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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 it may be worth keeping your current plan with Royal London.

What to consider before transferring out

Before you transfer your Royal London pension to another provider, it's important to review your plan in full and compare it to the new plan you're considering. Things to consider when thinking about transferring out include:

  • 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 want to transfer your pension out of Royal London, the process is:

  1. Contact your new provider
  2. The new provider will work with you to collect your pension details and confirm if they'll accept the transfer
  3. If your new provider accepts the transfer, they'll contact us to arrange the transfer.

In some cases, especially if you're transferring a defined benefit pension or a high-value pension, you might need to speak to a financial adviser.

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, when we do well, we aim to boost your pension savings by adding a share of our profits to your plan each 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.

Responsible investment

We consider environmental, social and governance (ESG) issues in the investment solutions we develop and where we actively use our influence to support progress.

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 five-star expert ratings for Workplace Pension 2026 and Personal Pension 2026.

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.

Royal London doesn't apply any fees or charges if you transfer your pension to another provider. However, there may be other costs to consider, such as any set-up fees charged by your new provider, fees for financial advice, and ongoing management charges, which may differ between providers.



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

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 savings
  • make a recommendation.

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

Pension support