How to apply

Individual Annuities

HOW TO GET A QUOTE

If your client is new to Scottish Widows, you can now request annuity quotations via a portal or directly from us (for purchase prices of £75,000 or more after any tax-free cash). Your agency will need to be registered with us before we can provide a quote.

To request a quote direct, you’ll need to complete a copy of the Retirement Health Form with your clients and send it to annuityquotes@scottishwidows.co.uk . Please detail the following information in your covering email – Scottish Widows Agency Number, whether this is an Open Market Option (OMO) or Transfer (IVPP), and a breakdown of the multiple funds that make up the purchase price if applicable.

We recommend that you send this information to us securely via PGP encryption or have a TLS connection in place with us - contact us if you have any questions about how to do this.

Once we have all the information we need to generate a quote, we’ll complete this within 2 working days.

Please note if the total amount used to buy the annuity is more than £500,000 after tax-free cash then additional information may be required. We’ll contact you if we need this.

IS YOUR CLIENT NEW TO SCOTTISH WIDOWS?

If you are already set up with one of these portals you will be ready to quote for a Scottish Widows Standard or Enhanced Annuity.

IS YOUR CLIENT AN EXISTING SCOTTISH WIDOWS CUSTOMER?

Standard and Enhanced Annuity quotes are available through the portals.

Alternatively, we can provide you with a Standard Annuity quote over the phone

Please call 0345 716 6777 for a quote.

HOW TO APPLY

Quick Checklist Before You Proceed

Before you apply

You will already have had a quote. Before proceeding to the application you should ensure that your client has been provided with:

a copy of our Key Features (PDF 150KB)
a discussion about payment for services or advice.

What you need to apply

Confirmation from the client of their consent to any Adviser Charges
Discharge papers from transferring company, if applicable
Completed lifetime allowance form (PDF 854KB)
Trustee, administrator and member signature (as applicable).

Please return completed forms to:

Scottish Widows Limited
PO Box 24171
69 Morrison Street
Edinburgh
EH3 1HL

Alternatively we can accept application forms electronically

You and your client can now complete and sign application forms electronically through Adobe Sign.

If you’d like to use our digital application process, please contact us and we can arrange for the application to be sent.

Make sure you have your email address and mobile number, as well as your client's email address and mobile number (including dependant's details if applicable) – we’ll need these before we can issue the application.

What happens when we receive your application?

Quote will be guaranteed for 45 days from the date the quote is produced. The application form and purchase price must be received within the 45 days for the terms in the quote to apply.

We have a dedicated administration team who will be responsible for setting up and dealing with all post sale aspects of our Annuities.

The administration team will:

on receipt of application form, validate the information in the form to enable us to set up the annuity on the correct basis
contact the ceding provider on receipt of the application form to obtain the purchase price. This will be done by ORIGO options or by post
check to see if the purchase price is received after the end of the guarantee period. Where this is the case, and the enhanced annuity rate has decreased, we will issue a new quote.

On completion of the checks the administration team will:

pay any tax-free cash where appropriate
set up annuity income payments
organise payment of any adviser charge or commission
issue policy documentation, including the Policy Schedule, to the customer. If requested copies can be issued to you.

Advantages of portals