Access Keys



Quick links


Individual Pensions

Individual Pension information

The good news is that you've started a pension, and are already preparing for your future. A pension is a straightforward way of saving for your retirement, and gives you the opportunity for tax-efficient growth on your investment.

Remember, your plan also allows you to:

  • Change your payments to stay in line with possible changing circumstances.
  • Control your investment strategy to reflect the amount of investment risk you are willing to take and your future income needs

The government has made major changes to how you can take your pension fund. When you retire, there's even more flexibility and choice over when and how you receive your benefits. You can read more about the new options available from age 55 here.

Even if you’ve currently got more pressing financial commitments, it's important that you regularly review your plan, and that's where Scottish Widows and your financial adviser can help.

The value of the tax benefits of your plan depends on your individual circumstances. Your circumstances and tax rules may change in the future.

Information about your product

Select your product below:

Topping up your plan

Topping up your pension plan is easy. You can increase the level of your existing regular payments, add an automatic increase option or add a single lump sum payment.

Alternatively, if you set up a Scottish Widows individual pension between 1993 and 2012 and want adviser charging functionality on your increments, you can set up a Personal Pension Top Up Plan. The Top Up Plan is also a personal pension plan, but has a range of adviser charging options to provide you with flexibility when it comes to paying for advice. (Retirement Account already has adviser charging options so you will not need to set up a new plan to access this functionality).

If you wish to increment your existing plan or set up new Top Up Plan, please read through your plan literature or look at the webpage for your product and then call us

  • Stakeholder and Personal pensions – 0345 716 6777* (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday)
  • Retirement Account – 0345 716 6733* (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday).

We'll answer any queries you may have if you don't have your plan literature to hand.

Or you can write to us with details of your plan and the amount you want to add (please include a cheque if you want to add a single lump sum payment). Please make your cheque payable to Scottish Widows, with your name and plan number written on the back.

When writing a cheque, it will help to prevent fraud if you include additional information on the Payee Line. For example "Scottish Widows re: your name, your reference policy number xxxyyz". Remember to draw a line through unused space on the cheque so extra numbers or names cannot be added.

You can use our quick pension calculator to give you an idea of how much you can put away each month to help you achieve your goal.

You should speak to your financial adviser if you need advice about saving for retirement. Your financial adviser may charge a fee.

The level of income or lump sum you receive from your pension plan will depend upon a number of factors including the value of the plan when you decide to take your pension, which isn't guaranteed and can go down as well as up. The value of your plan could fall below the amount(s) paid in.

Options at retirement

The government has made major changes to how you can take your pension fund. From age 55, you have more flexibility in how you take your fund.

Visit our new webpage dedicated to explaining the new pension options.

If you're nearing retirement, you can see a valuation for your pension fund on your most recent statement.

FAQs