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Personal pension (top up plan)
Individual Pensions
The Personal Pension (Top Up Plan) is available to existing customers who set up a Scottish Widows individual pension between 1993 and 2012 and want adviser charging functionality on their increments.
The Top Up Plan is a personal pension plan designed to provide your clients with a tax-efficient way to save for retirement.
It has a range of features, including an extensive choice of funds and a simple charging structure. The range of adviser charging options provides flexibility when it comes to paying for advice.
The Top Up Plan will be linked to the customer's existing plan but they will receive two separate statements. Non-advised increments can be paid into either the existing plan or the new Top Up Plan.
Key benefits
- Wide range of adviser charging options.
- Extensive fund range.
- Lifestyle Switching & Pension Investment Approaches.
- Simple charges and features.
- Currently no charges for switching.
- £20 minimum gross monthly payment, £600 for single/transfer payments.
- Take benefits, including pension encashments, from age 55.
Key documents
Top Up Plan key features (PDF)
Top Up Plan application form (PDF)
Form to increment an existing Top Up Plan (PDF)
Important notes for applications (PDF)
Premier Lifestylng Options Adviser Guide (PDF)
Pension Funds Investor's Guide (PDF)
See all our forms and guides for a Personal Pension (Top Up Plan) in one place.
Other information you need
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The Top Up Plan is for existing pension clients who want a simple product and a wide range of adviser charging options.
It's a tax-efficient retirement plan available for people who are:
- under 75
- resident in the UK
- looking to invest a top up of £20 gross or more a month.
Not for your client?
Take a look at our other retirement planning options Retirement Account
-
- Minimum payment £20 gross per month, £600 for single/transfer payments.
- Over 100 funds to choose from:
- able to invest in up to 10 funds at any one time
- ability to decide on asset allocation in relation to risk and investment strategy
- Lifestyle Switching options
- Pension Investment Approaches and Premier Pension Investment Approaches.
- Ability to stop, start and change contributions and transfer out without charge.
- Option to take partial or full pension encashments from age 55.
- Option to move to a pension with more choice as your clients' needs change, such as the Retirement Account
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To help you offer your clients the best return on their investment we have an extensive range of funds, including:
- Scottish Widows Pension Funds - including single manager and tracker funds
- External Fund links
- Multi-Manager Funds
- Lifestyle Switching
- Pension Investment Approaches
- Premier Pension Investment Approaches - slightly more expensive than standard Pension Investment Approaches but aim to provide better potential growth
- Solution & Portfolio Funds
Currently no charges for switching between funds.
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Annual Management Charge (AMC)
- We have a choice of fund links, some with higher AMCs than others.
- With-Profits is not available.
- View our Fund Choice and Fund Charges Sheet (PDF)
Please note:
- we charge for managing and investing in the plan, which is taken on a regular basis
- we may change the annual management charge(s), for example, if costs turn out to be much higher than expected
- managers of external fund links have the power to change any charges on their funds at any time
- no additional charges for transfer/paid up policies
- no charges for early/late retirement
- ability to start, stop or change contributions, without charge.
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The Top Up Plan offers a wide range of adviser charging options:
Initial adviser charge
- One off payment for single premiums and transfer payments.
- Fixed charges with options to pay in instalments (up to 5 years) for regular premiums.
Ongoing Adviser charges
- Percentage of fund.
- Fixed monetary amount.
- Percentage of contribution.
Ad-hoc charge
- Percentage of fund.
- Fixed monetary amount.
Please note - Non-Advised top-ups paid into the Top Up Plan will not receive commission.
Important notice
Please note that charges, terms and limits may change. We may change the selection of funds that we make available. There may be restrictions on the amount that can be invested in certain funds. Please contact us for details of any restrictions that apply. The value of the tax benefits of the plan depend on the individual circumstances of your client. Tax rules and your client's circumstances may change in the future. The retirement benefits received from a pension plan will depend upon a number of factors including the value of the plan when your client decides to take their benefits, which isn’t guaranteed and can go down as well as up. The value of the plan could fall below the amount(s) paid in.