Can I view my Scottish Widows pension online?

Help with registering or logging into client services online You can find your plan (or policy) number on your Annual Benefit Statement or on any letters from us.

How do I get my money back from a Scottish widow?

You can withdraw money by requesting a one-off lump sum.

1. You have to take out £100 or more.
2. You’ll need to leave at least £100 in your plan (£1,000 for plans invested in the Managed Income Fund) – otherwise we’ll close it, cash in the remaining units and pay you the proceeds.

Can I transfer my Scottish Widows pension to another provider?

Combining pension pots may make it easier for you to plan for your retirement. You also have the option to transfer your Scottish Widows pension to another provider.

How is pension fund paid out?

Currently, when you retire and you are a member of a provident fund or provident preservation fund, your retirement interest is usually paid by way of a lump sum unless the rules of such a fund provide for the payment of an annuity on a member’s retirement.

How much of my pension can I access at 55?

25%
If you’re 55 or over you can get at the money in your pension pot, even if you’re not retired. You can withdraw up to 25% of your pension pot tax-free, but will pay the standard tax rates on withdrawals over this amount.

When can I access my Scottish Widows pension?

55
Once you reach 55 you can access your pension pot. You can take some or all of it, to use as you need, or leave it so that it has the potential to continue to grow. When you take your pension, some will be tax-free but the rest will be taxed.

Can I cash in my pension before 50?

Most personal pensions set an age when you can start taking money from them. It’s not normally before 55. You can take up to 25% of the money built up in your pension as a tax-free lump sum. You’ll then have 6 months to start taking the remaining 75%, which you’ll usually pay tax on.

Should I merge my pension pots?

If you have lots of pension pots, consolidating them into one scheme can remove the hassle and paperwork of managing lots of different plans. Merging your pots together could also reduce your fees and give you access to a wider range of investments. The benefits of merging your pensions.

How good is a Scottish Widows pension?

Scottish Widows’ defined contribution (DC) default fund has returned the best performance for workplace pension savers over the the last five years, according to data. Scottish Widows delivered best return at 12.5 per cent over five years. The fund has 85 per cent of its assets invested in shares.