Transfer Your Royal London Pension | Guide & Process 2026
Complete guide to transferring your Royal London pension. Fees, timelines, process steps and what to check before you transfer. Updated for 2026.
10 min readUpdated April 2026
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Royal London Pension Transfer: Overview
Royal London is the UK's largest mutual life insurance and pensions company, meaning it is owned by its members rather than shareholders. This mutual structure means profits are used to benefit policyholders. They offer competitive personal pensions and workplace schemes with a strong focus on value and customer outcomes.
Fees and Charges
Royal London pension charges: 0.38% ongoing charge on their Governed Portfolios. Always request a transfer value illustration before proceeding, as older policies may have different fee structures or exit charges that could affect your transfer value.
Fund Options
Over 150 funds plus governed portfolio ranges. When transferring, you will need to choose new funds with your receiving provider. Consider whether your current fund selection aligns with your retirement goals and risk tolerance before and after the transfer.
Transfer Process and Timeline
The typical transfer timeline for Royal London is 4-8 weeks typically. To initiate a transfer, contact your new pension provider with your Royal London policy details. They will submit a formal transfer request. During the transfer, your investments may be temporarily held in cash, so timing can affect your returns.
Important: Before transferring any pension, check for valuable guarantees such as guaranteed annuity rates, guaranteed minimum pensions, or protected tax-free cash. These benefits cannot be replaced once surrendered. If your Royal London pension has a transfer value above £30,000 and includes defined benefits, you are legally required to take independent financial advice.
Pros of Royal London
Mutual ownership benefits policyholders
Competitive ongoing charges
Strong governed portfolio range
Excellent Trustpilot ratings
Profits shared with members through bonuses
Cons of Royal London
Fund range smaller than some competitors
Online platform could be more intuitive
Limited self-investment options
Transfer process can be bureaucratic
Who Is Royal London Best For?
Royal London transfers suit those who appreciate the mutual model and want a provider focused on member value. Good for people wanting managed portfolios at competitive fees without the complexity of self-directed investing.
Transfer checklist: Before you transfer, gather your policy number, check for exit charges, confirm any guarantees, compare fees with your new provider, and ensure the receiving scheme can accept the transfer type. Allow 4-8 weeks typically for the process to complete.
Frequently Asked Questions
Contact Royal London or your financial adviser to initiate a transfer in. You will need details of your existing pension including policy numbers and the provider name. Royal London will handle the paperwork and typically complete transfers within 4 to 8 weeks.
Royal London's Governed Portfolios have an ongoing charge of 0.38%. Their individual fund charges range from 0.12% to 0.85% depending on the fund type. There are no platform fees on top for their personal pension products.
Royal London is rated highly by customers and industry experts. As a mutual, they do not answer to shareholders, which means they can focus on delivering value to members. Their pensions consistently receive strong ratings from Defaqto and Moneyfacts.
Royal London can receive transfers from defined benefit (final salary) schemes. However, transferring a DB pension is a significant decision that requires independent financial advice by law if the transfer value exceeds £30,000. Speak to an FCA-regulated adviser first.
Yes, Royal London offers flexible drawdown through their Retirement Account. You can take 25% tax-free and draw income flexibly. Their governed drawdown portfolios are designed to provide sustainable income throughout retirement.
As a mutual, Royal London distributes profits to eligible policyholders through a ProfitShare scheme. This means qualifying members receive an annual bonus added to their pension pot, effectively boosting returns beyond the underlying fund performance.
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