Whether your client already has a Royal London pension or is investing in a new ISA, our charging structure is built to deliver long-term value.
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One clear, competitive charge
Your client pays one transparent AMC that covers both product and fund management costs when they invest in our flagship Governed Range, or other funds managed by Royal London Asset Management.
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A diverse range of investment options
As well as our flagship Governed Range, clients can choose from our full fund range, covering different asset classes, regions, and styles. If clients prefer to invest in our wider range of external funds, this charge may vary.
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Tiered annual management charge
To offer greater value for money, our annual management charge is tiered, so the overall charge reduces as the value of investments grows. This is applied through a management charge discount, which will change as the value of investments increases and decreases.
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No additional charges
There are no extra charges for plan management, transactions, or withdrawals.
How our charges work
At Royal London, we believe in providing a clear and straightforward approach to investing.
What's included in our annual management charge?
Investment governance and oversight
Our Governed Range is actively managed, so you can have confidence that your clients’ money is being looked after by experts.
A responsible investment approach
We integrate environmental, social and governance (ESG) factors into our investment decisions to support better long-term outcomes for your clients.
Support for long-term investing
Our ISA is designed to help your clients stay invested with confidence, with a charge that reduces as their investments grow.
Charges for individual clients
For personal pension clients, ISA clients, or those new to Royal London, our AMC is tiered, so the overall charge reduces as the value of investments in all associated products grows.
- The more they invest, the lower the charge.
- Discounts are applied monthly.
- Thresholds increase yearly in line with the Retail Prices Index (RPI).
If your client has a Pension Portfolio plan that started on or after 2 December 2024 the AMC will be based on the total combined value of your client's Pension Portfolio plan and Stocks and Shares ISA.
If your client has a Pension Portfolio plan that started between 6 April 2009 and 1 December 2024 the total combined value of their Pension Portfolio plan and Stocks and ISA will be used to apply a higher management charge discount to your client's ISA. The AMC for their Pension Portfolio plan will be unchanged.
Charges for workplace scheme members
The single AMC applies when scheme members invest in our flagship Governed Range or other funds managed by Royal London Asset Management.
Members of a Royal London workplace pension may benefit from a flat AMC aligned with their scheme, or a tiered AMC depending on your recommendation.
The ISA charge mirrors the workplace pension AMC when invested in Royal London Asset Management funds and there’s no added cost or admin for the employer.
Example of our charges
This example illustrates the annual management charge that will apply when combining a Stocks and Shares ISA and Pension Portfolio plan taken out on or after 2 December 2024. For more details download our charges guide.
Investment breakdown:
- Pension Portfolio Plan transfer: £270,000
- Stocks and Shares ISA contribution: £10,000
- Combined pension and ISA investments: £280,000.
Charging structure:
- Basic AMC: 1.00%
- AMC discount applied: 0.60%
- AMC applied to pension and ISA: 0.40%.
Total invested = £280,000
Pension transfer of £270,000 plus ISA contribution of £10,000 = £280,000.
AMC applied to pension and ISA = 0.40%
- Management charge discount = 0.60%
- Basic AMC of 1.00% - 0.60%
- AMC applied = 0.40%.
Total AMC is equivalent to £93.33 per month
This is taken automatically from your client's plan.
Management charge discount:
- Pension only discount: 0.55% (resulting in 0.45% charge)
- Combined discount: 0.60% (for £280,000)
- Final AMC applies to both plans.
Impact of charges over time
To show how charges can affect investment growth over time we've compared an AMC of 1% with an AMC of 0.50%.
This table shows how these charges impact the value of a £10,000 ISA investment over time, assuming a consistent 5% annual growth rate.
| Term (years) | 1% AMC | 0.50% AMC | Difference |
| 1 | £10,395 | £10,447 | £52 |
| 3 | £11,232 | £11,402 | £170 |
| 5 | £12,137 | £12,444 | £307 |
| 10 | £14,731 | £15,487 | £756 |
This example is for illustrative purposes only - investment returns are not guaranteed, and the value of your client's investment can go down as well as up so they could get back less than they paid in.
Case studies
Take a look at our case studies to see how our annual management charges might work.
ISA charges case study (individual client)
ISA charges case study (workplace client)
More information
For more information on our charging structure and approach to charges please read these documents.