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Combine your old pensions into our award-winning* Retirement Account from our partners Scottish Widows.
*Source: Defaqto Annual Product Ratings – April 2023
If you want to combine your pensions into a Retirement Account, you need to be:
Whilst we accept most pension transfers, it might not be right for everyone. It’s important to check a few things first, which we’ve explained below. You’ll want to make sure you’re not losing important guarantees or features, and you should also compare the charges and funds. You can find these details in your policy documents, or speak to the providers of the pensions you are looking to transfer if you’re not sure.
There are some reasons why you can’t transfer your pension online. If any of the following apply to you or if you are unsure, we’d recommend that you speak to a financial adviser, who will normally charge you for this advice.
There are a few important things you need to check. Click on the questions below to find out more.
Some pensions have valuable guarantees that you would lose if you transferred. With that in mind, we can’t accept pensions with:
It’s important to review the benefits and features you have with your current pensions, and how valuable they are to you. Bear in mind that you’d give these benefits up when you transfer. If you’re unsure of anything, please check with the providers of the pensions you are looking to transfer.
The types of features to look out for include:
Make sure to compare your current fees and charges with those for the Retirement Account. You can find the information you need by checking your policy documents or through your online portal if available. You can also speak to your existing provider.
Although we don’t charge for transferring your pension to us, your existing provider might charge you for transferring out.
If you’re not sure, you can ask a financial advisor, who may charge for any advice.
If you already have one, you might want to consider combining into an existing Scottish Widows pension instead. This could be a workplace pension, for example.
Our Retirement Account offers ready-made investment solutions that are easy to understand and does all the hard work for you. It also gives you a choice of how to access your pension benefits. Before you apply, consider all your available options so that during your application, you can tell us:
If you’re not sure of your risk appetite or how to take your pension at retirement, you can choose the default option. This is a balanced Governed Investment Strategy (GIS) that targets flexible access at retirement. This could suit a typical customer and reflects what we most commonly see in terms of risk appetite and retirement options. The default strategy is not personalised to you, and it may not meet your needs at retirement, so please consider this when making a decision about your investment options.
If you’re unsure what to choose, you can always seek financial advice. There will be a charge for this service.
Don’t worry, you can update these later if you change your mind, or your circumstances change.
Scottish Widows may need to contact you by phone or secure email if:
You can help speed up the process by providing full and accurate information on your application.
While we’re unable to provide any financial advice, you can call Scottish Widows on 0345 601 2585 Monday-Friday 9am-5pm to talk about your retirement options. Please note that calls may be monitored and recorded. Call costs may vary depending on your service provider.
Before applying for a pension transfer, you may need some additional guidance or advice.
What is guidance?
If you contact us in any way, like visiting us online or speaking to Scottish Widows directly, it counts as guidance to help you come to an informed decision. It doesn’t mean advice, however, which means we won’t recommend what you do next.
What is financial advice?
Financial advice is what you would receive from a qualified adviser. A Financial Adviser will discuss with you what your finances are currently like, what your future plans are, and then recommend the best products to suit you. Financial advice usually comes at a charge.
There are many things to consider when deciding what’s right for you, including:
The Retirement Account charges are clear and transparent, to help you understand what costs you can expect. You can view a breakdown of the Retirement Account charges here, and see an example of how it works.
For an idea of how your pension could perform over time, view an example illustration here (PDF, 1.5MB). You can check the different transfer and contribution values to see how your retirement income might be affected. Once your Retirement Account is set up, we’ll send you a personalised illustration as part of your welcome pack.
It’s always worth finding any pensions you might have forgotten about – it all counts towards your retirement.
Try getting in touch with the provider to see if they can help. If you can’t remember the name of the provider and it was a workplace pension, your past employer might be able to give you more information. Alternatively, you can try The Pension Tracing Service.