Scottish Widows Retirement Account

SallyG

Found this from the launch blurb:
http://www.insidemoneytalk.com/news/sco/sco148.html
"A seamless designation process that allows assets to be moved into Retirement Income without being sold and repurchased Scottish Widows, today, announces the launch of Retirement Income - part of its flagship pension product, Retirement Account."
Are these features still different from/better than other provider's income drawdown deals or are all providers offering much the same process now?

dunstonh

Are these features still different from/better than other provider's income drawdown deals or are all providers offering much the same process now?

unsecured pension income is a generic feature and requirements are set down in law. The only differences will be the charges, funds offered and administration.

SW retirement account is fine apart from it uses pension funds for a number of the external funds rather than the real unit trust fund. Plus, its not the most cost effective option on a like for like basis.

SallyG

Thanks dh.
I'm trying to get a grip on drawdown basics before seeing drawdown IFAs - to max the benefit of taking advice.
Waiting for a new bespoke illustration from SW rep and seeing all SW funds are duds write-ups - and ???100% manager turnover - and speculation that the new Lloyds boss will sell SW... shifting sands.
I've given up on rushing for the 120% GAD window - taking my time, thinking about penalty free shipping out - looking for a low risk low charge 10% a year drawdown fund for my £125k a bit of a challenge - any nominations?

Gatser

SallyG wrote: »

Thanks dh.
I'm trying to get a grip on drawdown basics before seeing drawdown IFAs - to max the benefit of taking advice.
Waiting for a new bespoke illustration from SW rep and seeing all SW funds are duds write-ups - and ???100% manager turnover - and speculation that the new Lloyds boss will sell SW... shifting sands.
I've given up on rushing for the 120% GAD window - taking my time, thinking about penalty free shipping out - looking for a low risk low charge 10% a year drawdown fund for my £125k a bit of a challenge - any nominations?

Have you looked at the SIS CRA (Skandia Investment Solutions, Collective Retirement Account) ?
DH likes it so much he's got one himself!
...and I am looking seriously at it now.

Not a SIPP, but a very flexible personal pension.
What do you think?

Careful with those IFA's out there.... some want your blood!
You are very wise to get informed BEFORE talking to any IFA.