Freedom Isn’t Free UK Personal Finance
Pensions
Scottish Widows Pension: A Plain Guide
The Scottish Widows pension is a defined contribution scheme, usually a workplace or personal pension: you (and an employer, if it is a workplace scheme) pay in, and the pot is invested in a default fund. Auto-enrolment default charges are capped at 0.75% a year. Scottish Widows is part of Lloyds Banking Group.
Scottish Widows pension at a glance
| Feature | Detail |
|---|---|
| Scheme type | Defined contribution (a pot you build, not a salary-based promise) |
| Common forms | A workplace group personal pension, or a personal / Retirement Saver pension |
| Owner | Part of Lloyds Banking Group |
| Default fund | Typically a lifestyle Pension Portfolio fund that gradually de-risks as you near retirement |
| Charge cap | 0.75% a year on the auto-enrolment default (statutory); workplace deals are often lower and vary by employer |
| Minimum contributions (workplace) | 8% of qualifying earnings (GBP 6,240 to GBP 50,270), of which at least 3% from the employer |
| Access age | 55, rising to 57 on 6 April 2028 |
| Manage it online | The Scottish Widows app or online account |
| Protection | FCA-regulated; how your savings are protected depends on the structure, and FSCS may apply if the provider fails - it does not cover investment losses |