Scottish Widows Pension drawdown

Steve16663

In my work some come to me and say can I ask a silly question, I always reply "If you knew the answer you wouldn't ask so there are not such thing as a silly questions only silly answers'.
If I knew the answer to my question I wouldn't be asking and really appreciate good guidance so thanks to those that will provide this.
By the way Ivkoto I think a better explanation would be if you invest in Bitcoin and it goes up then you can afford to buy a Lamborghini, therefore increase in bitcoin is referred to as Lampo if I'm correct

tiring33

Steve16663 said:

......there are fund within the lifestyle account but if I chose in this fund I presume the funds will still transfer to the lower returns rate funds instead.  

You should not be tied into Lifestyling, just give Scottish Widows a call and tell them to 'turn it off'.

Lifestyling was the default on the Scottish Widows pension I have with my current employer, I simply called them and they turned it off. I then told them what funds I wanted my existing pot and future contributions invested in. Very simple.

Steve16663

When you go to the SW site the fund invested is the lifestyle stratagem. Place the curser over this and select nothing happens unless the small + is under the curse then we reveal the funds within the fund (near enough hidden, the con artist) because it is so small.  This is then split between Mixed Asset Equity 50-80 / target Drawdown (Unless) / Money (empty) and Cash (small amount).
So my dilemma the other funds from SW web site outside this works lifestyle stratagem, are 36 pages with 25 pension funds on each page ( mind blowing frustration )

QrizB

Steve16663 said:

When you go to the SW site the fund invested is the lifestyle stratagem. Place the curser over this and select nothing happens unless the small + is under the curse then we reveal the funds within the fund (near enough hidden, the con artist) because it is so small.  This is then split between Mixed Asset Equity 50-80 / target Drawdown (Unless) / Money (empty) and Cash (small amount).
So my dilemma the other funds from SW web site outside this works lifestyle stratagem, are 36 pages with 25 pension funds on each page ( mind blowing frustration )

If you want to remain invested as you currently are, transfer your funds from the current Lifestyle strategem and into the Mixed Asset Equity 50-80 fund. You should find it somewhere in the list.

Or, if you want to invest elsewhere, there's probably a fund to suit. What are you looking for exactly?

Steve16663

Thanks QrizB, Although I already have funds in the 50-80 fund you mentioned, But SW informed me that I need to have two fund within this lifestyle fund, thought about the 80-100 but will they still transfer the funds into the lower returns if I switch within the fund or should I see if I transfer away from this fund arranged by the company but will I lose the better rates that the company has been able to provide.

QrizB

Steve16663 said:

Thanks QrizB, Although I already have funds in the 50-80 fund you mentioned, But SW informed me that I need to have two fund within this lifestyle fund, thought about the 80-100 but will they still transfer the funds into the lower returns if I switch within the fund or should I see if I transfer away from this fund arranged by the company but will I lose the better rates that the company has been able to provide.

I think you're confusing the lifestyle sceme with the investment funds it contains and with the Scottish Widows platform?

• The Llifestyle scheme contains several incvestment funds. The split of your money between those funds is set by Scottish Widows, moving from higher risk to lower risk as you approach your target retirement date.
• But - all the funds in the scheme should be available to you to buy via Scottish Widows but outside the  scheme. If you hold the funds outside the scheme, Scottish Widows won't then make any changes to your selection.
• There are also other funds available, 36 pages of them, if the ones in your lifestyle scheme don't appeal.
  
• All of this should be able to be done within your workplace pension, and will benefit from whatever fees arrangement your employer has struck.
  

Does that make sense?

Steve16663

Many Thank for clearing that for me QrizB much appreciated

tiring33

When you go to the SW site the fund invested is the lifestyle stratagem. Place the curser over this and select nothing happens unless the small + is under the curse then we reveal the funds within the fund (near enough hidden, the con artist) because it is so small.  This is then split between Mixed Asset Equity 50-80 / target Drawdown (Unless) / Money (empty) and Cash (small amount).
So my dilemma the other funds from SW web site outside this works lifestyle stratagem, are 36 pages with 25 pension funds on each page ( mind blowing frustration )

I think you're getting confused. The Lifestyle Strategy isn't a fund it's a process where your investments start off in a Default fund and then gets moved to lower risk funds as you approach retirement. If you don't like the fund you're currently in (sounds like you're in Scottish Widows Retirement Portfolio 50-80) and/or you don't want money to be transferred into lower risk funds as you approach retirement, then you can ask them to turn Lifestyling off. Your money will then just stay in this fund until you move it or withdraw it.

To decide whether the fund you're currently in is suitable for you (and if not what fund would be better), I'm afraid you have to do more research to understand what funds contain (Equities/Bonds etc) and how they perform (free online tools from Morningstar and Trustnet helps you compare). This takes some time and effort but is worthwhile if you want to fully understand how your money is, or should be, invested.

The other alternative is to pay an independent financial advisor to do it for you.

The link below is Trustnet's summary of the fund it sounds like you're currently in (this is a link to Series 4 of the fund, you may be in a different series - use the search in Trustnet to find your series of the fund).

https://www.trustnet.com/factsheets/P/NYMW/scottish-widows-retirement-portfolio-50-80-pn-series-2