Scottish Widows Bank

Scottish Widows Bank PLC

Phone: +44 0845 767 8910

Retirement Account

Like other personal pension plans, the Retirement Account is a way of saving for your future whilst receiving favourable tax treatment. However, unlike others, this plan helps you to save for retirement during your Retirement Planning and gives you the option to phase your pension over a period of time or move wholly into Retirement Income (income drawdown) all in one account.
Minimum initial investment of £200 per month
You must be normally resident in the UK
You must be under age 75, by which age you must use the value of your Retirement Account to buy an annuity or transfer to another pension provider.
Start from £200 a month, or make a £10,000 single payment (after tax relief has been added)
Transparency of charging – service, investment and advice charges are shown separately
Access to an extensive range of investments
Bring together all your existing pension plans in one place
Online access can give you more control over how you save and get an up-to-date valuation
Pay regular or single payments to your Retirement Account. If you’re employed, your employer can also contribute
Choose your retirement age – anytime between the ages of 55 and 75. You can take your benefits by:
moving (designating) part or all of the value of your Account from Retirement Planning to Retirement Income
using the value of your Account to buy one or more annuities, from us or another annuity provider
On purchasing an annuity or designating, you can normally take part of the value of your Account as a tax free cash sum
You can still continue to invest whilst also taking an income.


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