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Review of the Scottish Widows, Pension:

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Follow up

Scottish Widows have been appalling and like Jaq I am stressed beyond a state I would ever wish upon anyone. Their ability to take a significant pension pot and reduce it so substantially in a few months despite the pot being in their supposedly managed and balanced funds leaves me incredulous. Yet still they take their fees and I read below that some folk in their Pension Protector funds have been even more badly affected than I am. I complained to the ombudsman who quoted (the tired old) "Investments can go up as well as down" well sorry very much to the ombudsman investigator but a fund named Pension Protector losing 35% of someone's 30 year accumulated pension, in less than a year, sounds very much like misleading advertising or incompetence. Write to your MP and highlight your concerns with Scottish Widows Pension mis-management as well as the Ombudsman. I have updated my complaint with the Ombudsman to one of a wider concern that SW are misleading people deliberately with their naming of Pension Funds and that adding a disclaimer that funds named as "Pension Protector" losing 35% of value in a year is not realistic performance from a professional pension provider. Either Scottish Widows are incompetent as a pension provider or they are deliberately misleading customers? They should be held to account, at the very least other folk should be warned of Scottish Widows as pension providers shortcomings and avoid them as a Pension Provider altogether / at all costs. I remain shocked and disappointed that Scottish Widows are allowed to perform this badly and the ombudsman currently appears to be somewhat toothless. I am hopeful that changing the tack of the complaint to SW false advertising/ mis-selling may help give the Ombudsman some leverage. Reviewed on: 21st September 2022

Review of the Scottish Widows, Pension:

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Scottish Widows are shockingly bad

I'm 56 and I was considering drawing down some funds this year. I had planned and hence I moved my Scottish Widows Uk stock market tracker pension to their balanced and supposedly lower risk Pension Portfolio 2 and 4 Series 2 in Nov 21 trusting those clever SW manager folk (led by Philip chandler) to protect the pension pot I had with them. Now in May 2022 they have lost a £1000 a week in their lower risk funds -??? I have complained to Scottish Widows who responded Brexit has impacted fund values (sorry I do not accept from Nov 21 to May 22 brexit has caused them to lose my fund £1000 a week from their managed balanced and lower risk funds what a ridiculous response) So I have complained now to the Ombudsman. Will update with any developments but my view is do not go near Scottish Widows as a pension manager. See update above I am hoping to meet my local MP next two weeks to raise these concerns Reviewed on: 22nd May 2022

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