When will this service be available to employees?
You can find out the dates here.
How will employees be able to access integrated flexible access drawdown?
From normal minimum pension age (currently 55, increasing to 57 from April 2028), employees can access integrated flexible access drawdown by contacting our Retirement Team on 0345 835 6644. Lines are open, 9am to 5pm Monday to Friday.
What is the minimum pot size to access integrated flexible access drawdown?
The minimum initial designation amount an employee can move into drawdown is £10,000, including any tax-free cash amount the employee chooses to take.
Further designations can be made, with a minimum amount of £2,000 (including any tax-free cash amount the employee chooses to take) or the full balance of their retirement savings, if less.
There's no minimum amount that needs to be retained within their retirement savings pot.
Can employees access drawdown now?
Employees who’ve already benefited from the enhancements and changes can access integrated drawdown through their existing workplace pension plan.
Employees that haven’t benefited from the enhancements and changes, and want to access drawdown with Scottish Widows, can do so by moving to our Retirement Account plan. They can contact our Retirement Team on 0345 835 6644. Lines are open 9am to 5pm, Monday to Friday. Once the enhancements and changes have gone through, any employees who want to access drawdown for the first time, will be able to do so through their existing workplace pension plan.
What investment options will be available in drawdown?
Employees will be able to access our Investment Pathways as well as the full range of self-select funds (up to 10 funds) available through their current plan.
Can we accept a drawdown to drawdown transfer on integrated drawdown?
No, we don't accept drawdown to drawdown transfers.
What is the charging structure for integrated drawdown?
There's no change to the charging structure of the plan, so customers will continue to benefit from our transparent approach to charges. Specifically, their plan administration charge will remain the same. Investment charges will depend on what investment options the customer chooses.
Are advice charges available in integrated drawdown?
Yes, for GPP schemes only. Both ad-hoc and ongoing advice charges options.
Will an existing adviser charge continue to be paid after first designation?
If an advice charge is already in place, this will be paid across the plan. As such, as point of designation, a check will be made to the employees’ adviser to ensure that they’ve provided advice on the drawdown element of the plan. If not, the entire charge will be stopped.