interactive investor vs Scottish Widows
Don't settle for the pension you were given
Searching for a pension with lower fees and greater control? Discover why, every year, thousands of Scottish Widows customers are transferring their old workplace pensions to the ii Personal Pension (SIPP).
Important information: The ii SIPP is for people who want to make their own decisions when investing for retirement. As investment values can go down as well as up, you may end up with a retirement fund that’s worth less than what you invested. Usually, you won’t be able to withdraw your money until age 55 (57 from 2028). Before transferring your pension, check if you’ll be charged any exit fees and make sure you don't lose any valuable benefits such as guaranteed annuity rates, lower protected pension age or matching employer contributions. Tax treatment depends on your individual circumstances and may be subject to change in the future. If you’re unsure about opening a SIPP or transferring your pension(s), please speak to an authorised financial adviser.
Workplace pensions vs SIPPs: what’s the difference?
Got an old workplace pension, such as one from Scottish Widows?
If it’s part of a defined contribution scheme, it's probably sitting in a default fund - which may not match your goals, and could be quietly costing you more than you realise. Higher charges over time can leave you with less for your retirement.
Transferring to a Self-Invested Personal Pension (SIPP), like the ii Personal Pension, puts you back in control. Bring your old pensions together in one place, choose your own investments or let an expert manage it for you - all for one low, flat fee.
Take control of your pension today.
Why Scottish Widows customers transfer to the ii Personal Pension (SIPP)
Clear, simple, lower charges
With Scottish Widows’ percentage-based fees, you could be paying more for your pension.
At ii, we charge a low, flat monthly fee to keep all your investments, like your ISA and Trading Account, all under a one roof.
Wider investment choice
Under a workplace pension, you’re often limited to a default fund that might not be working as hard as it could for you.
By moving to an ii Personal Pension, you’ll have access to thousands of investment options – so you can choose what’s right for your retirement goals.
Enjoy flexible retirement
With the ii Personal Pension, you can choose from tax-free cash, income drawdown, lump sums, or a combination that meets your needs.
There are no additional charges when making pension withdrawals. You can also transfer pensions in drawdown to us.
Why Enzo moved from Scottish Widows to ii
"What was clear, initially, was that ii was recognised as one of the best SIPP providers”
After struggling with rigid platforms and limited investment choice at Scottish Widows and Aviva, Enzo decided it was time to switch — and ii was the clear standout option for him.
Flat fees vs percentage fees: why it matters
Scottish Widows, like many other pension providers, charge a percentage fee on your workplace pension. The impact? The more your pot grows, the more they take.
But a flat fee is clear, transparent, and simple, and can help you keep your pension costs low. What you save compounds, so your money has even more room to grow.
What you pay for the ii Personal Pension (SIPP) instead
Get access to our Personal Pension, Stocks & Shares ISA and Trading Account with every plan, all for one low, flat monthly fee.
Five years straight and we’re topping the table
Another year as a Which? Recommended SIPP Provider. This year, our service and low-cost fees have landed us on top with an overall score of 83% and a fees score of 86%.
Put your pension in an award-winning, low-cost SIPP designed to go the distance.
Ways you can invest in an ii Personal Pension (SIPP)
Manage your own investments
- Build a diversified portfolio with shares, investment trusts, bonds and funds. Invest in UK favourites, like Lloyds and BP, or global names such as Apple and Tesla
- And while you manage your investments yourself, our expert insights are always there if you need them
- All plans enjoy free regular investing - a cost-effective way to build your pension
Leave it to the experts
- If you prefer a ready-made option, then our Managed Portfolios may be for you
- We’ll match you to an investment portfolio that reflects the risk level you’re comfortable with, then look after your investments for you
- Please note, our Managed Portfolios aim to grow your pension over the long term. That's why you'll need to be at least 5 years away from taking money out of your pension
How to transfer from Scottish Widows to ii
If you’re new to ii, you can apply online in minutes. Simply join ii and select the account you want to open.
If you’re already with us, you can log in to add another account and begin your transfer from Scottish Widows.
If you don’t start your transfer while opening your pension, you can do so at anytime within your account.
When completing your transfer request, you’ll need to tell us a few important details, including:
- Your pension provider’s name and your pension policy/account number
- The value of your transfer and whether you’re transferring as cash or investments
- Whether you’ve accessed your pension already/if it's in drawdown
Once your transfer details are in, it’s time for you to sit back and relax. We’ll work with your current provider to move your pension to ii.
If we need any more information from you, we’ll be in touch. And your case handler will bring you regular updates as the transfer progresses.
It’s about making the right choice for you
The right choice depends on how you want to manage your pension, your pot size, and what fees you're comfortable with.
