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Thinking about transferring your pension out?

Here's some useful information, including things to think about, how the process works, and why your current plan may be worth keeping.

Some things to think about before transferring a pension out

We’re sorry if you’re thinking about moving your Royal London pension to another provider. But before you decide, there may be many good reasons for keeping your current plan. It’s important to review it in full and compare this to
the plan you’re thinking of transferring to.

  • You might lose valuable benefits

    You should check your existing plan for benefits like a Guaranteed Annuity Rate, loyalty bonuses, or protected tax free cash. They could be lost if you transfer.

  • You might pay additional fees

    Royal London only charge an Annual Management Charge (AMC). Make sure to compare charges before deciding to transfer your pension to another provider.

  • Risk of pension scams

    To avoid being caught out by a pension scam, make sure that the person or firm you’re dealing with is regulated by the Financial Conduct Authority (FCA). Check the FCA register to find out.

  • Getting financial advice

    If you’re unsure if a pension transfer is right for you, we recommend you speak to a financial adviser. They can give you personalised advice and
    recommendations to match your individual needs.

Helpful guides

Guides to help you decide if transferring out is right for you.

  1. Should I transfer my pension
  2. Pension transfer charges and fees
  3. MoneyHelper guide to pension transfers

How to transfer your pension to another provider

If you re looking to transfer your pension away from us, you’ll need to get in touch with your new provider. They'll usually get things started with you. However, in some cases, especially with defined benefit pensions or large sums, you might need to speak to a financial adviser first.

What benefits you could lose by transferring out

Competitive charges

We aim to keep our charges clear and competitive, which could have a big impact on your pension savings.

ProfitShare

As a mutual, we share our profits with you. We've done this for the past nine years, including £181 million this year. We call this ProfitShare.

Investment choice

We offer a wide range of investment options including our ready-made Governed Portfolios and sustainable fund ranges.

Flexible retirement options

We offer multiple options for accessing your pension savings to suit your retirement plans.

Investing responsibly

Driven by our Purpose, we look to act and invest responsibly.

Combining your pensions

Have you thought about transferring your other pension savings into your Royal London plan? Our Transfer Hub makes it easy to start your transfer online. Alternatively, you can use our mobile app to complete
the process.

Learn more about combining  

Royal London were very helpful when I wanted to transfer my pension, they transferred very quickly and safely.

Royal London customer comment from 2025 Royal London Customer Relationship Study.

Defaqto 5 star workplace and personal 2025 ratings

FAQs about transferring your pension out

Pension transfers in the UK can take up to 12 weeks to complete, sometimes longer.

This will depend on things like:

  • the complexity of the transfer
  • the responsiveness of providers
  • whether you need to take financial advice.

Fees typically include:

  • exit fees sometimes charged by your current provider for leaving the pension
    scheme
  • set up fees with the new provider
  • if you get financial advice for the transfer, your adviser may charge a fee
  • annual management charges
  • transaction costs associated with buying and selling investments during the
    transfer process.

Royal London doesn’t apply any transaction charges during the transfer process, or
any exit fees.


For more information, check our pension transfer charges and fees guide.

An adviser can look at your overall finances to help:

  • understand your needs
  • discuss potential solutions
  • draw up a short list of options and providers
  • highlight the pros and cons
  • explain the process involved in combining your pension
  • make a recommendation.

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

Pension support