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You want a secure income for life and you'd like to shop around yourself.
If you’re thinking of buying a retirement income product then it’s essential that you shop around.
While you might find a better deal elsewhere, we always recommend shopping around before making your purchase to ensure you get the best for your needs.
How to shop around
Step 1 – Compare quotes, features and fees for the options that interest you
You can compare secure income products (annuities) by using the MoneyHelper annuity comparison tool.
Our Annuity guidance team or an annuity broker can gather quotes for you.
Step 2 – Speak to a regulated financial adviser
The choices you make will affect your income for the rest of your life. Once you make your decision, you cannot normally change your mind.
Finding a regulated financial adviser
If you don’t already have a regulated financial adviser, you can find one at www.royallondon.com/find-a-financial-adviser or from MoneyHelper’s Retirement Adviser Directory.
Step 3 – Make your decision
When you have found the right option for you and need to move your pension
- Ask the pension provider that will pay your retirement income to send us their application that you have completed and signed; or
- Ask the pension provider that will pay your retirement income to put the request to transfer the funds through the 'Origo Options' system.
Please remember, we can't transfer part of your pension, but transferring to another approved scheme won't cost you anything.
Be ScamSmart with your pension
Check who you are dealing with.
Regulators recommend four simple steps you can take to protect yourself from pension scams:
- Reject unexpected pension offers. Whether made online, on social media or over the phone.
- Check who you’re dealing with before changing your pension arrangements
- Don’t be rushed or pressured into making any decision about your pension
- Get impartial information and advice
Check your financial advisor is registered with the Financial Conduct Authority. You can do this by checking on the FCA website.
Or call the FCA helpline on 0800 111 6768
For more information on ScamSmart visit www.fca.org.uk/scamsmart
Please be aware that the value of your pension can go down as well as up and you may get back less than you invested. Past performance is not indicative of future results.
Royal London is proud to be a mutual company, working with our members' interests at heart.
Note: The normal minimum pension age is increasing from 55 to 57 in 2028. It's important to consider this change when planning your retirement.
If relevant to your plan, remember that ProfitShare is not guaranteed to be awarded every year.
