Take Income Form

 

Step 1 of 6  

If you haven’t spoken to us, please call and we’ll provide you with an illustration. This will let you know the potential impact of taking income on your remaining policy value and any associated policy charges.​
 

Don’t use this form if: 

  • Capped Drawdown applies to your policy​
  • A payment is to be made to an overseas bank account​
  • You haven’t taken tax-free cash from your policy.​


Fraudsters often target people who have money to invest

Unfortunately, pension scams are on the increase in the UK and are a threat to your retirement savings. For more information on how to avoid them please visit takefive-stopfraud.org.uk.


Your privacy is important to us, so to understand how we’ll use the personal details you give us, please read our Privacy Statement. You can find it at our privacy information page.
 

About You

Step 2 of 6  Please complete this section in full.


 

Please type your title below
Where can I find this?

You can find this on your annual benefit statement or policy schedule.

Age in Months
Select no if you are applying from mainland UK or are not in the British Forces.

About the payment you’d like to receive

Step 3 of 6  The payment you’d like to receive


Please remember, you can only use this form to withdraw the gross amount discussed on our call. If you want to take a different amount, please call us on 0345 366 7724.

 

Please remember the value of your pension may have changed since you spoke to us, this means you could receive more or less than the valuation you were given at the time. Please call us on 0345 366 7724 if you need further information.

A maximum of £45,000 can be requested using this form.
£

Your payment will be processed as soon as possible. Please remember it can take up to 14 working days between us processing your payment and funds reaching your bank account.
 

Your bank details

Please provide the bank account details you’d like us to make payment to. This needs to be a UK based account. It can be your own account or a joint account, but it needs to be in your name. If you want your payment made to a non-UK registered bank account please call us on 0345 366 7724.
 

Please note

The gross amount is the amount taken from your policy before tax. The amount you receive will be the gross amount less any Income Tax. We calculate this using the Emergency Tax Code unless we already have your Tax Code from Her Majesty’s Revenue and Customs (HMRC). You’ll need to contact HMRC to claim back any overpayment of tax or pay any extra tax due.

It’s important you understand the tax implications of taking money from your policy.

We'll proportionately disinvest the units in your policy for this payment across all Scottish Widows (SW) and Fund Supermarket funds, unless we’ve agreed otherwise with you. We won’t know the exact price at which units of a fund are sold until the day they are sold. This is known as forward pricing. For SW funds, payments requested before 12 noon will be subject to the price on the next working day, requests after this time will receive the price the day after that. Fund Supermarket trades will be completed at the price determined at the next available pricing point. The pricing point is determined by the fund manager.

CHECK YOUR DETAILS


Step 4 of 6  

Please check the details you have given us are correct.  If you’d like to make any changes click the edit button below.


Check your personal details
 

Name:                                                        ##title## ##forname##  ##surname##

Scottish Widows policy number:           ##policy-number##

Date of Birth:                                            ##day##/##month##/##year##

Address:                                                    ##line1##

                                                                   ##line2##

Post code:                                                 ##pcode##

Contact Number:                                      ##contactno##

Would you like to receive text message updates about the status of your application:  ##notto_to##



Check your payment details

I would like to withdraw the remaining funds from the Retirement Income part of my policy:    ##full-encashment##

Amount:                                                                                                                                                     ##grossamount##

Bank details


Sort code:                                                                                                                                                  ##sortcode##

Account number:                                                                                                                                      ##accno##

Account holder name(s):                                                                                                                         ##accholders##

Important information

Step 5 of 6  Important information to read before you submit this form

 

Advice and Guidance

We recommend you consider taking regulated financial advice or use the guidance available from Pension Wise (provided by MoneyHelper), the Government's free guidance service, before making a decision.

 


Important things to consider

Taking cash may seem like a good idea, but sometimes it can leave you worse off. This might be the case if you are on benefits, have debt problems, or might need this money later on.

Please consider the following points when taking money from your pension.

 

People often underestimate how long they’ll need a retirement income for, so you should plan your retirement spending carefully.

Cashing in your pension now could increase the chance of running out of money later in retirement and may mean that you only have state benefits to fall back on. Please ensure you read the illustration we sent you carefully and consider all source of income you have available to you in retirement.

 

Do not go ahead with this withdrawal until you’ve called us on 0345 366 7724 to discuss this more. We’re here 9.00am to 5.00pm Monday to Friday. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.

 

If you’re planning to invest your pension savings into another product, it may have higher charges than your existing pension.

When investing in another product it’s important to consider charges as these may be higher than those within your current policy. 


Before you sign anything, we recommend that you speak to a financial adviser,  who normally charge for any advice. Or you can call Pension Wise from MoneyHelper. MoneyHelper is a government organisation, which offers clear and simple guidance (not advice) online, over the phone or face to face. 

To find out more visit www.moneyhelper.org.uk/pensionwise or call 0800 138 3944.

 

Do not go ahead with this withdrawal until you’ve called us on 0345 366 7724 to discuss this more. We’re here 9.00am to 5.00pm Monday to Friday. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.

