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.