Retirement options follow-up mailing

12 February 2016
We’re contacting customers about pensions flexibility and other enhancements to our pensions.

Last year we contacted our pension customers aged 54 or over to tell them about the changes we were making to their plan(s) to allow for the Government’s new pension freedoms.

We’re now about to contact our pension customers under age 54 about pensions flexibility. We’ll also be mailing certain customers aged 54 or over about further enhancements we’ve made to some of our pension products.

Timeline for the mailing

w/c 22 Feb Adviser newsletter article

w/c 22 Feb

w/c1 July

Customer mailing – staggered over 19 weeks

No employer or trustee communication

As we’ve already contacted all employers and trustees as part of the first mailing on pensions flexibility and the additional enhancements are not relevant for our trust-based occupational schemes, we won’t be contacting them again about this second mailing.

However employers can get copies of the documents we’re sending the members of their scheme at our employer website.

Customer communications

Customer letter – under age 54

Customer letter – age 54 and over

www.royallondon.com/retirementoptions

Copies of the notices

Each customer letter will include a notice of the changes we’re making to the terms and conditions of their plan. The notice they receive will depend on which product they have.

Any plans with GMP have been excluded, as the new pension freedoms are not available on these plans.

Issued to customers under age 54

ProductLeaflet reference numberProduct typeGroup/Individual plan
Crest Growth Pension Plan (individual policy) 2TLT1332 DC schemes Individual
Crest Secure Pension Plan (individual policy) 2TLT1332 DC schemes Individual
Crest Individual Policy 2TLT1332 DC schemes Individual
Retirement Solutions Individual Plan 2TLT1333 DC schemes Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Individual Executive Pension Plan (assigned) 2TLT1333 EPP Individual
Talisman 98 Executive Pension Plan (assigned plan) 2TLT1333 EPP Individual
Talisman EPP (assigned plan) 2TLT1332 EPP Individual
Talisman Hallmark Plan (assigned plan) 2TLT1332 EPP Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Retirement Solutions Group Personal Pension (plans set up before 6 April 2015) L4MA0003 GPP Group
Retirement Solutions Group Personal Pension (plans set up after 6 April 2015) L4MA0001 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up before 6 April 2015) L4MA0003 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up after 6 April 2015) L4MA0001 GPP Group
Talisman Group Personal Pension Plan 2TLT1333 GPP Group
Retirement Solutions Group Personal Pension Continuation Plan (plans set up before 6 April 2015) L4MA0003 GPP Individual
Retirement Solutions Group Personal Pension Continuation Plan (plans set up after 6 April 2015) L4MA0001 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up before 6 April 2015) L4MA0003 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up after 6 April 2015) L4MA0001 GPP Individual
Talisman Continuation Pension Plan 2TLT1333 GPP Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Talisman 98 FSAVC 2TLT1332 FSAVC Individual
Talisman FSAVC Pension Plan 2TLT1332 FSAVC Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Individual Stakeholder Pension Plan 2TLT1333 Individual Personal Pensions Individual
Pension Portfolio (IR) (Plans currently using Income Release) 2TLT1336/1 Individual Personal Pensions Individual
Pension Portfolio (plans set up after 17 Dec 2007) 2TLT1336/1 Individual Personal Pensions Individual
Pension Portfolio (plans set up before 17 Dec 2007) 2TLT1335/1 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up after 17 Dec 2007) 2TLT1336/1 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up before 17 Dec 2007) 2TLT1337/1 Individual Personal Pensions Individual
Talisman Phased Retirement Plan 2TLT1334 Individual Personal Pensions Individual
Talisman 98 Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman 98 Phased Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman 98 Personal Pension Plan 2TLT1333 Individual Personal Pensions Individual
Talisman Income Drawdown 2TLT1334 Individual Personal Pensions Individual
Talisman Personal Pension Plan 2TLT1333 Individual Personal Pensions Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Personal Pension Investment Plan 2TLT1332 Retirement Annuity Contracts Individual
Personal Pension Policy 2TLT1332 Retirement Annuity Contracts Individual
Sovereign Plan 2TLT1332 Retirement Annuity Contracts Individual
Talisman Personal Pension Plan 2TLT1333 Retirement Annuity Contracts Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Individual Section 32 Buyout Plan 2TLT1332 s32 Buyout Bond Individual
Talisman 98 Section 32 Buy Out Plan 2TLT1332 s32 Buyout Bond Individual

