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WELCOME TO YOUR WORKPLACE PENSION

Merck Group Retirement Savings Plan

 * In this section

 * Important things to do
 * Planning for your future
 * Investments & charges
 * Tools & calculators
 * Library & resources

More
 * 

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YOUR PENSION INFORMATION SITE FILM

Thanks for saving with Scottish Widows and trusting us to help you make the most
of your financial future.

Your pension information site has lots of information to help you understand
more about your pension. 

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HOW DOES A WORKPLACE PENSION WORK?

Your workplace pension is a long-term savings plan. Even if retirement feels
like a long way off, the earlier you save, the more time your money has to grow.

If you pay money in, your employer may too. You'll also benefit from tax relief
from the Government and potential investment growth. Tax benefits will depend on
individual circumstances, but keep in mind that tax rules can change.

Film running time under 3 mins.


RETIREWELL WEBINAR SERIES

Join our pension experts for a programme of live webinars and get the chance to
ask them anything about your workplace pension.

View calendar (PDF, 1MB) Opens PDF in a new tab


PENSION ENGAGEMENT SEASON 2024

Pension Engagement Season 2024

Scottish Widows pension experts recently hosted a live webinar followed by a Q&A
session specifically for Merck Group Retirement Savings plan members.

Film running time under 50 mins.

Watch playback Opens Pension Engagement 2024 webinar in a new tab



IMPORTANT THINGS TO DO
 


KEEP TRACK OF YOUR PENSION:

Keep track of your pension:

Use the Scottish Widows app or secure portal to manage your pension. It's
important that you:



 * keep your personal details up to date and provide us with your personal
   e-mail address so that we can keep in touch even if you change jobs
   
 * nominate your beneficiaries so we know who you want your pension savings to
   go to if you die
 * check that your selected retirement age is in line with when you plan to
   start accessing your pension savings

 



DOWNLOAD OUR APP

Download our app

All you need is your:
 

 * National Insurance number
 * plan number or postcode

 

More about our app



LOG INTO YOUR SECURE PORTAL

Log into your secure portal

We’ve sent you details as part of your welcome pack. 

Need help to log in? (PDF, 50KB).

Remember to keep your username and password safe and secure.
 

Log in to your account

DOWNLOAD OUR APP

Download our app

All you need is your:



 * National Insurance number
 * plan number or postcode


More about our app






COMBINING YOUR PENSIONS

Combining your pensions

It's worth considering if combining your pensions is right for you, as it could
make your pension savings easier to manage.

Our app allows you to save time by bringing together your pensions from
different providers, into one easy to manage plan.

Alternatively, you can use our pension transfers page.

TRACING YOUR PENSIONS

Tracing your pensions

People can build up multiple pension pots over their working life and often lose
track of where all their pension savings are held. The Government’s pension
tracing service can help you track down previous pensions from different pension
providers. 

Trace previous pensions Opens Scottish Widows site in a new tab
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BEWARE OF SCAMS

Watch our film to find out how to spot a pension scam. 

Film running time 1.5 mins.



PLANNING FOR YOUR FUTURE
 


PREPARE FOR YOUR FUTURE

Prepare for your future

We’ve got tools and guidance to help you:

 * see what pension savings you currently have and what you're expected to get
   when you retire
 * explore paying more into your pension
 * review your retirement options when you're ready to access your pension
   savings 
 * access support on how to keep on top of your pension savings

Pension planning Opens Scottish Widows site in a new tab


WHAT YOU MIGHT NEED

What you might need

The Retirement Living Standards are designed to help you picture your retirement
and what it might cost. 

Created by the Pensions and Lifetime Savings Association, you can use these
standards to help you get an idea of what you might need in retirement, and to
help you set a retirement savings goal.

Find your Retirement Living Standard Opens third party site in a new tab


UNDERSTAND YOUR RETIREMENT OPTIONS

Understand your retirement options

When you are ready to start accessing your pension savings, there are various
options available to you that you can find in our Helping You Prepare for your
Retirement guide (PDF, 400KB)

Keep in mind you won't usually be able to access your pension savings until age
55, and this is increasing to age 57 in 2028. 

In our library, you'll find various other guides to help you understand your
options and the key things to consider as you approach retirement. 

Visit the library Read our pension guides

UNDERSTAND THE STATE PENSION

Understand the State Pension

You may also be entitled to the State Pension. This is separate from your
workplace pension. It’s a regular payment from the Government most people can
claim when they reach State Pension age in their late 60s.

 * The full State Pension from 6th April 2024 is £221.20 per week (£11,502.40
   per annum).
 * Not everyone gets the same amount. Most people will need to have 35
   qualifying years of National Insurance credits or contributions to get the
   full amount. 

You can check your State Pension forecast on the Government's site.

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STATE PENSION FILM

Watch our film on the State Pension to find out more.

Film running time under 5 mins.