 

Fraudsters can target people with access to sums of money. If you’re approached about a new investment opportunity, we strongly recommend that you speak to a financial adviser about it first. Never be pressured into making a quick decision about investments. Before you sign anything, call Pension Wise (provided by MoneyHelper) on 0800 138 3944. To learn more about scams and fraud tactics visit www.fcs.org.uk/scamsmart

If you’ve been approached about a new investment it’s important to consider if it might be a scam. To learn more about scams and fraud tactics visit www.fca.org.uk/scamsmart

Before you sign anything, we strongly recommend that you speak to a financial adviser or call Pension Wise (provided by MoneyHelper) on 0800 138 3944.

 

 

Do not go ahead with this withdrawal until you’ve called us on 0345 366 7724 to discuss this more. We’re here 9.00am to 5.00pm Monday to Friday. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.


 

Any means-tested benefits you’re receiving may stop or reduce if you access your pension savings. You should speak to your local Benefits Office to understand how this could affect you.

If you are currently in receipt of, or expect to be in receipt of means-tested benefits, taking money from your pension could impact these.  We strongly recommend speaking to your local benefits office before proceeding if this applies to you.

 

 

Do not go ahead with this withdrawal until you’ve called us on 0345 366 7724 to discuss this more. We’re here 9.00am to 5.00pm Monday to Friday. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.


 

Pension savings have a level of protection if you’re made insolvent or bankrupt. If you take savings from your pension, you’ll lose the protection on the amount you take and any creditors (people you owe money to) may be able to claim all, or part of the sum.

Whilst your pension is invested it is protected from creditors. If you access your pension, any creditors you may have now or in the future could have a claim over the money. You can find more information on debts and creditors at www.moneyadviceservice.org.uk

 

 

Do not go ahead with this withdrawal until you’ve called us on 0345 366 7724 to discuss this more. We’re here 9.00am to 5.00pm Monday to Friday. Calls may be monitored and recorded. Calls cost may vary depending on your service provider.

 

 

Declarations

Step 6 of 6  Declarations

 

You’ve almost completed this form. These Declarations are the terms you’re agreeing to when you submit the form and it’s important that you read them. 

 

Money Purchase Annual Allowance

Have you thought about restrictions on future pension contributions?

If you're paying contributions to any money purchase pension plans, these and any contributions paid on your behalf (e.g. contributions paid by your employer or a third party) can continue, but payments totaling over £4,000 in any given tax year will be subject to tax based on your marginal rate of Income Tax. This is because you are deemed to have ‘flexibly accessed’ your pension policy.

Money Purchase Annual Allowance Declaration

I am aware that:

  • If I’m not already subject to the money purchase annual allowance and this is the first payment from my Scottish Widows pension, I will be subject to a tax charge if future contributions (including employer contributions) to schemes providing money purchase benefits exceed £4,000 in a given year.
  • If I receive a flexible access statement from Scottish Widows I’m responsible for making any necessary notifications to trustees or managers of other registered pension schemes (other than those providing only defined benefits) which I’m an active member of about flexibly accessing my Scottish Widows pension which can include payments like this. If I don’t do that within 91 days of receiving any flexible access statement, I may be fined by HMRC.

Income Withdrawal

  • You wish to take the remaining value of your pension policy as an income payment.
  • You understand that tax may be payable and this will be calculated using the Emergency Tax rate or actual tax code provided by HMRC if we have one.
  • You understand that you are withdrawing the remaining value of your pension plan and that no further income will be available from it.
  • If the information you’ve provided isn’t correct, or if there’s any failure on your part to comply with any aspect of this application, you may be responsible for any claim, losses or expenses that Scottish Widows might incur.

Money Purchase Annual Allowance

Have you thought about restrictions on future pension contributions?

If you're paying contributions to any money purchase pension plans, these and any contributions paid on your behalf (e.g. contributions paid by your employer or a third party) can continue, but payments totaling over £4,000 in any given tax year will be subject to tax based on your marginal rate of Income Tax. This is because you are deemed to have ‘flexibly accessed’ your pension policy.
 

Money Purchase Annual Allowance Declaration

I am aware that:

  • If I’m not already subject to the money purchase annual allowance and this is the first payment from my Scottish Widows pension, I will be subject to a tax charge if future contributions (including employer contributions) to schemes providing money purchase benefits exceed £4,000 in a given year.
  • If I receive a flexible access statement from Scottish Widows I’m responsible for making any necessary notifications to trustees or managers of other registered pension schemes (other than those providing only defined benefits) which I’m an active member of about flexibly accessing my Scottish Widows pension which can include payments like this. If I don’t do that within 91 days of receiving any flexible access statement, I may be fined by HMRC.

Income Withdrawal

  • You wish to take an income withdrawal from your pension policy.
  • You understand that tax may be payable and this will be calculated using the Emergency Tax rate or actual tax code provided by HMRC if we have one.
  • You understand you can take further lump sum payments, these will be subject to tax and restrictions may apply as to the minimum amounts. Scottish Widows will notify you as appropriate on these restrictions.
  • If the information you’ve provided isn’t correct, or if there’s any failure on your part to comply with any aspect of this application, you may be responsible for any claim, losses or expenses that Scottish Widows might incur.