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. 

Things to think about before transferring

Pension transfers can be quite involved. Your options will depend on your pension plan and financial circumstances. If you're considering a transfer, there's a few things you'll need to think about before you go any further.

Can I transfer?

Find out if your current pension will allow you to transfer.

Find out more about eligibility  about Can I transfer?

Is it right for me?

Learn about the pros and cons of transferring your pension.

Read about advantages and disadvantages  about Is it right for me?

Do I need financial advice?

You might need to speak to a financial adviser before transferring a pension.

Find out more about financial advice  about Do I need financial advice?

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.

Find out how to get in touch

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.

Find out how to get in touch

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.

Find out how to get in touch

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.

Find out how to get in touch

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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.

Pension transfer scams

Pension scams are on the rise in the UK. You should be vigilant if you are approached by any third party offering to help you transfer your pension or promising you up-front cash. Pension transfer scams can cost you a lifetime's worth of savings.

You can find out more on how to spot pension scams using the Money Advice Service's helpful guide. If you have any doubts or concerns please contact Action Fraud on 0300 123 2040.

Financial advice and pension transfers

We recommend talking about transferring your pension with a professional financial adviser. They can give you personalised advice and recommendations to match your individual needs and circumstances.

If you don’t already have a financial adviser, you can use a number of directories to search for one in your area and according to their specialisms.

Advisers may charge for their services – though they should agree any fees with you upfront.

Frequently asked questions

Answers to your frequently asked questions about pension transfers, whether you're transferring a pension to Royal London or transferring out to another provider.

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.

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.

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.                

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.

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.

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.

Yes, a ProfitShare award is a boost to your pension savings. It's based on the value of your plan at the time we award it. If your plan qualifies, ProfitShare awards will be applied in April each year, as long as your plan was in force on 31 December the previous year and on the date the award is given. Awards will be based on the value of the pension savings you've invested with us on the date they're awarded. We can't guarantee we'll be able to award ProfitShare every year but we continue to put the long-term financial needs of our members and customers at the heart of what we do.