RETIREMENT ACCOUNT

HOW TO MAKE A PAYMENT, OR TAKE AN INCOME FROM YOUR CLIENTS' PENSION POT

 

Making an additional single payment

 

Payment methods:            

  • Bank transfer quoting RA policy number as reference
    Sort code 30-18-05
    Account No: 00014717                                       
    Account Name: SW LTD - SWPLC S/O COLLECTION A/C 
  • Cheque – made payable to ‘Scottish Widows – RA Policy number’ 

 

 

Requirements to apply the single payment:

  • Fund/investment choice
  • Initial Adviser charge, if applicable. In the absence of a signed application form we can accept an email from the customer, which must contain their policy number, the amount of the charge, and their authority to pay the charge from their plan

 

Increasing a regular payment

  • Increase amount and effective date of the increase
  • Fund/investment choice 
  • Initial Adviser charge, if applicable. In the absence of a signed application form we can accept an email from the customer which must contain their policy number, the amount of the charge and their authority to pay the charge from their plan
  • An email from the payer confirming the amount and effective date of the increase

Adding a new regular payment

  • Payment amount, start date and frequency
  • Fund/investment choice
  • Initial Adviser Charge if applicable
  • We can accept an unsigned DDM to set up payments but we must have an email from the payer (policyholder, third party or Employer) to authorise it.

Ad Hoc Income payments

  • Payment amount
  • Sufficient funds in the Income Control Account to cover the payment amount
                or
  • A disinvestment instruction to top up Income Control Account to the value of the income payment amount
  • Bank Account details for an account in the customer’s name. If we already have bank account details we will check if these are still correct before making payment. Please provide Bank Account details with the initial request

Partial or Full UFPLS payments

  • Payment amount
  • Customer Bank Account details which must be in the customer’s name. If we already have bank account details we will check if these are still correct before making payment, so best to provide them with the initial request
  • Lifetime Allowance declaration. This can be accepted by way of a signed form (form available on literature library) or by way of a verbal declaration by the adviser to a SW colleague