Investments FAQs (Bonds)
Frequently Asked Questions (Onshore bonds)
What benefits do I have?
It's important to think about why you originally invested in your bond. It's designed to give you the potential for medium to long-term growth (at least five to ten years) and the flexibility to change your investment whenever you need to. It can also provide potentially tax-efficient regular withdrawals to supplement your income when you need it. This means the bond can adapt as your financial needs change.
How can I change where I'm invested?
You can do this by moving your investment from one or more funds to a different fund or funds. Your bond allows you to change where your money is invested. A wide range of funds is available for you to choose from. In certain circumstances there may be a delay in switching between investment funds and restrictions may apply. If your needs have changed, you can change the funds you're invested in.
I want to top up my investment, what should I do?
If you currently make regular payments into your bond and want to increase your payments, please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) to discuss further.
If you want to top up your bond with a lump sum, please call us on 0800 592925 (lines open Monday to Friday 8.30am – 6pm) to discuss further.
I need to change my bank account details for paying my premiums, what is the process?
If you currently make regular payments into your bond and want to change the account we collect your Direct Debit from, please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) to discuss further.
I have moved house, how do I update my address details?
To update your address, just send us a signed letter, quoting your Scottish Widows policy number with your new address. Or please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) to discuss further.
My circumstances have changed, who should I speak to?
Please speak to your usual financial adviser or call us on 0345 767 8910 (Open 9am to 8pm weekdays, 9am to 1pm Saturday). You can find an IFA in your area at www.unbiased.co.uk
I want to surrender my policy, what should I do?
If you want to surrender your policy, please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday). We can then discuss further and confirm next steps depending on your contract type.
Don't forget that you don't have to cash in all of your investment – you could take out just the money you need right now and leave the rest invested.
I want to reduce my payments, what should I do?
If you currently make regular payments into your bond and want to reduce your payments, please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) We can then discuss further and confirm next steps depending on your contract type.
I can't afford my premium, what do I do?
If you currently make regular payments into your bond and can't afford your premium, please call us on 0345 716 6777 (Open 8am to 6pm weekdays, 9am to 12.30pm Saturday) We can then discuss next steps depending on your contract type.
Why save in an investment plan?
Everyone's circumstance is different and there are many reasons to save:
- To protect you from life's uncertainties ('saving for a rainy day')
- For a special occasion (e.g. a wedding, child's education, holiday etc)
- To improve your quality of life when you retire.
There are also many different ways to save:
- A bank or building society deposit
- Buying individual stocks and shares ('playing the stockmarket')
- Investment products (eg OEICs and ISAs).
When deciding where to save, there are a number of 'rules' you need to consider:
- Don't put all your eggs in one basket. Make sure that you have different types of investments.
- You should always set aside some money that you can easily get your hands on, just in case something unexpected happens.
- Generally the better the return on offer, the higher the risk that you may lose some or all of your money.
- When taking out or buying an investment product, you should be prepared to save for the medium to long term (at least five to ten years) This can help average out the highs and lows of the stock markets.
- Our investment products have a variety of features such as fund switching, regular withdrawals, ad hoc withdrawals. Some products such as With-Profits Bonds also have valuable guarantees.
- You should also be aware of the tax implications should you consider withdrawing any money. We always recommend you seek advice if you believe your circumstances or investment goals have changed or you are considering taking any action on your policy. The value of the tax benefits of your plan depend on your individual circumstances. Your circumstances and tax rules may change in the future.
- In today's economic climate you can reduce the impact of the volatile markets by ensuring your investments are spread across different asset classes (see links below).
Scottish Widows investment products are produced to help you with your future savings.
When making any changes to your investments, you should seek financial advice. If you don't have a financial adviser, you can find one local to you by visiting www.unbiased.co.uk, who are responsible for promoting financial advice in the UK.
Find out more about market conditions and your investments.