TAKING MONEY FROM YOUR PENSION

You can usually start taking money from your pension when you reach age 55. This will increase to 57 in 2028. You may be able to access your money earlier if you can't work because of ill health. Or if you have a protected pension age on the pension you're transferring into.
 

Have you had any guidance or advice?

Choosing how to take money from your pension is a big decision. So we recommend you get some guidance or advice. Here's how they can help you.
 

Guidance

You can get free and impartial guidance from the government's Pension Wise service. It's provided by MoneyHelper and gives guidance on the phone.

If you want to use the service, we can arrange your appointment with a Pension Wise specialist. They'll talk through your options and help you to make an informed decision. At the appointment, you'll discuss:
 

  • pension transfer basics
  • why you want to transfer your pension
  • your pension and retirement options
  • the tax on each option
  • what you might want to do next.
     

Advice

You can get advice about your pension from a financial adviser. They'll talk to you about your current situation and your future plans. They can then recommend what they think could be best for you based on your needs. Advisers will normally charge for advice.

Guidance from Pension Wise

Let us set up your free Pension Wise appointment

If you'd like us to book an appointment with Pension Wise at a time that suits you, call us on:
0345 601 2585
We’re open Monday-Friday, 9am-5pm.

 

Book online

If it’s easier, you can make your own appointment with Pension Wise. To find out more or to book directly with them, visit the MoneyHelper website.
 

If you still want to transfer your pension after speaking to Pension Wise, just come back to this website.
 

Advice from a financial adviser

A financial adviser can recommend the pension option they think could be best for you based on your needs. You can find out how to get a financial adviser on the Scottish Widows website. Advisers will normally charge for advice.
 

If you still want to transfer your pension after getting advice, just come back to this website.

Has anything changed?

It’s great that you’ve had some guidance. But if your circumstances have changed, it might be worth speaking to Pension Wise again. You don't have to though.
 

If you’d like us to book you a free appointment with Pension Wise, call us on 0345 601 2585. Lines are open Monday-Friday, 9am-5pm.
 

If it’s easier, you can make your own appointment on the MoneyHelper website.

If you’re happy with the guidance you’ve had, you can continue with your transfer application.

Has anything changed?

It's great that you've had some advice. But if your circumstances have changed, it might be worth speaking to your financial adviser again.

Remember you can get free and impartial guidance from the government's Pension Wise service. It's provided by MoneyHelper and gives guidance by phone.

If you’d like us to book you a free appointment with Pension Wise, call us on 0345 601 2585. Lines are open Monday-Friday, 9am-5pm.

If it’s easier, you can make your own appointment on the MoneyHelper website.

If you’re happy with the advice you've had, you can continue with your transfer application.


Are you sure you want to continue without guidance or advice?

You don’t have to have guidance or advice. But they could help you make an informed decision.
 

If you’d like us to book you a free appointment with Pension Wise, call us on 0345 601 2585. Lines are open Monday-Friday, 9am-5pm.
 

If it’s easier, you can make your own appointment on the MoneyHelper website.

You can find out how to get a financial adviser on the Scottish Widows website. A financial adviser can recommend what could be best for you based on your needs. Advisers will normally charge for advice.

If you’re happy to go ahead without any guidance or advice, you can continue with your transfer application.

About You

Step 1 of 4 First, tell us about you. We’ll use these details to confirm who you are.

Please type your title below
Age in Months
Age
If you're planning to take your pension in less than a year from now, you cannot set up online. If you are transferring in from an existing LBG Pension, call us on 0345 601 2585 Monday-Friday 9am-5pm to discuss your retirement options.
We’ll use your mobile number to stay in touch about your transfer by text.
Please note, we'll only use this to keep in touch with you during the transfer process.

Read Scottish Widows' privacy notice for information on how they use your personal details.

Pension Details

Step 2 of 4 Here, we ask about the pension you’d like to move to us. This is so we can get in touch with your other provider and start the process. If you’d like to transfer more than one pension, you can add more details below.
 

Pension 1

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 2

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 3

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 4

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 5

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 6

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 7

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 8

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 9

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£

Pension 10

What this is

This may be the name of your employer. If you have a personal pension, type ‘individual’ here.

You can find this on your annual statements. This is not the same as a scheme name.
We can only accept whole pensions, not part of a pension. These should add up to at least £10,000.
£
Total Pension Value

The total value of the pension pots you want to transfer: ##total-pension-value##

Investment and pension options

We now need you to choose how much risk you want to take and how you want to take your pension when you retire.

If you’re not sure about selecting your own investment risk and pension options, you can choose our default investment option. Like our other Governed Investment Strategies, it aims to achieve capital growth over the longer term.

It is not personalised but may suit the aims and needs of a typical customer with a balanced risk profile who is investing for the longer term and is likely to take a flexible income in retirement.

Don't worry, you can change how your money is invested and how you plan to take your pension if something changes in the future.

Do you want to pick an investment option based on your own wants and needs for retirement? Or would you prefer to choose the default investment option?

