Scottish Widows Workplace Pension

You could transfer to a different pension plan with us or another provider.

Some of your existing pensions’ benefits and features might be valuable and could provide a significantly higher income in retirement. If you transfer, you’ll give these up. So, it’s worth checking before you apply.

Our free non-advised online service could help you make an informed decision, and you can use this to transfer other pensions to us.  You can also do this using our app and online services.

To transfer to another pension provider, get in touch with them first.

You’re able to take your benefits anytime between the age of 55 and 75, although the minimum age is set to increase to 57 in 2028. 

Visit our Retirement Options webpage for more information on the options available to you.

Salary Exchange (sometimes referred to as Salary Sacrifice) is an arrangement where you can exchange part of your earnings or bonus in return for an employer pension contribution.

As the salary is being ‘exchanged’ rather than paid, you won’t pay National Insurance Contributions (NICs) on the amount exchanged, giving you the potential to save money.

The exchanged amount can then be paid into your pension plan, which means that the money you’ve exchanged will be shown as an employer contribution in your benefit statements.

Find out how this works by watching our video and reading our guide (PDF, 262KB).

Every year we’ll send you an annual statement, which will tell you how much your pension is currently worth and what it could be worth at your selected retirement date. You can get an up-to-date valuation using our app, our online services or, by calling us for a valuation on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans. We're available Monday to Friday 9am to 5pm.

Unless you’ve chosen to change this, your pension will be invested in your scheme’s default investment option. This usually provides what is known as a lifestyling strategy.

A lifestyle strategy automatically moves from higher-risk investments in the early years, when you can normally afford to take more risk, to lower-risk investments, as you approach your selected retirement date. 

With newer lifestyle options, as you move closer to your retirement date, the investments you’re in will depend on the retirement option you selected. This could be cashing in your pension savings, buying an annuity to provide a guaranteed income for life, or remaining invested to draw an income when you want.

To find out if you're in a lifestyle strategy and how it's invested, look at your annual statement or give us a call on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans.

There are no charges for switching lifestyle options. 

Think about how much risk you’re willing or able to take with your investments as this can change over time.

You can invest in funds if you don’t want to invest in a lifestyle strategy.

You can find out more about these funds and other available funds at Scottish Widows Funds, Select Brand as Scottish Widows and and then one of the following: 

Pension Funds – Series 2

Pension Funds – Series CS7: Group Personal Pension starting after 01/10/2021. Scheme number starts with the letter “N”. Plan number starts with the prefix “SW”.

Pension Funds – Series CS8: Group Personal Pension starting after 31/07/2000. Scheme number has recently been changed to start with the letter “N”. Plan number has recently been changed to start with the prefix “SW”.

Pension Funds – Series CS9: If you have a Group Stakeholder Pension.

Scheme number starts with the letter “N”. Plan number starts with the prefix “SW”.

Here you’ll find fund factsheets, which give information about each fund and its aim - what the fund is trying to achieve by how it’s invested.

Consider the aims and risks of the funds and decide if these still meet your investment needs. See the fund charges on funds available to your plan.

Call us on 0345 755 6557 if your pension plan starts with SW and 0345 716 6733 for all other workplace pension plans for more details. We're available Monday to Friday 9am to 5pm.

It's important to:

• Remember that switching funds means moving the investment you have in one option to another.
• Remember the value of your investment isn’t guaranteed, it can go down as well as up. So, you might get back less than you invested.

The State Pension could be a big part of your retirement income when you can get this, which could be in your late 60s. See what you'll get, at what age you'll get it and whether making up for any missed National Insurance contributions might get you more.

We also have some calculators to help you to consider whether you should be saving more and if you’re on track to reach your goals.

Your retirement age is when you want to start taking benefits from your pension and you don’t have to stop working to do this. You’re normally able to take your benefits anytime between the age of 55 and 75, although the minimum age is set to increase to 57 in 2028.