Last updated 23 May 2019
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
Access: Direct or via IFA Both
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.
Commercial property Overseas 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 Intellectual property Brands / Trademarks Goodwill Third party loans
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%
Scheme trustees Scottish Widows Trustees Ltd
Scheme administrator Scottish Widows
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
Ownership Scottish Widows Ltd
Year established 1815
Funds under administration £9.6bn
Number of SIPPs administered 93,000
Defaqto rating Four Stars
Accepts benefits from defined benefit / final salary schemes? Yes, only if IFA advised
Flexi-Access Drawdown/UFPLS offered Yes
Scheme Pension offered No
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.