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Scottish Widows: Pension reviews

Name: Pension
Rating: 1.27 (60 reviews)

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1.17

Based on 60 reviews, last reviewed 28th Feb 2024

No new 5 star reviews

in the past 90 days

No new 1 star reviews

in the past 90 days

4 star

3 star

2 star

93%

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

No customer service. Ignore ombudsman decisions I totally agree with Rob and Dave. I first wrote over a year ago to Scottish widows and have yet to have them engage with me and implement the financi... Read more Reviewed on: 28th February 2024

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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!

Scottish Widows Pension reviews (60)

Review of the Scottish Widows, Pension:

Amazingly poor performance

I get that the markets have been less than optimal over the past two years, however SW have completely amazed me with their inability to adapt as other providers have (I have other pots that have not been as bad as these guys). By bad, I mean I have been putting over 3k/month into the pension over the past two years and basically that 3k/month has pretty much been eaten up by the incompetent monster. Shockingly bad, however no choice as this is a company scheme. Actually working out how to ditch them. Reviewed on: 16th April 2023

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

Pension Ponzi Scheme - Scottish Widows steals pensions

Work placed pension switched from Fidelity to this thieving company in April 2021. Since then Scottish Widows has stolen 37% of my contributions and overall my pension pot is 10% down in one year. Please do not use this company for a pension. If you do you will find you have far less after giving them money. Utter criminals Reviewed on: 23rd June 2022

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

Pension lost 8%

I have 2 pension pots my large one is with the Prudential which is still performing at around a 4.8% return. My second pension pot is the smaller and with Scottish Widows. This is currently returning a loss of around -1.9% and has caused me to lose slightly over 8% in the last 4 months. So glad that the Scottish Widows pension is only a small one and not one on which I rely. Reviewed on: 4th May 2022

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