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Retirement planning

Retirement Account

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

At a glance

  • Stay in Retirement Planning up to age 99.
  • In addition, to our portfolio ranges, we offer a comprehensive range of investment solutions to meet clients’ retirement planning needs.
  • Can take an UFPLS (minimum of £5,000 per payment) from age 55 (increasing to 57 from 2028).
  • Start to take income drawdown from age 55 (increasing to age 57 from 2028), 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.

Scottish Widows Platform

Find out more about retirement and investment solutions on Scottish Widows Platform.

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Key details  

Eligibility
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.
The amounts shown above can change.

Protected Minimum Pension Age
  • We can accept transfers with a protected minimum pension age. Please let us know if this applies to your client.
UFPLS options from age 55 (expected to be age 57 from 2028)
  • Full encashment.
  • Partial encashments (subject to a minimum of £5,000 per payment).
Income choices from age 55 (expected to be age 57 from 2028)
  • Take benefits in stages:

  • designate into Retirement Income and take up to 25% tax-free cash
  • buy an annuity
  • transfer 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, 260KB)
  • Ot's quick and easy to nominate beneficiaries - complete the nomination from (PDF 510KB) and email to this mailbox. No signature is required, we just need a confirmation E-mail from your client.
Other
  • Tax relief is pre-funded.
  • 100% fund allocation and no bid/offer spread.

Key documents

Adviser Technical Guide (PDF, 3MB)

Retirement Account Customer Guide (PDF, 2MB)

Key Features of Retirement Account (PDF, 2MB)

Drip Feed Drawdown Adviser Guide (PDF, 4MB)

Due Diligence (PDF, 882KB)


View all our Retirement Account literature in one place

View all literature

  • 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 'Lump Sum 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.