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Ian R

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Review of the Scottish Widows, Pension:

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Are Scottish Widows a bunch of crooks.

Are Scottish Widows a bunch of crooks. Due to overseas travel I missed my 75 birthday nomination of how to select how to move forward with my investment. I received a letter from the stating my investment would be put into an annuity. There was no terms and condition of the annuity and as I was 75 YO with COPD and a very short life expectancy with no option to nominate my wife as a beneficiary this appeared to me as a way for them to benefit of my death. My pension investment as of 14 September 2024 stood at GBP169,080.80. I spoke by phone early October 2024 and advised I did not want an annuity and would like to full value reinvested. They agreed as there was a 30 day cooling off period type annuity would be cancelled. After near a year of emails, phone calls, etc, I finally received an email agreeing that the annuity would be cancelled and I could select how to move forward, annuity, full withdrawal with 25% tax free or 25% tax free and reinvest with future drawdown. I had a long conversation with one of the Retirement Hub team to discuss all the options 31 July 2025. After the call I received a very detailed email for Andrew Ralton which I had to sign electronially The email was very detailed and explained all the options available but any decision made was binding and irreversible. It was made clear I should take advice before making a final decision and links were included to HMRC, PensionWise and other bodies.During the call Andrew was kind enough to detail I would be entitled to GBP42, 270 but also other withdraws would be subject to full taxation. After a 3 week period to review and make a decision I made a further call today, 18 August 2025 spoke to a gentleman named Percy and was told my options were 1 - Annuity 2 - Full Pension Encashment ( with UK HMRC tax penalties) I am Spanish tax resident. 3 - Transferring to a different provider. I would not be entitled to 25% tax free allowance. I am totally at witts end with Scottish Widows, I believe they are in cahoots with HMRC and will do anything to prevent me having a relaxing pension. A warning to all others with a Scottish Widows pension, probably nominated by your employer, get your money out as soon as you reach 50 and invest with a reliable pension provider. If anyone has any idea how to get out of the quagmire I wiould appreciate any help. As any FYI, as the funds were put into an annuity account, no investment has happened since my 75 birthday and the pot is at the same amount, no increase over the past 11 months. Total ineptitude by Scottish Widows. Reviewed on: 19th August 2025

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