How it works

Retirement Account


Save for retirement and take pension income from the same plan, with flexible investment options to suit a wide variety of clients. It’s all backed up by our clear and competitive charging structure.

Flexible retirement planning

Help your client build up their pension savings, with access to our wide range of funds and investment choices. From age 55, they can take part or all of it as cash, or move into Retirement Income and take flexible drawdown.

Retirement planning

Flexible retirement income

Give your clients full pension freedom flexibility in how they take their money. They can keep the rest invested in our range of investment options including our Retirement Portfolio Funds.

Retirement income

Clear competitive charges

We’ve broken our charges down into their component parts, to give you and your client a clear picture of the costs. 

    • We have one clear and straightforward Service Charge. We  won’t charge you for any additional transactions, so you can service your clients’ changing needs without worrying about additional cost.
    • This charge is tiered not tranched, which means it’s straightforward to explain and better value for your clients. It’s calculated as a percentage of the total value of the Account, which reduces as the value increases and is deducted monthly.
    • These rates apply for new applications, and may change in future.
    Total value of Retirement Account
    £0 - <£30k
    £30k - <£50k
    £50k - <£250k
    £250k - <£500k
    £500k - <£1m
    £1m and above
    Service Charge (per year)







    • Our three core portfolio fund ranges offer multi-asset investment at only  0.1%*, 0.2%* and 0.4%*. They make Retirement Account suitable for a wide range of clients and can help you provide a fully advised proposition for less than 1%.
    • Other charges depend on the investments you choose and can include charges made by fund managers, Discretionary Fund Managers, the Share Dealing provider, and a property management charge. Other charges and expenses can apply – for example professional fees and certain third party administration costs.

    *Current Total Annual Fund Charges. This may change in the future. 

    • This covers the cost of the initial, ongoing or one-off advice and services that you provide to your client.
    • Your client can ask us to stop, start or change the adviser charges at any time.

Retirement Account options and features

  • The Control Account acts as a clearing and transactional account for all payments made to and from the Retirement Account.

    Control Account graphic
    • If your client has sufficient units in Scottish Widows Pension Funds, they may not need to use the Control Account.
    • You and your client can access the Control Account(s) online (your client will have read-only access).
    • If a Control Account has a positive balance it may receive positive balance adjustments, currently calculated at a rate of 0.35% each year.
    • Should a Deferred Charge occur (which happens if your client has a negative balance), each day it cannot be collected from the Control Account the Deferred Charge will increase. The rate of increase is currently 1.20% each year.

    For more details, including an explanation of the Deferred Charge, see our Adviser Technical Guide (PDF)

  • Our automated phased drawdown option, allows your clients to draw regular amounts using just tax-free cash or a combination of tax-free cash and taxable income, to help control the level of taxable income they receive in retirement.

    • It helps your clients to manage their tax affairs efficiently.
    • Has the potential to help their retirement fund grow.
    • Opportunity for further tax-free cash to be accumulated.

    More about Drip Feed Drawdown

  • Investing for retirement income can be a challenge, which is why we’ve introduced our Retirement Portfolio Funds. These innovative, low cost, multi-asset funds are designed to manage significant volatility to help a pension pot last longer, balancing the need for growth and managing the risks of volatility. This makes them a good option for clients in income drawdown.

    More about our Retirement Portfolio Funds

  • We've developed a range of tools and calculators to support you in reviewing your clients' Retirement Account plans.

    Our Retirement Account Comparison Tool allows you to:

    • compare illustrated maturity values between other providers and the Retirement Account using consistent growth assumptions
    • input Premier and Governed Investment Strategies, Scottish Widows’ Pension Funds range including external fund links and Fund Supermarket funds for comparison.

    We’ve also got useful investment Tools and Calculators. Our Fund Search tool helps you compare and analyse funds, and keep track of their performance. Visit all our tools.

    You need to register to access the secure tools, which can hold your clients’ personal information.

What do you want to do?

See our investment choices

Look at the range of competitive options we offer.


Benefit from our expertise

Look at articles, videos and webpages on pensions and investment.

Further expertise

Find out how to apply

Follow our easy steps to apply online.

How to apply