Scottish Widows is to pay loyalty bonuses of up to £12,000 to its personal pension and stakeholder customers to try to tie them in after the 6 April (the day the new Pension Laws started) The payments, which vary, depending on the length of time that the consumer has held the pension, and the fund size, will be paid into their pension pots after the 6th April. Customers must have been with Scottish Widows for at least 10 years to qualify, and payouts are lower for those close to retirement.
Our view:
You have to ask yourself: Why would any provider offer an incentive to stay with them? Need some advice? Book a Free Consultation.