Step 1 - Things to Consider

When you’re deciding whether transferring a pension is right for you, there are a few things you need to consider.

Contributions and benefits

Once you have transferred from the old scheme all contributions will stop and any benefits will be lost. However, remember that the pension which you’re transferring into also has benefits so it’s important you compare them to see what is best for you to do.

Keep in mind

  • Have the pensions you’re looking to move got any features or benefits which would be lost if you transfer, such as a Guaranteed Annuity Rate, or life cover?
  • Will there be any exit penalties if you leave?
  • Do the investment options meet your needs?
  • You may not wish to have 'all your eggs in just one pension provider's basket'. You may feel more comfortable spreading the risk across more than one provider
  • Each previous pension plan that you wish to transfer using this service will need to be transferred in full (if you wish to do a partial transfer please contact a financial adviser).

Benefits of transferring your pension

  • Consolidating your pension means fewer statements to keep an eye on, fewer and potentially lower management charges
  • We don't charge to transfer your other pensions to us
  • If you qualify, you can do the transfer completely online and we’ll help you step by step
  • Your pension pot will be looked after by one of the largest pension providers in the UK who’ve been looking after people’s financial futures for over 200 years.

What you need to compare

We can help you with the questions you need to ask so you can make a comparison between the pension pot you want to transfer and your Scottish Widows Workplace Pension or Retirement Account.

Features and benefits

  • Defined benefit and final salary schemes
  • Guarantees
  • Tax-free cash
Read more

Pension value

  • What you need to compare
  • Compare your illustrations
Read more


  • Where will my money be invested?
  • Reviewing your investments
Read more


  • Transfer charges
  • Exit penalties
  • Other charges
Read more

If you originally bought your Retirement Account on an advised basis, please note the following:

By consolidating your pensions with us via this online process you are transacting on a non-advised basis. It's therefore strongly recommended that you inform your financial adviser of your intentions.

Your original adviser will receive a copy of the policy documents relating to each transaction.

What can be transferred?

You can use this service to consolidate other pension funds into the pre-retirement Planning section of your Retirement Account (you can still do this if all your funds are currently invested in Income).

If you are already taking an income from the pension you are looking to transfer or have moved money to drawdown with a view to doing so, you won’t be able to use our non-advised online service.

How your funds will be invested

We will initially invest the incoming transfer value into your Retirement Account in the same pre-retirement investment options as which you are currently invested (you can subsequently change this at any time).

Where all your funds are currently invested in the Income section of your Retirement Account the incoming transfer will initially be invested in Planning using the same investment options as your Income investments. You can subsequently change this at any time and you may wish to seek advice as to the suitability of this asset allocation.

If your Retirement Account holds self-invested options in Share Dealing, Discretionary Fund Management or in UK Commercial Property you cannot use our non-advised online service and you will need to seek professional financial advice before transferring.

Don’t have an adviser? How to find an Independent Financial Adviser.

Ongoing adviser payments

When setting up your Retirement Account you may have agreed to pay your financial adviser by means of ongoing fund based adviser charges or through ‘trail commission’ (where the amounts that your adviser receives are expressed as a percentage of the fund value).

If so, you should note that the pension funds you transfer into your Retirement Account will be aligned to these charging options in the same way. This means your adviser will receive increased payments after the transfer has been applied so we strongly suggest you speak to them before you transfer using this process.

More information?

A list of useful websites and contact numbers can be found in support.

Existing customers – What's next?

Once you know that transferring a pension into your Scottish Widows Workplace Pension or Retirement Account is right for you, you can now get ready to transfer.

Step 2 – Get ready to transfer

New customers – What's next?

Once you know that transferring a pension into a new Scottish Widows Retirement Account is right for you, you can now set up a Retirement Account.

How to set up a Retirement Account