Issued to customers age 54 and over

ProductLeaflet reference numberProduct typeGroup/Individual plan
Retirement Solutions Group Personal Pension (plans set up before 6 April 2015) L4MA0001 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up before 6 April 2015) L4MA0001 GPP Group
Retirement Solutions Group Personal Pension Continuation Plan (plans set up before 6 April 2015)   L4MA0001 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up before 6 April 2015) L4MA0001 GPP Individual
ProductLeaflet reference numberProduct typeGroup/Individual plan
Pension Portfolio (plans set up after 17 Dec 2007) L4MA0002 Individual Personal Pensions Individual
Pension Portfolio (plans set up before 17 Dec 2007) L4MA0001 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up after 17 Dec 2007) L4MA0002 Individual Personal Pensions Individual
Pension Portfolio (SIPP) (plans set up before 17 Dec 2007) L4MA0001 Individual Personal Pensions Individual
Pension Portfolio (IR) (plans currently using Income Release) L4MA0002 Individual Personal Pensions Individual

Summary of the enclosures

2TLT1332

This notice sets out an additional retirement option (Full UFPLS) and changes to the rules for death benefits. Clients may be able to:

  • take the full amount as a lump sum, where a quarter of the funds available are paid tax-free and the remaining amount is taxed as income at the appropriate rate.
  • have benefits paid to a beneficiary after their death rather than it being restricted to being paid only to a dependant.

2TLT1333

This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits. Clients may be able to:

  • take as much of their plan as a lump sum as they want (subject to the minimum values set). A quarter of the funds that they take would be paid tax-free and the remaining amount would be taxed as income at the appropriate rate.
  • have benefits paid to a beneficiary after their death rather than it being restricted to being paid only to a dependant.

2TLT1334

This notice sets out the changes we’ve made to clients’ income drawdown retirement options under their plan. And, it may also now be possible for benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.

2TLT1335/1

This notice set out that we’re amending the terms of clients’ Core Investments by:

  • making changes to their retirement options to allow for the increased flexibility in lump sum payments.
  • replacing the existing Investment terms (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work.
  • allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.
  • allowing beneficary drawdown as an option for the beneficiaries.

2TLT1336/1

This notice sets out that we’re amending the terms of clients’ Core Investments by:

  • Making changes to their retirement options to allow for the increased flexibility on:
    • Lump sum payments
    • Income Release
  • Making a change to the options available to clients if they want to partially transfer their Core Investments when they’ve started to use Income Release.
  • Replacing the existing Investment terms (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.
  • Allowing beneficiary drawdown as an option for the beneficiaries.

2TLT1337/1

This notices sets out that we’re amending the terms of clients’ plans by:

  • Making changes to their retirement options to allow for the increased flexibility of lump sum payments.
  • Removing the option to start using the Unsecured Pension facility under the Self Investments part of the plan.
  • Replacing the existing Investment terms of the Core Investments (other than those that relate to our With Profits fund which remain unchanged) to provide clarity on some of the investment options available through the Core Investments and how these work.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.
  • Allowing beneficary drawdown as an option for the beneficiaries

L4MA0001

This notice sets out that we’re amending the terms of clients’ plans by:

  • Allowing beneficary drawdown as an option for the beneficiaries.

L4MA0002

This notice sets out that we’re amending the terms of clients’ plans by:

  • Making changes to their retirement options to allow for the increased flexibility on Income Release
  • Allowing beneficary drawdown as an option for the beneficiaries


L4MA0003

This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits. Clients may be able to:

  • take as much of their plan as a lump sum as they want (subject to the minimum values set). A quarter of the funds that they take would be paid tax-free and the remaining amount would be taxed as income at the appropriate rate.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.
  • Allowing beneficary drawdown as an option for the beneficiarie.
Last updated: 14 Feb 2016

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.