Our Retirement Account
Our Retirement Account gives you the option to take charge of your pension and, up to once a month, access your hard earned savings. As long as you have the funds, you have the freedom to choose the amount you withdraw (minimum withdrawal is £500).
Pensions changes mean that taking out an annuity on your retirement is no longer the only choice you have. The Royal London Retirement Account has been created to offer you more control over your pension pot.
Exclusively for you
Only Royal London pension policy holders aged 55 and over can apply for our Retirement Account, giving you flexible access to your money.
The Royal London Retirement Account at a glance
- On opening the Retirement Account, you can take up to 25% of your pension tax free.
- You can leave the value of your fund to your loved ones when you die.
- Getting hold of your cash is straightforward – just call us and tell us how much you’d like to withdraw. Withdrawals start from £500 and are taxed at your marginal rate.
- As your pension remains invested, it potentially can grow but as it is an investment, the value of your fund can go down as well as up and you may not get back the full amount you originally invested.
- You can still choose to take an annuity at any time.
Important Retirement Account Information
You'll find all the important information about the Royal London Retirement Account in our customer support section.
Helping you decide
To help you make your decisions, the Government has introduced a free and impartial service, known as Pension Wise.
You can find out more about this service at https://www.pensionwise.gov.uk/ or by calling 0800 138 3944. This service offers guidance, not advice, about your retirement options.
If you have any doubt as to whether the Retirement Account meets your needs, you should contact a financial adviser (who may charge for their services). If you do not have a financial adviser, you can get details of local financial advisers by using our find a financial adviser tool.
Need to know more
Although we will be happy to answer your questions, we can’t give you financial advice. If you want further information about the Retirement Account and the investment fund, please contact our Customer Service Team on the following details:
- Telephone Number: 0345 600 7788. Calls are free from UK landlines and mobiles.
- Our opening hours are:
- Monday to Friday between 8am-7pm
- Saturday between 9am-5pm
- Sunday between 10am-4pm
Your money is safe
When you open our Retirement Account, we will hold your pension transfer as cash in a client bank account during the 30 day cancellation period. At the end of the cancellation period, your money will be invested in the Royal London Cautious Managed Fund.
In the unlikely event of a bank failure, the Financial Services Compensation Scheme (FSCS) guarantees up to £85,000 per person per firm (where separately authorised) in respect of retail deposits. To offer maximum protection, deposits would need to be divided equally between the above banks. However, in order to secure a competitive customers interest rate, this cannot be guaranteed.
Please note, the £85,000 protection covers a customer’s total holding with a single authorised institution.
Once your money is invested in the Royal London Cautious Managed Fund, should you be entitled to compensation from the Financial Services Compensation Scheme this may be up to 100% of the first £50,000 of the investment.
Find out more about the protection provided by the Financial Services Compensation Scheme (FSCS).
Find the support you need
You've got some big decisions ahead - and no doubt you'll have some questions.
The good news is, there's plenty of support available.
Find tailored advice that's right for you
Access free support from the government
Use our retirement planner tool
Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority. The firm is on the Financial Services Register, registration number 302391 and distributes the Royal London Retirement Account. Registered in England and Wales number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL.
The Royal London Retirement Account is provided by Investment Funds Direct Limited (IFDL). IFDL is authorised and regulated by the Financial Conduct Authority. The firm is on the Financial Services Register, registration number 114432. Registered in England and Wales number 1610781. Registered Office: Trimbridge House, Trim Street, Bath BA1 1HB.
More about pensions and retirement
How is my pension taxed?
We can’t personalise how much tax you might pay, but we can give you some general information about how tax works.
There are limits on the amount you can invest in pension plans and on the maximum value of retirement savings that you can build up without being subject to a tax charge.
Find the answers to some frequently asked questions about pensions.
Secure income explained
A secure income is a financial product that allows you to convert your retirement savings into a regular, fixed amount of money for the rest of your life. This is also called an 'annuity'.