Transferring your pension to Royal London
If you've got a pension plan from another provider, you may be able to transfer some or all of it into your Royal London pension, depending on what type of plan you've got with us.
Before you continue, you should make sure that you've understood whether you can transfer your pension and if a transfer is right for you. Make sure you consider all the pros and cons before you decide what to do.
There's no guarantee that transferring or combining your pensions will give you a higher income or bigger pension pot. Your pension is invested, it's value can go down as well as up and you could get back less than invested.
Transfer a pension to Royal London
If you've got a pension plan from another provider, you may be able to transfer some or all of it into your Royal London pension.
Your transfer options and what you need to do if you're interested in transferring will depend on what type of Royal London pension you have.
If you don't currently have a pension plan with Royal London, you'll need to speak to a financial adviser about whether a Royal London pension is right for your circumstances.
Royal London pensions taken out since 2004 or Scottish Life pensions
Your options will depend on whether you have a Royal London personal pension or a group personal pension (also known as a workplace pension).
We recommend speaking to a financial adviser before you contact us about a pension transfer.
Group pensions or workplace pensions
If you have a Royal London group or workplace personal pension, you may have the option to transfer the pension savings you’ve built up in your previous plan into your plan with us.
To talk to us about your options, you'll need to give us a call on 0345 600 6042 or email us at transfersin@royallondon.com.
Personal pensions taken out through a financial adviser
If you took out a Royal London personal pension through a financial adviser, we recommend that you get in touch with your adviser to discuss your options. They'll be able to tell you whether you can transfer and if a transfer is right for you based on your personal and financial circumstances.
Pensions taken out before 2004
Your options will depend on which company you originally took your pension out with.
We recommend speaking to a financial adviser before you contact us about a pension transfer.
You can transfer most pensions to us, but there are some pensions we cannot accept. To check, please contact us and we can tell you.
To find out more and how to get in touch, please visit our pension transfers page for customers who took out their plan with Royal London before 2004 or with another provider.
Royal London pensions taken out since 2004 or Scottish Life pensions
Your options will depend on whether you have a Royal London personal pension or a group personal pension (also known as a workplace pension).
We recommend speaking to a financial adviser before you contact us about a pension transfer.
Group pensions or workplace pensions
If you have a Royal London group or workplace personal pension, you may have the option to transfer the pension savings you’ve built up in your previous plan into your plan with us.
To talk to us about your options, you'll need to give us a call on 0345 600 6042 or email us at transfersin@royallondon.com.
Personal pensions taken out through a financial adviser
If you took out a Royal London personal pension through a financial adviser, we recommend that you get in touch with your adviser to discuss your options. They'll be able to tell you whether you can transfer and if a transfer is right for you based on your personal and financial circumstances.
Pensions taken out before 2004
Your options will depend on which company you originally took your pension out with.
We recommend speaking to a financial adviser before you contact us about a pension transfer.
You can transfer most pensions to us, but there are some pensions we cannot accept. To check, please contact us and we can tell you.
To find out more and how to get in touch, please visit our pension transfers page for customers who took out their plan with Royal London before 2004 or with another provider.
Transferring out of your Royal London pension
You can transfer your Royal London pension plan to another provider. Please contact the the receiving pension provider for more information and detailed instructions on the transfer process. The transfer will be carried out through an Independent Financial Adviser or directly by the receiving provider.
Frequently asked questions
Does it cost anything to transfer my pension?
Transfers in
Royal London don't charge to transfer your funds from another provider. But your current provider may apply an early exit charge to your plan.
Transfers out
Royal London don't charge to transfer your funds to another provider. But we may apply an early exit charge to your plan.
How long does a pension transfer take?
This depends on the type of pension you are transferring into and how many pensions you are transferring over. We'll keep you updated at each step of the way.
Can I change my mind?
Yes, you can change your mind within 30 days of receiving your plan documents. If you decide you want to cancel the transfer, you must write and tell us. If we don’t hear back from you in 30 days, your plan will continue.
Please remember, if you cancel the transfer within the cancellation period, we may not refund all of the transfer payment to the previous provider if the value of your plan has fallen. Your previous pension provider may not accept a refund from us or may charge you for accepting it.
Can I transfer part of my pension to another provider, rather than the whole thing?
Depending on the type of policy you hold, you may be able to complete a partial transfer, leaving the remaining funds with your current provider.
Can I transfer my pension to an overseas provider?
You are able to transfer to a provider overseas. The receiving provider must be QROPS registered for us to be able to go ahead with the transfer. You can find details of QROPS registered schemes on the HMRC website.
What can I do if I leave my employer?
If you leave your employer you can:
- Continue to make contributions into your plan. Remember that the contributions your employer makes will stop.
- Stop making contributions and leave the retirement savings you've built up invested in your plan.
- Transfer the retirement savings you've built up to another pension plan.
Transferring may not be in your best interests as you could lose valuable benefits which can’t be replaced. You should speak to a financial adviser before you make a decision.