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How it works
Retirement Account
OUR FLEXIBLE PLAN FOR LIFE
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.
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.
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- 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
£30k - <£50k
£50k - <£250k
£250k - <£500k
£500k - <£1m
£1m and above
Service Charge (per year)
0.90%
0.40%
0.30%
0.25%
0.20%
0.10%
We can also offer ‘Family Pricing’:
- Where more than one client at the same address takes out a Retirement Account, we can aggregate the value of all the Accounts and charge a Service Charge based on the total.
- This may result in your clients and their families receiving a lower Service Charge than they would individually.
- The Family Pricing Service Charge will apply to new Retirement Accounts only. However the aggregate value of all Retirement Accounts at that address 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.
Here’s an example - Jim and Jane live at the same address, and each set up a new Retirement Account.
Jim Jane = Jim & Jane Retirement Account £450k Retirement Acount £100k Combined Accounts £550k Service Charge 0.25% Service Charge 0.30% Family Pricing Service Charge* £0.20% *This charge only applies to new Retirement Accounts. 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.
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- 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.
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- 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
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The Control Account acts as a clearing and transactional account for all payments made to and from the Retirement Account.
- 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% 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 1.10% each year.
For more details, including an explanation of the Deferred Charge, see our Adviser Technical Guide (PDF)
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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.
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Investing for retirement income can be a challenge, which is why we created 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.
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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 core multi-asset Portfolios, Scottish Widows’ Pension Funds range, Governed Investment Strategies 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.
Look at investment options in more detail.
*Current Total Annual Fund Charges. This may change in the future.