Flexible retirement options

It’s good to have options. But it’s better to have choice and flexibility. That’s why our range of retirement options can adapt to suit employees’ needs.


Secure income
Employees can enjoy a guaranteed regular income for the rest of their life, by buying an annuity.


Flexible access
Our income drawdown facility, Income Release, lets employees take the income they need, when they need it. 



Cash payment 
Employees can take some or all of their retirement savings as a cash lump sum


Leave it for now 
Employees can leave their savings where they are, until the time is right for them. 


Reasons to choose our income drawdown plan 

If employees want to enjoy flexible access to their savings, they’ll need to move to an income drawdown plan.  

Our Defaqto 5 Star rated drawdown product, Income Release, provides one of the highest quality offerings in the market, with a range of tax-free cash and income options. Here are some of the reasons why employees might consider using Income Release:

  • Flexible saving – employees can continue to save into their plan after taking any tax-free cash and/or
    income payments.
  • Clear charges –if the annual management charge for regular contributions is lower on their group plan, employees will keep this when they move to an Income Release plan.
  • Value for money – we’ll only apply a charge to start using Income Release if an employee’s plan has been with us for less than 12 months.
  • Low starting amount – employees only need £15,000 in their group plan to start using Income Release.
  • Keep their group plan – employees can keep their group plan if they want to, as long as they leave a minimum of £200 in their plan.
  • Leave money for loved ones - employees can leave their retirement savings to their loved ones when they die.

Income options available through Income Release

Income optionAvailable
Lump sum tax-free cash  
Lump sum tax-free cash + regular taxable income payments  
Lump sum tax-free cash + one off income payments  
Regular tax-free cash  
Regular tax-free cash + taxable income payments  

Retirement planning support

We offer support at every stage of retirement planning:

Review Service


Use our Review Service as part of your regular review process to show employees how their plan’s doing and what their future looks like.

At Retirement tool


Our At Retirement tool can help you identify the income employees will need in retirement and present the different options available.

Income planning tool


If drawdown’s the right choice, use our income planning tool to recommend an investment option and help employees understand how sustainable their income is.

Drawdown governance service


Our drawdown governance service can help you monitor the income employees are taking and see when things are heading off track. 

For more information about the communication and engagement you and your clients receive with a Royal London workplace pension please speak to your usual Royal London contact.  

Last updated: 19 Mar 2018

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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.