Scottish widows workplace pension

greenglide

Is it not a case that SW have answered a question that is not that which the OP asked?


You have no choice as to which provider and scheme that is used, in this case SW however under normal circumstances the provider gives a choice of funds in which the money can be invested.


As they are not allowed to give advice you do need to phase questions very carefully. Asking which is the best option is something they can't answer.

xylophone

I wouldn't have been investing my pension savings in anything. My pension contributions used to just be put aside in previous employment schemes

Do you mean that you chose not to join previous schemes but saved the money in an account of your own?

Or that your employer's scheme permitted a "hold in cash" option?

What has happened to any previous pensions you may have had?

Have you obtained a new state pension forecast?

https://www.gov.uk/check-state-pension

xylophone

Ask again. What you describe does not match the product offered by SW through the workplace. Even the most restricted versions offer the portfolio funds numbered 1 to 4.

Is it possible that in this scheme all contributions are invest in this?

https://www.trustnet.com/factsheets/p/qg34/scottish-widows-pension-portfolio-three-pension-series-3

kinger101

OP - if you have your pension scheme details, you should be able to set up an online login for workplace pensions. You can then change the allocation to where your money goes, including selling portfolio 3 and buying something else.

It was simply a default choice selected by your employer. Most people don't bother to change it. It looks likes a reasonable choice for a default fund.

Personally, unless you're very close to retirement age I'd recommend you leave it be. You don't appear to be in a position to make a better choice. It unwise to think you can time the market based on the observation it's lost a bit of value at some point last year.