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

Flexible retirement planning

Help your clients build up their pension savings with access to a wide range of investment options, including our portfolio funds. With flexible ways to save, including making one off payments and consolidating other pension pots, you can help clients optimise allowances.

Retirement planning

Flexible retirement income

Flexible retirement income

Give your clients full pension freedom flexibility in how they take their money. From age 55, they can take part or all of it as cash, move into Retirement Income and take flexible drawdown or take an annuity. They can keep any remaining amount invested in our range of investment options including our Retirement Portfolio Funds. In 2028, the Government is expected to increase the age from which pension benefits can be taken to 57 from 55.

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. 

  • Read the following report from the lang cat which uses client case studies to show the impact of charges on the lifetime costs of investing.

    The Lang Cat Report - How we compare (PDF, 2MB)
    (Scottish Widows is not responsible for the content of this document)


    • 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, 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 -
    £50k -
    £250k - <£500k
    £500k -
    £1m and above
    Service Charge (per year)







  • To support you in delivering great outcomes for your clients we can offer ‘Family Pricing’ as an option for Retirement Account. This can help you provide even better value for money for your clients and their families and support your intergenerational planning conversations.

    What is Family Pricing?

    • Family Pricing can apply to direct family members (i.e. spouse or partner, parents, grandparents, children and grandchildren).
    • Where more than one of these clients takes out a Retirement Account, we can aggregate the value of all the Accounts and charge a Service Charge based on the total. To qualify for Family Pricing the aggregate value of Accounts must be at least £100,000 at the time the new Account is opened.
    • This may result in your clients and their families receiving a lower Service Charge than they would individually.

    How does it work?

    • The Family Pricing Service Charge will apply to new Retirement Accounts only. However the aggregate value of all Retirement Accounts will be taken into account to determine this charge.
    • Once implemented, the Service Charge is fixed. It will not change if the Account(s) value goes up or down.

    An example – Jim and Jane

    • Jim and his partner Jane each set up a new Retirement Account




    Jim & Jane

    Retirement Account £450k

    Retirement Account £100k


    Combined Accounts £550k

    Service Charge 0.25%

    Service Charge 0.30%


    Family Pricing Service Charge £0.20%

    • The Family Pricing Service charge only applies to new Retirement Accounts. So in this case applies to both Jim and Jane’s Retirement Account.
    • If either Account was already in place, the value would be taken into account when aggregating the values to determine the charge, but the Family Pricing Service Charge would only apply to the new plan, with the existing plan continuing at the existing rate.

    To find out more about Family Pricing speak to your Scottish Widows Relationship Manager or contact us on 0345 610 9572.

    Service Charge & Family Pricing (PDF, 55KB)

    Family Pricing Case Study (PDF, 219KB)

    • Linked Pricing builds on the Family Pricing concept, allowing you to aggregate Accounts in order to potentially achieve a lower service charge for new clients.
    • Linked Pricing enables you to group Accounts together to determine the service charge for the Accounts. Accounts can be grouped either by each policy holder having same employer or being advised by same adviser firm, but all accounts must be new.
    • Our family of three risk rated multi-asset portfolio fund ranges offer 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.

    For more information on our investment options visit here.

    *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. It's simple to do this and can be arranged using this form (PDF, 777KB) and emailed to this mailbox along with email confirmation from your client.

    For more details on remuneration options, see our Adviser Technical Guide (PDF, 3MB)

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

    Control Account graphic
    • 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.  From 1 October 2023 Scottish Widow are paying 2.3%pa in respect of positive balance adjustments.
    • 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 6.25% each year.

    For more details, including an explanation of the Deferred Charge, see our Adviser Technical Guide (PDF, 3MB)

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

    Whilst our Retirement Account Recommendation Tool can help you explain to your client why you’re recommending Retirement Account, you can use it to produce a client suitability letter.

    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. 

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

    Use our tools and calculators

What do you want to do?

See our investment options in more detail

See our investment options in more detail

Look at the range of competitive options we offer.


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