Transferring a pension to ii can be a good choice for many reasons. It can save you money, improve your investment options and give you greater flexibility with your retirement income.
But there are some important things to check and consider before you make your move.
Check 1: Will it cost you anything to transfer?
It’s always free to transfer to ii from our side. But be sure to check if Scottish Widows charges any exit fees or penalties.
Check 2: Will you lose any benefits by transferring?
Some pensions have special guarantees and benefits. Before transferring, make sure you won't lose any of the following:
- Guaranteed annuity rates
- Lower protected pension age
- Matching employer contributions
Check 3: Should you take pension advice before transferring?
If you’re unsure about transferring your pension(s), please speak to an authorised financial adviser who specialises in pensions. And if you’re over 50 and thinking about retiring soon, you can also book a free and impartial guidance session with Pension Wise, part of the government’s MoneyHelper service. They can help you understand your options and decide whether a transfer is right for you.
Have a question? Talk to our team
Call our award-winning UK-based Customer Support team on 0345 607 6001. You can reach one of our friendly SIPP specialists between 8am-4:30pm, Monday to Friday.
ii vs Scottish Widows FAQs
You may be a Scottish Widows customer without realising it. Over the years, it has taken over workplace pension schemes from other companies.
For example, many former Zurich UK workplace pensions, along with some older Clerical Medical and Halifax Financial Services schemes, are now managed by Scottish Widows.
To see exactly what you're paying, you’ll need to find your policy or plan number first. It can usually be found on your latest annual statement.
If you copy this combination into Scottish Widow’s cost and charges tracker, you’ll get more detail on your fees.
If you have an older workplace pension with Scottish Widows, it could be worth checking whether you're getting good value for money.
A Scottish Widows-appointed Independent Governance Committee (IGC) identified concerns about the investment performance, charges and servicing of around 149,000 older pension plans, including some with-profits funds and Clerical Medical pensions.
More choice doesn’t have to mean more complexity. The ii Personal Pension is designed for investors at every stage — whether you’re just getting started or have years of experience.
If you’d like some guidance, our expert‑curated investment lists and rated funds can help you narrow your options and make informed decisions.
For a more hands‑off approach, you can also invest in our Managed Portfolios, where your pension is looked after by professional fund managers on your behalf.
And if you’re unsure what’s right for you, it may also be worth considering personalised financial advice from a qualified adviser.
Yes, although it’s something you will need to consider carefully.
Transferring out your current workplace pension scheme could mean losing future employer contributions, so it’s important to check the rules with Scottish Widows before you make a decision.
You should also check whether your pension comes with any benefits you could lose by transferring, such as guaranteed annuity rates, a protected pension age or the right to take more than 25% of your pension tax-free.
If you have a defined benefit pension, also known as a final salary scheme, transferring it is a more significant decision and you may need to take financial advice before you can transfer it.
We will process your transfer as soon as possible. Transferring a pension usually takes 2 to 6 weeks to complete for a cash transfer, going up to 8 to 12 weeks if you’re transferring your investments.
Transferring a pension online is easy too. Our experienced transfers team takes care of most of the admin for you, and we’ll keep you updated at each stage. You can also track your transfer online at any time.
We won’t charge you for transferring your pension to ii. However, it’s always best to check with Scottish Widows that you won’t be charged any exit fees or lose any pension benefits.
Yes, you can transfer pensions in drawdown to the ii Personal Pension. But, there are a few things to know:
- You may not be able to take an income from your pension during your transfer. This is because income withdrawals aren’t ported across, so your original agreement with Scottish Widows will cease. Once you transfer to ii, you'll be able to make withdrawals as you wish using our withdrawals options.
- You’ll need to transfer your whole drawdown pot in one go. But, you do have more flexibility if you have both a drawdown pot (known as crystallised) and a pension that hasn’t been moved into drawdown yet (known as uncrystallised). In this instance you can transfer either pot separately or together to ii.
- If you do transfer across a crystallised and uncrystallised pension to an ii Personal Pension, your money will be managed using a notional split. This means you won’t be able to choose different investment strategies for each pot. Instead, all your investments are managed together, and both pots will rise or fall in line with the overall performance of your SIPP.
This depends on the make-up of your portfolio with Scottish Widows. Funds, ETFs, shares, and other assets that are also offered on the ii platform can normally be transferred across.
If these investments aren’t available with us, Scottish Widows will need to sell your holdings and process your transfer in cash. You can then use the money to make similar investments on our platform.
You can easily get in touch with our UK-based support team for any questions you have. If you're already a customer, feel free to send a secure message from your account page or mobile app.
The best number to reach us on is 0345 607 6001. Or, if you’re calling from abroad, +44 113 346 2370. Our lines are open 7.45am to 5.30pm (GMT), Monday to Friday.