LOOK AFTER YOUR FINANCIAL WELLBEING

Look after your financial wellbeing

Our Be Money Well site has various resources to help you learn new financial
skills. Beyond just pensions, you'll also find: 

 * bitesize learning on financial essentials
 * blogs and videos
 * resources to enhance your digital skills

Visit Be Money Well Opens third party site in a new tab

GOVERNMENT'S MIDLIFE MOT RESOURCES

Government's Midlife MOT Resources

Visit the Government’s Midlife MOT site to help you think about work, health and
money with future planning in mind. You can:

 * choose your Midlife MOT goal for instant resources
 * browse all work, health and money resources for general information.

Midlife MOT Opens third party site in a new tab



TOOLS & CALCULATORS
 


 * READY TO LOOK IN THE PENSION MIRROR? EXPANDABLE SECTION
   
   First we’ll guess your age. Then we'll show you what people the same age have
   saved in their pension. Having something to compare yourself to is a great
   first step in checking whether your pension is on track.
   
   Start now Opens third party site in a new tab


 * MEET YOUR FUTURE SELF EXPANDABLE SECTION
   
   Our Meet Your Future Self tool lets you see when you're on track to retire
   based on your current pension value, contributions and goals. You'll also see
   how making small changes could help you reach those goals earlier. 
   
   Meet Your Future Self Opens third party site in a new tab


 * WHAT MIGHT LIFE BE LIKE IN RETIREMENT AND HOW MUCH COULD YOU GET? EXPANDABLE
   SECTION
   
   Find out what kind of lifestyle you're on track to receive in retirement,
   based on the Pension and Lifetime Savings Association's Retirement Living
   Standards. You can also see what changes you can make to improve your
   projected lifestyle.
   
   Start your questionnaire Opens third party site in a new tab


 * PAYING INTO YOUR PENSION EXPANDABLE SECTION
   
   See how a small increase in your pension payments can make a big difference.
   
   Use our paying more calculator Opens Scottish Widows site in a new tab
   


 * YOUR RETIREMENT OPTIONS EXPANDABLE SECTION
   
   Learn about the different ways you can take money from your pension.
   
   Choose your option Opens third party site in a new tab





LIBRARY & RESOURCES
 


 * INVESTMENT INFORMATION AND CHARGES EXPANDABLE SECTION
   
   Below you will find information about your investment options and charges.
   You can make changes to where your pension savings are invested through the
   Scottish Widows app or by logging into your secure portal. 
    
   
   Merck Group Retirement Savings Plan information
    
   
   Investments library and resources
   
   Your investment choices and charges (PDF, 200KB)
   
   This short guide lists the pension fund choices available to you and the
   total annual fund charge for each fund.
   
   Fund factsheets and performance
   
   Explore information on the alternative investment options available to you,
   past performance, their charges and their fund factsheets. 
   
   Guidance on your fund choices (PDF, 4MB)
   
   This short guide provides information on the different fund choices that are
   available to you, including the various lifestyling strategies available.
   
   Investment funds
   
   Further details of the investment funds, including the charges that apply can
   be found here.
   
   An additional yearly charge of 0.30% is added to the charges shown. This
   charge is increased to 0.41% for funds in drawdown.
   
   Please note, these funds are only available if you have opened a Stocks and
   Shares ISA.
   
   Shares/Gilts
   
   Further details of shares and gilts, including charges that apply, can be
   found here.
   
   An additional yearly charge of 0.32% is added to the charges shown. This
   charge is increased to 0.43% for funds in drawdown.
   
   An additional dealing charge of £9.95 applies when you buy or sell shares and
   gilts.
   
   Please note, these funds are only available if you have opened a Stocks and
   Shares ISA.
   
   
   
    
   
   The following provides more information about how your pension savings are
   invested:
    
   
   Investment choices and charges
   
   Introduction to investing (PDF, 3MB)
   
   In this detailed guide you'll find information on how investing works, what a
   default investment option and lifestyling strategy is, as well as the
   different types of assets you can invest in and their risks.
   
   Exploring investments
   
   If you want to keep up to date with the latest investment trends, or just
   learn about the basics, we’re here to help. We’ve got useful information and
   thoughts from our experts on the Exploring investments webpage.
   
   
   We may have provided links to documents and other information supplied by
   third parties (which may include your employer or their advisers). They are
   solely responsible for their content and accuracy. All statements, views and
   opinions contained in these documents and other information are those of the
   third parties, not Scottish Widows.
   


 * HOW TO BUY AN INVESTMENT ACCOUNT OR ISA EXPANDABLE SECTION
   
   Scheme name information
    
   
   ISA library and resources
   
   How will charges and expenses affect my investment (ISA)? (PDF, 400KB)
   
   This illustration shows our standard charges and expenses and how they could
   affect what you might get back. Your actual charges may be different from
   those shown.
   
   
   Further information on ISA
    
   
   ISA library and resources
   
   ISA - creating the investment you want (PDF, 3MB)
   
   This guide should answer most of the questions you might have about the
   Stocks and Shares ISA.
   
   ISA key features (PDF, 100KB)
   
   This contains important information about your Stocks and Shares ISA which
   you need to read.
   
