Scottish Widows Won't Let Me Transfer My Pension

dunstonh

That seems unfair.

Not when you understand why.

I was able to transfer my pension funds from Scottish Widows on an execution only basis with Hargreaves Lansdown.

Firstly, HL are a direct to consumer provider. Scottish Widows are not. Secondly, the HL pension is individual whereas the one being transferred into is a group scheme. Thirdly, we dont know the type of pension you had and the OP is confused over their pension and whether it is a stakeholder or an AVC. AVCs being different to stakeholders.

I also recently purchased an annuity through Retirement Line who work on an non-advised basis. You don't have to take or pay for financial advice with them and they work with closely with Scottish Widows as a financial partner.

That was probably a more expensive way of doing it unless the annuity value was under £25,000. Annuities sold online use the commission method. When the value gets over £25k, you typically see the commission becoming higher than the fee that an IFA would charge. You did pay for what Retirement Line did as the commission is factored off the fund value. Just as the IFA fee would be factored off the fund value if you went on fee basis.

Plus, saving they workd with SW as a financial partner is marketing speak. It would be like me saying I work with every financial firm in the UK as a financial partner. Its BS marketing.