How much risk do you want to take? Remind me of my options

How do you want to take your pension when you retire? Remind me of my options

You have chosen the default option, which is the Default Balanced Targeting Flexible Access GIS. When you’re ready, you’ll be able to take your income as and when you like (known as ‘ flexible drawdown’). Remember, you can always make changes to how your pension is invested and how you plan to take your income in future.

Check your details

Step 3 of 4 Please check the details you have given us below are correct. If you’d like to change any of these, you can do this by clicking the edit button below.

Check your personal details

Name:                                                             ##title## ##forname##  ##surname##

Gender:                                                          ##gender##

Date of Birth:                                                 ##day##/##month##/##year##

Nationality :                                                   ##nationality##

Marital Status:                                               ##maritalstatus##

Residency:                                                     ##residency##

National Insurance Number:                      ##nino##

Occupancy:                                                   ##occupancy##

Employment Status:                                    ##emplystatus##

Age you plan to retire:                                 ##retirementage##

Email:                                                             ##email##

Contact Number:                                          ##contactno##

Address:                                                         ##line1##, ##line2##, ##line3##

Post code:                                                      ##postcode##

Would you like to receive text message updates about the status of your application:  ##notto_to##

Check your pension details

Pension 1

Pension Provider:                                        ##pensionprovider1##

Scheme Name:                                            ##schemename1##

Policy, reference or  Plan No:                    ##referencepension1##

Approximate Value:                                    ##valuepension1##

 

Pension 2

Pension Provider:                                     ##pensionprovider2##

Scheme Name:                                         ##schemename2##

Policy, reference or  Plan No:                 ##referencepension2##

Approximate Value:                                 ##valuepension2##

Pension 3

Pension Provider:                                      ##pensionprovider3##

Scheme Name:                                          ##schemename3##

Policy, reference or  Plan No:                  ##referencepension3##

Approximate Value:                                  ##valuepension3##

 

Pension 4

Pension Provider:                                     ##pensionprovider4##

Scheme Name:                                         ##schemename4##

Policy, reference or  Plan No:                 ##referencepension4##

Approximate Value:                                 ##valuepension4##

 

Pension 5

Pension Provider:                                     ##pensionprovider5##

Scheme Name:                                         ##schemename5##

Policy, reference or  Plan No:            ##referencepension5##

Approximate Value:                                 ##valuepension5##

 

Pension 6

Pension Provider:                                      ##pensionprovider6##

Scheme Name:                                          ##schemename6##

Policy, reference or  Plan No:            ##referencepension6##

Approximate Value:                                 ##valuepension6##

 

Pension 7

Pension Provider:                                     ##pensionprovider7##

Scheme Name:                                          ##schemename7##

Policy, reference or  Plan No:            ##referencepension7##

Approximate Value:                                ##valuepension7##

 

Pension 8

Pension Provider:                                     ##pensionprovider8##

Scheme Name:                                         ##schemename8##

Policy, reference or  Plan No:            ##referencepension8##

Approximate Value:                                ##valuepension8##

 

Pension 9

Pension Provider:                                     ##pensionprovider9##

Scheme Name:                                          ##schemename9##

Policy, reference or  Plan No:            ##referencepension9##

Approximate Value:                               ##valuepension9##

 

Pension 10

Pension Provider:                                     ##pensionprovider10##

Scheme Name:                                         ##schemename10##                

Policy, reference or  Plan No:           ##referencepension10##

Approximate Value:                               ##valuepension10##

 

Total pension value :                 ##total-pension-value##

 

 

Check your investing options details

Investment option selected:                   ##pensionriskchoice##

Pension risk selected :                                ##pensionrisk##

Pension options selected:                        ##pensionoption##

 

Here, we take you through the small print


Step 4 of 4 Next, we need your permission to go ahead with the transfer. This part of the process is sometimes called a ‘declaration’.

What this section is for

What you tell us here will become part of your contract with us.

That's why, for legal reasons, we must give you some official wording. If you complete this form, you're letting us know that you agree with the statements below.

You’re also letting us know that you’ve checked if your other providers will charge you to transfer and if applicable you agree to pay those charges as part of your transfer.
 

If I'm transferring a Lloyds Banking Group pension:

The value of my plan is taken from the date I submit (or confirm) the transfer request.

I understand that if my pension has protected tax-free cash and (or) a protected retirement age, I'll lose these benefits. Scottish Widows will get in touch with me to confirm I want to go ahead and will not process the transfer until I do.

 

Declarations to Scottish Widows

When you set up a Retirement Account you'll have a policy issued in your name and become a member of the scheme. Scottish Widows manages (or 'administrates') the scheme and follows the responsibilities described in the rules of the scheme. 

The details you enter online are part of a new contract to set up a Retirement Account with us, along with the:

You'll get these documents in the post when your application is complete. The rules of the scheme are available on request.
 

