Why combine your pensions?
Plan for the future
Bringing your pensions together could make it easier to see if you’re on track for the retirement you want.
Consolidate your plan charges
Some pension plans may have higher charges than others. Combining your pensions in one place will mean you benefit from having just one plan charge.
Why Royal London?
We’re the UK’s largest mutual life, pensions and investment company.
When we do well, we'll aim to boost your pension savings by adding a share of our profits to your plan each year, if it’s eligible. We’ve called this your ProfitShare.
Take advantage of our innovative range of investment options, all about balancing the reward you want to get with the risk you're prepared to take.
Access the three main retirement options when you’re ready to start taking your pension savings.
Decide for yourself
Get financial advice
Take a minute to think about how many jobs you've had in your lifetime. The chances are, each of them came with a workplace pension, so you might have more than one pension pot with a number of different providers.
If you have pensions with other providers, they should send you a yearly statement with the key information about your plan. But if you’re not sure what you’ve got, you can read our guide to help track your old pensions down.
There are different ways to start a transfer into your Royal London pension. Choose an option based on the type of pension you have with us:
- If you have a Workplace pension with us, or
- If you have a Personal pension with us or your pension was originally taken out with a different provider.
If you’re eligible to transfer, once we’ve got your request and authorisation, we’ll work with your other provider(s) to handle all aspects of the transfer.
You can start the transfer process using our online service.
Talk to us
Call us on 0345 600 6042.
Lines are open excluding bank holidays
8am to 6pm Monday to Thursday
8am to 5pm on Fridays.
Who was your Royal London pension taken out with originally?
Considering transferring your pension savings to us?
We've put together some examples to give you an idea of what your pension savings could be worth at retirement after a transfer.
Frequently asked questions
Does it cost anything to transfer my pension?
We don't charge to transfer your pension savings from another provider to us. But your current provider may apply an early exit charge to your plan. You should check with them when making your decision.
We don't charge to transfer your pension savings to another provider. But we may apply an early exit charge to your plan. We’ll let you know if this is the case.
Can I transfer part of my pension to another provider, rather than the whole thing?
What is a pension transfer value?
A pension transfer value is the amount your existing pension scheme will pay to your new pension provider if you choose to move your pension to a different scheme.
Can I transfer my pension to an overseas provider?
Can I transfer out of my existing Royal London pension?
Can I transfer a defined benefit / final salary pension?
Defined Benefit (DB) pensions provide a valuable guaranteed retirement income and often have other special benefits. If you want to transfer a DB pension, you will lose access to any scheme benefits.
That’s why if you’re considering transferring your DB pension it’s important to get financial advice.
If the value of your DB pension is more than £30,000, you are required to get advice from a regulated financial adviser before you can transfer. This rule is from The Financial Conduct Authority (FCA) and the Pensions Regulator (TPR) and is there to protect you and make sure you’re aware of all the pros and cons of transferring.
Royal London require any transfer request of a DB pension scheme to have received advice from a regulated financial adviser regardless of the value of the pension.
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