Scottish Widows Retirement Account
Last updated: 22nd June 2020
Charges VAT is not charged by Scottish Widows, although some partners linked to the Scottish Widows Retirement Account may charge VAT
Initial/Set up fee
None
Annual fee
The annual charge is calculated as a percentage of the total fund value:
£0 - £30,000, 0.90%
£30,000 - £50,000, 0.40%
£50,000 - £250,000, 0.30%
£250,000 - £500,000, 0.25%
£500,000 - £1,000,000, 0.20%
Above £1,000,000, 0.10%
Transfer in fee
None
Transfer out fee
None
In-specie transfer in fee
None
Taking Benefits
None
Additional Income Drawdown fees
None
Annuity purchase fee
None
Payment of death benefits fee
None
Other fees
None
Management
Access: Direct or via IFA
Both
Online capability
Details
Our online servicing facility for Retirement Account gives one of the fastest and most efficient ways to service accounts. We've developed a suite of online videos, FAQs and supporting guides to help you and your clients service Retirement Account online.
Online new business and increment illustrations are easy to use and where possible allow for the online submission of the application, reducing the amount of paperwork and removing any need for wet signatures. This signature-less journey extends to transfer business through the use of Origo Options Transfers. Where an online application isn’t appropriate our pre-populated application forms enable you to get business on the books quickly.
Our Portfolio Management Service provides a simple, online way of creating and managing your own ‘Adviser Portfolios’ made up of Scottish Widows Pension Funds and Fund Supermarket Funds for use with your Retirement Account customers.
Recently developed End State switching allows you to input the desired investment split for a customer and our system will calculate the sells, switches and buys required to achieve the “end state”.
We’ve also developed a range of online tools and calculators specifically for Retirement Account.
Permitted Investments
Commercial property
Unit trusts & OEICS
Via a limited range of platforms
External deposit accounts
Via a limited range of providers
Overseas listed stock and shares
Via a limited range of stockbrokers
UK listed stocks and shares
Via a limited range of stockbrokers
AIM shares
Via a limited range of stockbrokers
Gilts/corporate bonds
Via a limited range of stockbrokers
ETFs
Via a limited range of stockbrokers
Investment trusts
Via a limited range of stockbrokers
Discretionary management
Via a limited panel of managers
National Savings & Investments
Unlisted shares
Structured products
Via a panel of Discretionary Managers
Trustee Investment Plans
Insurance company funds
Hedge funds
Traded endowment plans
Third party loans
Property purchase
Purchase fee
None
Sale fee
£750
Annual property administration fee
Annual charge is calculated as a percentage of the property value:
£0 – < £100,000, 1.25% £100,000 – < £150,000, 0.80% £150,000 – < £200,000, 0.60% £200,000 – < £250,000, 0.45% £250,000 – < £300,000, 0.35% £300,000 – < £500,000, 0.25% £500,000 – < £750,000, 0.15% £750,000 and above, 0.10%
VAT registration fee
None
VAT return fees
None
Other fees
Arranging non-block insurance, £100
Arranging new lease / renewal of existing lease, £250
Property development and refurbishment, time costed
SIPP Bank Account
SIPP bank account provider
TBC
Current interest rate
0.35%
Structure
Scheme trustees
Scottish Widows Trustees Ltd
Scheme administrator
Scottish Widows
Minimum contributions
Regular payments
£200 gross per month or £2,400 as a regular annual premium. Where a regular payment is made at the same time as a Transfer or Single payment of at least £10,000 the minimum monthly regular payment reduces to £50 and for regular annual payments is £600.
Transfers/Single Premiums
£10,000. This minimum reduces to £2,000 where a regular payment of £200 per month or £2,400 annually is made at the same time.
Min additional
£50 gross per month for regular payments
£2,000 for single premiums
Company Information
Ownership
Scottish Widows Ltd
Year established
1815
Funds under administration
£9.6bn
Number of SIPPs administered
93,000
Defaqto rating
Four Stars
Transfers
Accepts benefits from defined benefit / final salary schemes?
Yes, only if IFA advised
Misc
Flexi-Access Drawdown/UFPLS offered
Yes
Scheme Pension offered
No
Notes
Disclaimer
The information within this section is for your general information purposes only and does not constitute investment advice. It is not an offer to purchase or sell any particular asset and it does not contain all of the information which an investor may require in order to make an investment decision. Please obtain professional advice before entering into any new arrangement. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of the information of this site.