Royal London announces launch of market-leading Centralised Retirement Proposition framework (CRP)

Royal London, the UK's largest mutual life, pensions, and investment company, has introduced a Centralised Retirement Proposition (CRP) framework to help advisers develop retirement income strategies for clients.

The new CRP support includes a checklist, template, comprehensive framework suitable for benchmarking or inspiration, and a fully editable version. This suite is intended to assist financial planners, incorporate their current approach and develop a CRP that addresses the distinct needs of clients in the retirement income phase.

The framework offers a structured, repeatable approach to retirement income that goes beyond traditional investment decisions. It covers all aspects of retirement planning, including withdrawal strategies, tax efficiency, long-term care, and legacy planning.

As part of product oversight and governance required by advisers, the solution responds directly to the FCA’s thematic review which states ‘Firms with a Centralised Retirement Proposition (CRP) were more likely to deliver consistently suitable advice. These firms had a structured and repeatable approach to delivering retirement income advice’.

While a CRP isn’t mandated by the FCA, there is recognition that it expects firms to have a well-defined and documented strategy for providing retirement income advice tailored to consumers' specific risks and needs in decumulation.

Ilana Miller, Investment & Retirement specialist at Royal London, commented:

“Our focus extends beyond merely fulfilling regulatory obligations. Our aim is to help firms deliver great outcomes with confidence by helping them build on the great work they already do.

“Our new CRP suite, built in collaboration with financial planners, provides a brilliant framework for firms looking to strengthen or review their approach. It’s a genuinely agnostic, deeply consultative and flexible solution designed to meet the requirements of individual firms.”

Tony Walker, IFA, from Lancashire-based Tony Walker Financial Planning Services, commented:

“Reviewing my old CRP document highlighted just how much compliance standards have advanced. Royal London’s guidance made it clear that updating my process was necessary, not just to meet compliance but to ensure flexibility and clarity for all my clients. Thanks to their support, I am creating a new, robust retirement process, one that will deliver better advice and drive growth for both my business and Royal London.”