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Scottish Widows: Pension reviews

Name: Pension
Rating: 1.26 (62 reviews)

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1.16

Based on 62 reviews, last reviewed 21st Mar 2025

No new 5 star reviews

in the past 90 days

200% increase in 1 star reviews

in the past 90 days

4 star

3 star

2 star

94%

Latest highest rating:

5

Great customer and digital services Switched all my pensions to my workplace pension with Scottish Widows. Such a smooth process, I was kept well informed throughout. Their app is great,... Read more Reviewed on: 12th January 2022

Latest lowest rating:

1

Everything was a struggle. Everything was a struggle. Two GDPR breaches. Still pending information on why the plan performance was so dire. Reviewed on: 21st March 2025

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About this product

Scottish Widows pension reviews written by Smart Money People like you. For many of us, our pension is an important part of our financial future. Finding a pension provider that you can trust and rely on is a must for many people. Take a look at our Scottish Widows pension reviews to find out what life at Scottish Widows is really like. If you hold this pension, we'd love you to write an honest review here too!

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Scottish Widows Pension reviews (62)

Pension Protector?

The title suggests this will offer some protection to your investment. I have written 3 times to Scottish Widows asking for an explanation as to why they are moving my funds to this disastrous Pension Protector that has now lost 35% in the last 12 months. They are totally immune to the problem and the damage caused to those nearing retirement. Join me and make a complaint to the ombudsman- they cannot continue to falsely portray an image of financial expertise. Reviewed on: 12th September 2022

iT GETS WORSE

Scottish widows pension protedtor 2 has now lost 30% of it's value. Thsi company is rotten to the core Reviewed on: 5th September 2022

Devastating

Last year of pension supposed to be in ‘Fixed rate Interest’ low risk … have lost a quarter of my pension … They are now saying Fixed Interest doesn’t mean ‘Fixed Interest’ . Even the complaints guy has said he can’t understand why they would take my money from a well performing fund & put it into a worse performing one! Am onto ombudsman today but I was supposed to retire In April & literally a few months before it’s gone into free fall & you just can’t talk to anyone.. only some outsourced complaints company. 30 years & I’ve now pretty much got what I put in- would’ve been better under the mattress.. at least I could get it out… someone at Lloyds warned me it could be halved if I don’t act quickly … Can’t sleep.. stressed to Hell. Reviewed on: 5th September 2022

Shocking

My funds has dropped by 20%. I wrote and asked what has happended and what do 'fund managers' actually do? Took them a month to respond with a written shrug. Reviewed on: 30th August 2022

Invisible Fund Managers

I have been with this bunch of jokers for 10 years. They charge me an annual management fee and are doing nothing for it. Their so called Pension Protector with a so called "balanced risk" approach has lost 26% year on year. No warnings given and a couldn't care less attitude. Their fund managers living the high life are a disgrace and the big question is Where is their value? Lloyds CEO Charlie Nunn isn't interested. Do not go anywhere near this outdated firm. Reviewed on: 26th August 2022

Scottish Widows Avoid at all costs.

SW transferred 30% of my pension into cash. They charge for managing the fund and they pay 0% interest. Couple this with inflation at 12%. So what do SW do with the money, stick in in a cardboard box under the desk? I think not, they are using my money to make money and are charging me for the priviledge. Total scam however as they are part of Lloyds banking group why am I surprised. As to Pension Protector 2. SW had a clear warning that there was an issue with this scheme in 2021 when there was a sudden massive dip, which recovered, however the alarm bells should have gone off. SW did nothing. This scheme is now 25% down and there is no guarantee that it has hit rock bottom or the time scale for any meaningful recovery Normally a balanced portfolio would be considered to be 60% stocks 40% bonds. SW transferred my money into 60% Bonds 40% cash. They clearly take no notice of the mantra that they trot out "past performance is no guarantee of future returns". Their total complacency has cost me dear. SW has not managed my money in a professional way, incompetent would be my word of choice. I am now working an extra year to make up the shortfall. I should have retired a month ago. Reviewed on: 9th August 2022

Loss at 25.76% for Scottish Widows Pension Protector in 2022

Figures for 2022 are 25.76% loss on Scottish Widows Pension Protector, 11.01% loss on pension portfolio 4 and a 0.64% loss on cash. That is, a 13% loss of the pension protector over 5 years. Even given the current economic climate, this instills almost no confidence that Scottish Widows will actively manage your pension money in your interests appropriately. Putting too high a proportion of the pension pot in a seriously failing so called 'Scottish Widows pension protector' has resulted in a disastrous year that is completely unnecessary Reviewed on: 19th July 2022

Shockingly poor performance

My policy has gone down in value by over 20%. Some of it was invested in Pension Protector which has performed very badly. I spoke to a customer services rep and there are no plans to review it. very poor. Reviewed on: 15th July 2022

Won't give me my money

I've tried a number of times over the years to cash in this policy, worth maybe £5000. They kept putting obstacles in the way, but this year I've followed it all the way through, and they just won't pay out. AVOID AT ALL COST! Reviewed on: 8th July 2022

Worst company ever

No one has product knowledge, no one takes responsibility all blaming another "team' nor do they believe in time scales no one is capable of using a phone to make promised call back. I have spoke to a lot of people and all say something different most of it completely fabricated rubbish. Two months since requesting a drawdown on pension I am still waiting for funds. Reviewed on: 29th June 2022

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