Scottish Widows Retirement Account

Last updated: 21st February 2023

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


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


Transfer out fee


In-specie transfer in fee


Taking Benefits


Additional Income Drawdown fees


Annuity purchase fee


Payment of death benefits fee


Other fees

Governed Investment Strategies - a maximum management charge of 0.2% a year, depending on how you take your pension when you retire


Access: Direct or via IFA


Online capability


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


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


Sale fee


Annual property administration fee


VAT registration fee


VAT return fees


Other fees


SIPP Bank Account

SIPP bank account provider


Current interest rate



Scheme trustees

Scottish Widows Trustees Ltd

Scheme administrator

Scottish Widows

Minimum contributions

Regular payments

£200 gross per month
£2,400 as a regular annual premium.

Transfers/Single Premiums


Min additional

Once pension set up:
Transfer £2,000
Single £2,000
Yearly £600
Monthly £50

Company Information


Scottish Widows Ltd

Year established


Funds under administration


Number of SIPPs administered


Defaqto rating

Four Stars


Accepts benefits from defined benefit / final salary schemes?

Yes, only if IFA advised


Flexi-Access Drawdown/UFPLS offered


Scheme Pension offered




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.