Scottish Widows launches website to help understand new retirement options

Scottish Widows has launched a new website to help customers explore and understand the options available to them as they approach retirement.

The website provides customers with clear, comprehensive and jargon-free information on all the choices announced in the Budget. Interactive case studies have been designed to help customers understand the choices available in scenarios that will reflect similar circumstances to their own.

In addition, the new website includes a calculator to help customers understand the tax implications of taking cash, plus information on both state and private pension benefits.

This will help empower customers to take advantage of the new freedoms on how pension savings are accessed to ensure they are fully aware of their options and what is most suitable for their circumstance.

The website signposts the new Guaranteed Guidance which the Government will be introducing in the coming months, however in the meantime, financial advisers can access the new retirement planning website and explore the various options with their clients.

Scottish Widows carried out extensive research throughout the development of the website, reviewing customer feedback and implementing changes to the design and content in order to directly address what they really wanted to know – such as a greater understanding on what benefits the state could provide.

In addition, the launch of the website coincides with the delivery of the six month wake-up packs currently being distributed to customers, helping them to ensure they are still on track with their retirement plans.

Robert Cochran, Pensions Development Manager at Scottish Widows said: “The new rules coming into effect in April 2015 should not change the retirement plans for the majority of our customers. However, there remains a lack of understanding and certainty about what the changes actually mean and how they affect individual circumstances. What we must collectively ensure does not happen is that customers rush in and make the wrong decision due to this lack of understanding.”

“We have therefore launched this new website in order to provide customers with a greater understanding of the new rules and help them make more informed decisions as they approach retirement.”

The new website is available to anyone and can be accessed here: scottishwidows.co.uk/retirementexplained