Scottish Widows Bank

Scottish Widows Bank PLC

Phone: +44 0845 767 8910

Stakeholder Pensions

A Stakeholder Pension plan is designed to build up a sum of money in a tax-efficient way, to provide you with an income when you retire. As long as you are a UK resident you can start building up a private pension through our Stakeholder Pension plan to help give you a more secure and comfortable retirement.
You need to be a UK resident
You must normally be resident in the UK
You must be under age 75
Minimum age for online applications is 18, or 16 if you are employed
You can be an employee or self-employed
You can be already retired
Children, grandchildren and non-earners can have a stakeholder pension
You can apply even if you’re already a member of an employer’s scheme, or hold a personal pension.
1% Annual Management Charge
Get tax relief at your highest rate on your payments (subject to HM Revenue & Customs limits)
Stop, restart or change your payments without charge
Fully portable, you can still contribute if you move jobs or your employment status changes
Access to online features to check your pension pot and fund performance.
You can normally choose your retirement age – anytime from the age of 55.
At your selected pension date, you have a number of options to choose from:
You can use your fund to provide an immediate pension, giving you a regular taxable income for life
You can normally take up to 25% of your fund as a tax-free cash lump sum, using the balance of your fund to provide a (reduced) taxable pension for life
You can give up part of your pension, to provide a taxable pension for your husband, wife, registered civil partner or other dependent after you die
You can also choose whether you want your pension to remain level throughout your life or to increase automatically each year
You can delay buying your pension, but still take a taxable income by moving to Income Draw down.


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