client’s 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 your client changes their mind regarding the Personal Pension Account, 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

Your clients have access to a range of investment options, including:

Five coloured circles with text inside. 1: Mutual Funds. 2: Investment Advisers (DFMs). 3: Through our Horizon Funds. 4: Model Portfolios. 5: Cash.
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DOCUMENTS

For supporting documents please view our literature library.

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 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.

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.

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.

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.

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.