Pension Bible
← All providers
Provider review

Scottish Widows

Last verified: Q2 2026 · Source: provider fee page
Fee model
0.25% capped at £198/year (£16.50/month). Cap effective above ~£79,200.
Percentage, capped · SIPP available · Workplace available
Annual platform fee by pot size
£25,000 pot
£63/yr
0.25% effective
£50,000 pot
£125/yr
0.25% effective
£100,000 pot
£198/yr
0.20% effective
£250,000 pot
£198/yr
0.08% effective
£500,000 pot
£198/yr
0.04% effective
£1,000,000 pot
£198/yr
0.02% effective
Platform fee only. Fund charges (OCF) are additional: 0.06%–1.5% depending on fund choice
Note: The Share Dealing SIPP (formerly iWeb) charges £5 per trade for shares/ETFs. Workplace pension charges are separate and employer-negotiated (typically 0.30%–0.75% AMC). Platform fee is calculated on investments only (excludes uninvested cash).

Scottish Widows, owned by Lloyds Banking Group, absorbed the iWeb share dealing platform and now offers one of the most competitive SIPPs in the UK. The 0.25% platform fee capped at £198/year makes it cheaper than Vanguard for pots above ~£79,000 — and it comes with full share dealing capability. For large pots (£250k+), the £198 cap makes Scottish Widows one of the cheapest platforms available, rivalling Interactive Investor's flat fee. The main drawback is the £5-per-trade dealing charge on shares and ETFs, and the platform's interface is less polished than HL or ii. Scottish Widows is an excellent value choice for cost-conscious investors with larger pots who want broad investment access.

Strengths
  • +Platform fee capped at £198/year — excellent for large pots
  • +Full share dealing capability (3,000+ funds, 4,500+ shares)
  • +Competitive with Vanguard above ~£79k
  • +Part of Lloyds Banking Group
Limitations
  • –£5 per trade for shares and ETFs
  • –Less polished interface than premium platforms
  • –Workplace pension charges are separate and higher
  • –Legacy iWeb transition may cause confusion
Details
Fund range~3,000 funds, 700+ ETFs, 4,500+ shares (formerly iWeb platform)
Minimum investmentNo minimum
Typical fund OCF0.06%–1.5% depending on fund choice
SIPPYes
All providers
HLVanguardiiAJ BellPensionBeeFidelityAvivaNESTInvestEngineNutmegRoyal LondonSc. WidowsStd LifeL&GAegon
Things to consider
  • •Fees shown are platform fees only — you also pay fund-level charges (OCF) on top, which vary by fund choice.
  • •Fee structures change without notice. Always verify the current fee on the provider's website before making any decision.
  • •The cheapest provider is not necessarily the best fit — consider fund range, customer service, platform features, and the specific funds you want to hold.
  • •Transferring a pension may involve exit fees, loss of guaranteed benefits, or loss of employer contributions. Check before you transfer.
  • •This page is factual information based on published fee schedules, not a recommendation to use or avoid any provider.
  • •If you're unsure which provider is right for you, speak to an FCA-regulated financial adviser.

This calculator provides estimates based on 2026/27 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.

For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.