   ISA terms and conditions (PDF, 100KB)
   
   This contains details of the terms and conditions of the Stocks and Shares
   ISA.
   
   Interest rates of cash deposits (PDF, 200KB)
   
   This explains the interest rate you’ll receive on any sums held in cash.
   
   Guide to investment range (PDF, 1MB)
   
   This guide provides general information about the investment range available
   to you through your scheme.


 * UNDERSTAND YOUR RETIREMENT OPTIONS EXPANDABLE SECTION
   
   
   The following guides can be used to help you think about your options:
    
   
   Taking your benefits library and resources
   
   Helping You Prepare for Your Retirement (PDF, 1MB)
   
   This detailed guide explains the options available to you when you want to
   start taking your benefits and the key things to consider before you do.
   
   MoneyHelper guide - Your pension: your choices (PDF, 1MB)
   
   This detailed guide from MoneyHelper also explains your retirement options,
   as well as the free retirement service that may be available to you through
   Pension Wise.
   
   Things to Think About at Retirement (PDF, 100KB)
   
   This short leaflet provides an overview of some of the key things to consider
   as you get closer to taking your pension benefits.
   
    
   
   The following guides explain your flexible income drawdown options:
    
   
   Taking your benefits library and resources
   
   Helping you make your retirement choices - Your guide to flexible
   income (PDF, 300KB)
   
   This detailed guide explains how flexible income works, how we invest your
   savings and the risks associated.
   
   Flexible Income Fund Range (PDF, 1MB)
   
   This detailed guide gives you an understanding of the funds you can invest in
   if you wish to take a flexible income.
   
   Investment pathways: your guide to investment options for flexible
   income (PDF, 300KB)
   
   This detailed guide provides key information to help you understand our
   Investment Pathways and choose the right one for you if you decide to take
   flexible income.
   
   Mercer Retirement Services
   
   On this site you’ll find access to support to help you navigate your
   retirement choices. 
   
   
   We may have provided links to documents and other information supplied by
   third parties (which may include your employer or their advisers). They are
   solely responsible for their content and accuracy. All statements, views and
   opinions contained in these documents and other information are those of the
   third parties, not Scottish Widows.
   


 * KEY FEATURES AND TERMS & CONDITIONS EXPANDABLE SECTION
   
   Key Features and Terms & Conditions library and resources
   
   Key features of your plan (PDF, 300KB)
   
   This detailed guide contains important information about your plan and how it
   works. 
   
   Key features illustration (PDF, 700KB)
   
   This short illustration shows our standard charges and how they could affect
   what you might get back. Your actual charges may be different from those
   shown, please see your personalised illustration for details.
   
   Terms and conditions (PDF, 400KB)
   
   This contains details of the terms and conditions of your plan.
   
   
   We may have provided links to documents and other information supplied by
   third parties (which may include your employer or their advisers). They are
   solely responsible for their content and accuracy. All statements, views and
   opinions contained in these documents and other information are those of the
   third parties, not Scottish Widows.
   


 * USEFUL INFORMATION EXPANDABLE SECTION
   
   Useful information library and resources
   
   Pension tax (PDF, 3MB)
   
   In this detailed guide, you'll find information on how current tax
   legislation affects how you save for retirement. There's information on the
   tax implications on your pension savings, including how tax relief works.
   
   Pension transfer guide (PDF, 300KB)
   
   This guide describes the potential benefits of transferring existing benefits
   to your Retirement Saver and highlights some of the things to consider.
   
   Transfer in form (PDF, 1MB)
   
   If you decide to transfer and don’t want to complete our online transfer
   journey, please complete this application form.
   
   Useful information library and resources
   
   Mercer Harmonise Retirement Income Service (PDF, 4MB)
   
   Guide describing the choices available and the range of products to help you
   decide how to take your retirement benefits.
   
   
   We may have provided links to documents and other information supplied by
   third parties (which may include your employer or their advisers). They are
   solely responsible for their content and accuracy. All statements, views and
   opinions contained in these documents and other information are those of the
   third parties, not Scottish Widows.
   





CONTACT US



 * WHAT YOU NEED TO HAND EXPANDABLE SECTION
   
   When you speak to us, we’ll ask you for your plan number. This helps us to
   make sure you’re speaking to the right team. If you don’t have your plan
   number, we can still help you.
   
   We will then ask you some security questions, so we can check who you are.
   
   We want you to get the best service, so we may record your call for training
   purposes.


 * WAYS TO CONTACT US EXPANDABLE SECTION
   
   EMAIL
   
   Email
   
   workplacesavings@scottishwidows.co.uk
   
   TELEPHONE
   
   Telephone
   
   Calling from UK
   0800 055 6728 (Monday to Friday, 8am - 6pm)
   
   
   
   Calling from abroad
   +44 113 366 0159
   
   POST
   
   Post
   
   Scottish Widows Workplace Savings
   PO Box 24173
   69 Morrison Street
   Edinburgh
   EH3 1HP   


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