Compare our pension plans
Compare our pension plans at a glance
Our quick comparison chart shows you the key differences between our Retirement Account, Stakeholder and Personal Pension plans.
| Question | Retirement Account | Stakeholder Pensions | Personal Pensions |
|---|---|---|---|
| What is the minimum amount I can put in? | £200 a month or £2,400 a year (after tax relief is added) | £20 (before tax relief is added). | £100 a month or £1200 a year (after tax relief is added). |
| If I pay higher rate tax, do I get full tax relief? |  Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return.* |
Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return.* |
Yes, we claim basic rate tax relief on your behalf and add it to your plan. You reclaim the extra tax relief through your tax return.* |
| Is the plan flexible? | The Retirement Account prides itself on its flexibility, with a range of asset classes to choose from. You can change the amount you pay in, stop paying, then restart whenever you like, without any extra charges. |
You can change the amount you pay in, stop paying, then restart whenever you like, without any extra charges. |
You can change the amount you pay in, stop paying, then restart whenever you like, currently without any extra charges. |
| Can I transfer the plan to an employer’s pension scheme? | You can transfer the value of your plan to an employer’s scheme without charge. You can also transfer to other registered pension schemes. |
You can transfer the value of your plan to an employer’s scheme without charge. You can also transfer to other registered pension schemes. |
You can transfer the value of your plan to an employer’s scheme currently without charge. You can also transfer to other registered pension schemes. |
| What are the charges? | There are three main charges, which are unbundled and clear. So you can see what you are paying for and why. 1. Service charge (Scottish Widows manufacturing & administration costs) 2. Investment charge (management costs and investment related expenses) 3. Adviser payment charge (your payment to your adviser) |
Our annual charges are 1% of the fund value. If you apply online, a 20% reduction brings this charge down to 0.8%. |
Depending on how you choose to invest your money, there’s a range of annual charges. Details of these can be found in the product literature. |
| Is there an initial charge? | Yes, there can be some initial charges. |
 No |
No |
| Is there a maximum amount I can put in? | We can’t accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
We can’t accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
We can’t accept any payments from you that do not qualify for tax relief. Government rules limit tax relief to payments that do not exceed 100% of your relevant UK earnings, or £3,600 if higher, in each tax year. |
| Can I invest for a child or grandchild? | You can open a Retirement Account on behalf of a child from the day they are born. |
You can open a Stakeholder plan on behalf of a child from the day they are born. |
You can open a Personal Pension plan on behalf of a child from the day they are born. |
| Can I have one if I’m not working? | Yes, if you have no earnings you can pay up to £3600 gross each year. |
Yes, if you have no earnings you can pay up to £3600 gross each year. |
Yes, if you have no earnings you can pay up to £3600 gross each year. |
| Is there a choice of funds to invest in? | There are over 100 internally and externally managed pension investment funds you can choose from. You will also have access to over 1,000 funds through a Fund Supermarket Discretionary Fund Managers and be able to invest in commercial property. |
There are 35 pension investment funds available. If you don’t want to choose, there is a default investment option which initially invests in the Scottish Widows Consensus Fund. |
There are over 100 internally and externally managed pension investment funds you can choose from. |
* Tax charges may apply if the Government's Annual Allowance or Lifetimes Allowance is exceeded. A tax charge may also apply to some higher rate taxpayers if the Special Annual Allowance is exceeded.
Tax rules can change. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
