Benefits of Income Release

defaqto 5 star rated

Defaqto 5 Star rated

We offer one of the highest quality drawdown products in the market.

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Low starting amount

You only need £15,000 in retirement savings to start using Income Release.

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Flexible saving

Continue to save into your plan after taking any tax-free cash and/or income.

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Value for money

We’ll only apply an initial one-off charge in certain circumstances.

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Fast payment

We’ll typically pay tax-free cash into your bank account within 5 working days.

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Money for loved ones

Leave your retirement savings to your loved ones when you die.

Share in our success

As a mutual, we think our members should share in our success. So when we do well, we’ll aim to boost your retirement savings by adding a share of our profits to your plan each year.

We call it ProfitShare and you won’t find it anywhere else.

Learn more about ProfitShare

Working with advisers

We choose to distribute our personal pension products and services through financial advisers. Simply because we believe that’s the right thing to do.

The world of pensions can be a complex place. And we think quality impartial advice is the best way of making sure you find the right products to suit your needs.

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

The value of financial advice about Working with advisers

How Income Release works

With Income Release, you’re in control. You decide how much tax-free cash and income you need, and when you need it.

Once you’ve decided how much tax-free cash and income you’d like to take, we’ll split your retirement savings into two separate accounts: an Income Release Account and a Savings Account.


Income Release Account

This part of your plan pays out the tax-free cash and any regular income payments you've selected.

With flexible access, your income isn't guaranteed to last forever. So if you take out too much money, live longer than expected or if your investments don't perform as well as you'd hoped, you could run out of money before you die.

Savings Account

Any retirement savings you don’t use to provide tax-free cash and income will stay in your Savings Account.

You can continue to save for your future by making contributions into your Savings Account. Of course, while your retirement savings could grow, their value can also go down. This means you could get back less than you started with.


An initial one-off charge of £204 may apply when you first use Income Release, which covers our costs in setting up and administering your Income Release Account.

We won't apply the one-off charge if your pension plan has been in force for 12 months or more when you switch on Income Release, or if you’re transferring retirement savings from an existing Royal London pension plan that’s been in force for 12 months or more to an Income Release plan.

Next steps

If you think that Income Release could be right for you, the next step is to speak to an independent financial adviser. They can give you personalised advice and recommendations to match your individual needs and circumstances.

If you don't already have an adviser, you can find one in your area by using our handy tool, powered by

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