Scottish Widows reckon their re-vamped Retirement Account is a winner. It now incorporates their Retirement Income (income drawdown) plan. They also think it’s better than a self invested personal pension (Sipp) for consolidation. Here’s why they make these claims.
They have both their Retirement Planning (pre-retirement, as in pension saving) and their Retirement Income (post-retirement, as in annuities and unsecured pensions) offerings (all under one Retirement Account, which can hold both protected and non-protected rights.
They offer self investment via a unit-linked insurance fund (their Privately Managed Fund).
They have a unique Control Account which currently pays Bank of England Bank Base Rate.
Clearing and transactional accounts (very much like a bank account) are in place for all payments made to and from the Retirement Account.
There is total transparency on all costs, and all the manufacturing and administration costs are deducted through a simple Service Charge.
There is a dedicated servicing team for this account.
The Retirement Account is managed in-house through their Dedicated Retirement Account Servicing Team, and they aim to answer 80% of all calls within a 20 second time period. Also, 98% of new cases will be processed within 5 days.
Naturally, this contract is one of many pension options that might be appropriate for you.