You’re happy for us to start your transfer

I authorise, instruct and apply to the current provider to transfer sums and assets from the plan(s) as listed in this application directly to Scottish Widows and to provide any instructions and/or discharge required by any relevant third party to do so.

 

We can talk to your providers and your employers, and they can talk to us

I authorise Scottish Widows, the current provider, any contributing employer named in this application to obtain from each other, and release to each other, any information that may be required to enable the transfer of sums and assets to Scottish Widows.

 

You’re happy for us to ask a credit agency to check that your details are correct

I accept that in order to comply with regulatory obligations, Scottish Widows – and the current provider named in this application – may need to verify my identity and residential address, and may use credit reference agency searches and ask for my documents to verify my identity and address.

 

If you change your mind, we’ll send back the payment we received 

Until this application is accepted and complete, Scottish Widow’s responsibility is limited to the return of the total payment(s) to the current provider(s).

 

Once you’ve transferred to us, the income you’ll receive will come from us, not your old providers. 

When payment is made to Scottish Widows as instructed, this means that I shall no longer be entitled to receive pension benefits from the whole of the plan(s) listed in this application where the whole of the plan(s) is transferring, or that part of the plan(s) represented by the payment(s) if only part of the plan(s) is transferring.

 

You have reviewed information supplied by your current provider.

I have read any information provided or made available to me by the current provider(s) in connection with this transfer. 

 

You gave us the right details.

I accept responsibility in respect of any claims, losses, expenses, additional tax charges or any penalties that Scottish Widows and the current provider may incur as a result of any incorrect, untrue, or misleading information in this application or given by me, or on my behalf, or of any failure on my part to comply with any aspect of this application.

This includes where I have been asked to provide any original policy document(s) in return for the transfer of funds and I am unable to do so.

 

You’ve checked our transfer pages and there’s nothing to stop you applying.

I confirm I have read the information pages prior to the application and I

  • confirm that there is nothing to stop me applying; and
  • acknowledge and accept that Scottish Widows has provided me with details of the kind of options, benefits, guarantees and protections that could be lost if I proceed with the transfer(s).

I confirm the current plan(s) are not subject to any existing or proposed trustee in bankruptcy orders, or earmarking or pension sharing orders, or other receiving orders.

I confirm the pensions to be transferred have not arisen from ‘disqualifying’ pension credits.

I confirm that I'm a UK resident.

 

If you’re setting up pension contributions now or in the future. 

I declare that;

  • for the purposes of obtaining tax relief to which I’m entitled to under section 188 of the Finance Act 2004, total contributions paid by me, or by another individual on my behalf, to the Scheme, and any other registered pension schemes of which I am a member, will not in any tax year, exceed the higher of the basic amount (currently £3,600 gross), and 100% of my relevant UK earnings.
  • contributions paid by me, or by another individual on my behalf, which are paid net of basic rate tax, will change if the basic rate of tax changes, to maintain the then total contribution to the Scheme.
  • I will inform Scottish Widows if I am no longer entitled to receive tax relief on my contributions to the Scheme. I will do so by the later of:

    - 5th April in the tax year in which I ceased to be entitled to tax relief; and
    - 30 days after the date I ceased to be entitled to tax relief. 

  •  I will inform Scottish Widows within 30 days if:

    - my employment status, or my employer, should change from that indicated in this application, or
    - I stop residing in the United Kingdom.

This declaration and the particulars given in this application are, to the best of my knowledge and belief, correct and complete.

 

What happens next?

When you submit this form, you’re confirming you’ve been told the following:

  • Your transfer payment and any contributions you decide to pay in the future will be invested in a life-styling strategy, based on the information you supplied in the application form. You’ll have the option to change how you pension is invested in the future should you wish.
  • When you transfer your pensions in full to us, your pensions with the transferring provider and which relates to this transfer will be closed.
  • We’re not giving you financial advice during this process.
  • You have the right to change your mind, this means:
  • If you change your mind about transferring your pension, you’ll tell Scottish Widows within 30 days of receiving your confirmation documents in the post. Scottish Widows will have to return your pensions to your previous providers.
  • If your previous providers do not accept your pensions back, you might have to set up a new policy.
  • It's my responsibility to find out whether my previous pensions have valuable benefits I could lose if I transfer them.

 

Marketing Preferences

We would like to keep you up to date on products and offers that may be of interest to you. Please select how you would like to hear from us below. These choices won't affect any necessary information we need to send you such as statements and, don't worry, you can change your mind and update your preferences at any time.

As we develop mobile applications you'll receive relevant notifications to your mobile device

By saying yes, you are giving consent for Scottish Widows to use your personal information to send you relevant offers and information about our products. Scottish Widows Includes the following legal entities: Scottish Widows Ltd. Scottish Widows Unit Trust Managers Limited, Scottish Widows Administration Services Limited and HBOS Investment Fund Managers Limited. Occasionally we will send you selected offers from other companies within Lloyds Banking Group that may be relevant to you.

I confirm I have read the above and would like to go ahead with this application.