Last updated23rd May 2017

Reviews

Read reviews for the Scottish Widows Retirement Account SIPP

Charges

VAT is not charged by Scottish Widows, although some partners linked to the Scottish Widows Retirement Account may charge VAT
Initial/Set up feeNone
Annual feeThe 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 feeNone
Transfer out feeNone
In-specie transfer in feeNone
Taking BenefitsNone
Additional Income Drawdown feesNone
Annuity purchase feeNone
Payment of death benefits feeNone
Other feesNone

Management

Access: Direct or via IFABoth

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.
Details

Permitted Investments

Commercial property
Overseas property
Unit trusts & OEICSVia a limited range of platforms
External deposit accounts
Overseas listed stock and sharesVia a limited range of stockbrokers
UK listed stocks and sharesVia a limited range of stockbrokers
AIM sharesVia a limited range of stockbrokers
Gilts/corporate bondsVia a limited range of stockbrokers
ETFsVia a limited range of stockbrokers
Investment trustsVia a limited range of stockbrokers
Discretionary managementVia 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
Intellectual property
Brands / Trademarks
Goodwill
Third party loans

Property purchase

Purchase feeNone
Sale fee£750
Annual property administration feeAnnual 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 feeNone
VAT return feesNone
Other feesArranging non-block insurance, £100

Arranging new lease / renewal of existing lease, £250

Property development and refurbishment, time costed

SIPP Bank Account

SIPP bank account providerMerrill Lynch Bank of America
Current interest rate0.1%

Structure

Scheme trusteesScottish Widows Trustees Ltd
Scheme administratorScottish 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

OwnershipScottish Widows Ltd
Year established1815
Funds under administration£9.6bn
Number of SIPPs administered93,000
Defaqto ratingFour Stars

Transfers

Accepts benefits from defined benefit / final salary schemes?Yes, only if IFA advised

Misc

Flexi-Access Drawdown/UFPLS offeredYes
Scheme Pension offeredNo
Notes

Need advice on your SIPP?

Contact our team of SIPP specialists today:

0115 933 8433

info@investmentsense.co.uk

Online enquiry form

Scottish Widows Retirement Account

Scottish Widows was founded way back in 1815 and is one of the most well recognised pension providers in the UK.

Scottish Widows currently manage over 90,000 Retirement Accounts on behalf of investors.

The Scottish Widows Retirement Account, which is available either through an Independent Financial Adviser or direct, offers access to a wide range of investments including commercial property in the UK, a fund supermarket, discretionary fund managers and directly held assets.

The mandated SIPP bank account is held with Merrill Lynch Bank of America and pays an interest rate of 0.1% per annum; the product does not allow access to third party bank accounts.