Where this fits
Check an older Scottish Widows plan for protected tax-free cash before anything moves.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Scottish Widows is part of Lloyds Banking Group and runs workplace, personal and stakeholder pensions, a master trust and annuities. It makes no charge to transfer a plan away, but a with-profits plan can carry a market value reduction, and some older plans entitle you to more than 25% tax-free.
Scottish Widows Limited, on the FCA register under firm reference number 181655, part of Lloyds Banking Group. It also runs the Scottish Widows Master Trust, authorised by The Pensions Regulator.
Scottish Widows does not publish a workplace default charge on its public site. For other plans it refers you to your policy documents or its pension helpdesk. Its own new pension, the Retirement Account, has a service charge and an investment charge set out in its guide.
Scottish Widows says it makes no charge to transfer a plan to another provider, but a market value reduction could apply if you are in with-profits.
It also says that if you have a protected tax-free lump sum, or applied to HMRC for certain protections, you may be entitled to more than 25% tax-free. Both need checking before anything moves, because a transfer can lose them.
No Scottish Widows charge applies to a transfer out, subject to any market value reduction on with-profits.
Checked on 2 October 2026 against scottishwidows.co.uk, the FCA register and The Pensions Regulator's list of master trusts. Phone numbers, charges and options change, so check the provider's own site before you act.
Protected tax-free cash belongs to the plan. Move the plan carelessly and the protection can stay behind.
Scottish Widows says it does not, though a market value reduction could apply to with-profits.
Possibly, if the plan carries a protected tax-free lump sum or you hold an HMRC protection. Your policy documents or Scottish Widows can confirm it.
Lloyds Banking Group.
Check an older Scottish Widows plan for protected tax-free cash before anything moves.
Independent Financial Adviser
Independent Financial Adviser
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