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.

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

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 funds 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, 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.

     

    • Our family of three risk rated multi-asset portfolio funds 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.

    *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.
  • 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, 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)

  • 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 our three ranges of portfolio funds, 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.

What do you want to do?

See our investment options in more detail

Look at the range of competitive options we offer.

Investments

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