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.