Access Keys




Existing members

What’s new with you?

Life can change from day to day. Some things can affect your current or future finances. So, now and again it makes sense to review your pension and see if it’s likely to be affected by anything that’s new or different in your life.

To help you plan your pension here's some examples of possible changes to your circumstances:

I’ve got a promotion or a pay rise

If your payments are a percentage of your earnings, your payments will automatically go up in line with your new income.

However, if you are paying a fixed monetary amount, or have index-linked payments, you can opt to increase them if you can afford to pay in more.

For example: For every £80 you pay in, HMRC pays in £20 to your pension and if you're a higher rate taxpayer it could be even more. Even topping up your pension by £20 a month can make a difference.

Use our 'What if?' calculator to see how much increasing your regular monthly payments can make to your pension. Please note: You need to be registered to use our secure online services to access the calculator.

The Money Advice Service, which provides free and impartial advice, also has a useful calculator which you can use to see how topping up your pension can make a difference.

BACK TO TOP

How do I make regular or single lump sum payments to top up my pension?

Regular payments: contact your employer's HR department and they will arrange this for you.

Single lump sum payments: you can make one off payments at any time by:

  • Contacting your employer HR department to arrange this for you.
  • Making a cheque payable to Scottish Widows, with your name and pension plan number written on the back and send to:

    Corporate Pensions
    Scottish Widows
    15 Dalkeith Road
    Edinburgh
    EH16 5BU

  • Make a single payment online using our secure online service. Click on Policy Administration and select 'Make a single payment' under the 'Manage Payments' section.

    If you don't have access to our online services, you can register today.

  • Online bank transfer. Phone our Member services on: 0345 755 6557 * Opening hours: Mon to Fri 8am-6pm

BACK TO TOP

I've got a bonus, won or inherited some money

If you'd like to put some of this money into your pension, you can.

Also, did you know that if you get a bonus you could pay this straight into your pension via your employer's salary sacrifice scheme and you would not pay any tax or national insurance on it?

Use our 'What if?' calculator to see how much adding a lump sum payment can make to your pension. Please note: You need to be registered to use our secure online services to access the calculator.

The Money Advice Service, which provides free and impartial advice, also has a useful calculator which you can use to see how topping up your pension can make a difference.

If you want to top up your pension, click here to find out how.

BACK TO TOP

I’m having a baby

If your employer is paying in, or deducting your payments from your salary, ask them what will happen while you are on maternity leave.

The payments may continue while you’re receiving maternity pay, and then stop.

If payments stop, you can opt to pay money from your own bank account. If you can’t afford to do this, anyone else (eg a partner or parent) can pay in on your behalf or you could reduce your payments or simply stop them for a time.

To alter your payments use our online services, or contact us.

Reducing or stopping your payments would normally result in a lower income when you retire. If you plan to do this, please speak to your employer to see if their payments to your plan will be affected as a result.

Our ‘What if?’ calculator will show you how much difference various changes could make.

BACK TO TOP

I’m getting married

Whether married or single, your need for a retirement income is not likely to change.

If your partner is a high wage earner and you’re not, they may want to help by paying some money into your pension.

Or if finances are tight with the wedding and honeymoon to pay for, you could reduce your payments for while.

To alter your payments, or change your name on marriage, use our online services, or contact us.

Reducing or stopping your payments would normally result in a smaller pension pot when you decide to take your benefits. If you plan to do this, please speak to your employer to see if their payments to your plan will be affected as a result.

Increasing your payments could result in a higher retirement income.

Our ‘What if?’ calculator will show you how much difference various changes could make.

BACK TO TOP

My mum/dad/partner wants to help me save

It’s easy to arrange for other payments to your plan.

Regular monthly or yearly payments

If the person has a bank account, they’ll need to set up a direct debit for the amount they want to pay each month. The payment can be a fixed amount, or one that automatically goes up each year by:

  • A percentage amount, they can choose anything from 1–10%
  • Inflation, as measured by the Retail Prices Index
  • Average earnings, as measured by the Average Weekly Earnings Index

Lump sum payments

Alternatively, they can make one-off payments at any time, by cheque payable to Scottish Widows, with your name and pension plan number written on the back.

To find out more, please contact us.

Our ‘What if?’ calculator will show you how much difference extra payments could make.

BACK TO TOP

I’m taking time out to travel

There are a number of options. What you choose to do may depend on whether or not:

  • You intend to go back to your old job afterwards, or find a new employer
  • You can afford to keep paying in while you’re not working, or perhaps someone else will contribute for you while you’re away (eg a parent or partner).
  • You’ll be away for more than a full tax year – if you’re not classed as living in the UK, payments may need to stop until you return.

If you’re not working, your employer’s payments will stop. Reducing or stopping your payments would normally result in a smaller pension pot when you decide to take your benefits.

To find out more, please contact us.

Our ‘What if?’ calculator will show you how much difference various changes could make.

BACK TO TOP

I’m going to emigrate/live abroad

If you’re not classed as living in the UK, payments into your plan may need to stop within a certain period after leaving the country, but there could be some exceptions.

However, the money already built up in your plan can remain invested until you decide when to take your benefits, and we will continue to deduct our yearly charge.

Payments made to you from your plan may be taxed differently, depending on where you are living when you receive them.

To find out more, please contact us.

BACK TO TOP

I’m no longer working for the company

You can still pay into the pension plan, even if you have left employment. By continuing to contribute to your existing plan, you may be in a position to take your benefits earlier or have a better lifestyle.

Existing employer-related payments

Your current employer will stop paying in and any payments they deduct from your salary will also stop when you leave their employment.

Existing payments from your bank account

These will continue as normal, if you want them to. If you’re not currently paying anything by this route, you can start payments at any time.
There is an additional benefit to paying into your plan, which is that basic rate tax relief, currently 20%*, will be invested in addition to any payment you make. Here is an example of how that might work.

You pay = £80
20% basic rate tax relief = £20
Total payment applied to your plan = £100

If you are a higher or additional rate taxpayer, you may be able to claim further tax relief via self-assessment.

Please note that employer payments do not qualify for tax relief. Tax treatment depends on your individual circumstances and tax rules, both of which may change.

* If you are a Scottish taxpayer the tax relief you will be entitled to will be at the Scottish Rate of income tax, which may be different from the rest of the UK in the future.

New employer

If you get a new job, your new employer may be able to start paying into this scheme if they wish. If they have their own scheme, you may be able to join it. You can pay into both pensions if you wish.

Reducing or stopping your payments

If you are out of work, you may want to consider reducing or stopping your payments for a time. Doing this would normally result in a lower pension when you retire.

To find out more, please contact us.

BACK TO TOP

I’m getting divorced

You may be required to share your pension with your ex, as part of your divorce settlement.

There are three different ways this could be done and your solicitor or financial adviser can advise you about this.

BACK TO TOP

My partner’s died

If money is tight for a while or you are unable to work while you are in mourning, you can decrease or stop your pension payments for a time.

Once you feel ready, you may wish to take financial advice to make sure you’re making the best decisions for your future.

Reducing or stopping your payments would normally result in a lower pension when you retire.

If you’re planning to do this please speak to your employer first to see if their payments would be affected as a result.

To find out more, please contact us.

Our ‘What if?’ calculator will show you how much difference various changes could make.

BACK TO TOP

I’ve got into debt

If you can’t afford your current pension payments, you can reduce or stop them. Please speak to your employer first, to see if their payments would be affected as a result. Paying in less would normally result in a lower income when you decide to take your benefits.

To find out more, please contact us.

Our ‘What if?’ calculator will show you how much difference various changes could make.

BACK TO TOP

Taking your benefits soon