Retirement Planning

Retirement Account

Help your client reach their retirement goals with our flexible, competitive planning options.

Key benefits

  • Available up to age 75.
  • Comprehensive range of investment solutions to meet clients’ retirement planning needs.
  • 100% fund allocation and no bid/offer spread.
  • Can take an UFPLS from age 55 (minimum of £5,000 per payment).
  • Start to take income drawdown from age 55, by putting some or all of the value into Retirement Income, or use Drip Feed Drawdown to take a bit at a time.
  • Normally get pre-funded tax relief on payments made.

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Key details

Eligibility
  • No minimum age.
  • Maximum age 74 (at least one full year before selected retirement date).
  • Must be a UK resident.
Minimum payments for setting up a new plan
  • £200 monthly gross (must be made by direct debit).
  • £2,400 annual gross (must be made by direct debit).
  • £10,000 single premium.
  • £10,000 transfer.

 

If one of the new business minimum payment amounts is met, the increments minimum payment amounts (detailed below) will then apply for any other contributions.

Minimum payments for adding to an existing plan
  • £50 monthly gross.
  • £600 annual gross.
  • £2,000 single premium.
  • £2,000 transfer.

 

These amounts can change.

UFPLS options from age 55
  • Full encashment.
  • Partial encashments (subject to a minimum of £5,000 per payment).
Income choices from age 55

Take benefits in stages:

 

  • designate into Retirement Income and take up to 25% tax-free cash
  • buy an annuity
  • transfer to another provider
  • by age 75, the value of the Account must be designated into Retirement Income, used to buy an annuity or transferred to another provider.
Death benefits
  • On death, the value of the Account is available to provide benefits for beneficiaries with us or another provider.
  • Find out more about death benefits (PDF)
Other
  • Tax relief is pre-funded.
  • 100% fund allocation and no bid/offer spread.

A wide range of investment and planning options

    • Our competitively priced Pension Portfolio and Premier Pension Portfolio Funds offer multi-asset solutions at 0.1%*and 0.2%*.
    • Your client can invest in a wide range of investment options, including commercial property, discretionary fund management, share dealing and any fixed-term cash deposits we make available.

     Look at our our investment options in more detail.

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

    • Gradually move the Account into lower risk investments as clients approach their selected retirement date.
    • Strategies available to suit different appetites for risk and different retirement outcomes.
    • Premier GIS are slightly more expensive but aim to provide better potential growth for broadly the same level of volatility.
    • Available for Retirement Planning only.
    • Underlying Pension Portfolio and Premier Pension Portfolio Funds also available as multi-asset fund solutions.
  • Create and manage your own portfolios made up of Scottish Widows Pension Funds and Fund Supermarket Funds.

    • Manage customers with similar investment aims and objectives consistently.
    • Define investment content for new portfolios and store them online for use at illustration and application stage.
    • Automatic rebalancing – control the timing of a rebalance of client assets back to the target asset allocation.
    • PMS Adviser Guide (PDF)
    • PMS Application Form (PDF) 
  • Tax treatment depends on the individual circumstances of your client. Tax rules and your client's circumstances may change in the future.

    Tax charges will normally apply if the Government's 'Annual Allowance', 'Tapered Annual Allowance', 'Money Purchase Annual Allowance' or 'Lifetime Allowance' is exceeded.

    • The value of your client's Account can go down as well as up, and could fall below the amount(s) paid in.
    • If your client takes pension encashments, this will reduce the value of their Account. It may leave them with insufficient funds when they are older. High levels of encashments may not be sustainable and could reduce the value of their Account to zero.
    • If your client changes their mind and wishes to cancel their policy (within the 30 day cancellation period), the amount returned may be less than was invested.
    • If your client transfers from another pension plan, they could lose any guaranteed benefits and may not be able to return to it.

What do you want to do next?

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