Lloyds Banking Group's pension arm, integrated with Lloyds and Halifax banking
Scottish Widows's charges are one part of the picture. Is your pension pot actually on track?
See if you're on trackFree to check. No card required. Takes about two minutes.
Scottish Widows runs pensions for millions of workplace savers and its modern Retirement Account starts at a competitive 0.25%. Integration with Lloyds Banking Group means Lloyds and Halifax customers can watch their pension next to their current account, which does wonders for engagement.
The name spans a century of products, though. If your Scottish Widows pension dates from before roughly 2010, it may be on much older terms, and comparing its actual charge against a modern alternative is worth an evening.
Best for: Lloyds, Halifax and Bank of Scotland customers who want their pension inside their banking app.
| Annual charge | 0.25% to 0.50% on the Retirement Account, depending on pot size and investments |
|---|---|
| Workplace scheme charge | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults |
| Fund charges | Vary by fund; older policies can carry total charges up to 1.5% |
| Contribution charge | None on modern products |
| Transfers in | Free |
| Drawdown | Included on the Retirement Account |
Verified July 2026 against Scottish Widows's published information. Workplace scheme terms vary, so check your own scheme documents.
Scottish Widows scores 4.6 out of 5 on Trustpilot (Excellent) from over 13,000 reviews.
Recent reviews praise professional, knowledgeable phone staff, and the rating has improved markedly in recent years.
Longer-standing complaints centre on transfer speed and the admin on older policies.
Scottish Widows's annual charge is 0.25% to 0.50% on the Retirement Account, depending on pot size and investments. Fund charges are vary by fund; older policies can carry total charges up to 1.5%. There is no charge on contributions. Charges verified July 2026 against Scottish Widows's published information.
Scottish Widows charges 0.25% to 0.50% on the Retirement Account, depending on pot size and investments. For context, the charge cap on an auto-enrolment workplace default fund is 0.75% a year. In a workplace scheme the charge is set by your employer's scheme, capped at 0.75% for auto-enrolment defaults. Modern Retirement Account pricing starts at 0.25%, but legacy personal pensions from earlier decades can cost far more. Check which product you actually hold.
Transfers in are free. Drawdown is included on the Retirement Account. UK providers cannot charge an early exit fee if you are 55 or over on a personal pension, and exit charges on other contracts are capped at 1%.
Scottish Widows scores 4.6 out of 5 on Trustpilot (Excellent) from over 13,000 reviews. Recent reviews praise professional, knowledgeable phone staff, and the rating has improved markedly in recent years. Longer-standing complaints centre on transfer speed and the admin on older policies. It suits lloyds, Halifax and Bank of Scotland customers who want their pension inside their banking app.
Your annual statement shows the charge as a percentage and, since 2018, providers must also show it in pounds and pence. Pension visibility inside the Lloyds, Halifax and Bank of Scotland apps is the standout convenience feature. If your pension came through an employer, the scheme booklet will state the charge your employer negotiated, which is often lower than the standard rate.
Considering a SIPP instead? Compare costs on our UK broker comparison, or read the SIPP guide.
Delphina pulls your pensions, ISAs and savings into one 30-year projection and shows you whether Scottish Widows and the rest of your money add up to the retirement you want.
Free to check. No card required. Takes about two minutes.
Pension transfers can be irreversible. This page is information, not financial advice.