Important information about existing workplace pension schemes

Your recent commission statement will confirm how much is being paid. Alternatively, you can get a remuneration report by logging into our online service or you can contact our dedicated servicing team.

It depends on the type of pension contract. If the customer has a group personal pension plan (GPP), and you want to provide one-off advice then you can set up an ad-hoc adviser charge option. You’ll need to agree the charge with the customer and they’ll need to complete an adviser charge instruction form and send this to our dedicated servicing team.

We conducted a review of value for money on workplace plans with our Independence Governance Committee. We are letting our customers decide whether the adviser payments should continue or not, we appreciate you may be providing advice and we value this. Where no advice is being provided, we want to help reduce the plan charge, we will not retain any of the payment or benefit from this charge.

We’ll write to let you know which customers are keeping the charge on their plan and those that aren’t. We were originally going to tell you this in December, but we’ll now communicate this is January 2022.

Unfortunately not. Due to the nature of the change, Royal London needs to communicate this direct to the customer. We’re writing to you first to help you prepare for any conversations you may want to have.

Yes, other providers have already made similar changes to the ones that we’re making.

The Committee’s principle function is to act in the interests of Royal London’s workplace pension customers and pathway investors. Their job is to discern the value for money (VFM) we are providing to these customers and challenge us where they believe VFM needs to improve. There’s more information here.

We’ve written to the affected customers and advised we need to know by 15 October 2021 if any ongoing remuneration is to remain on the plan.  However as some customers didn’t receive their letters until slightly later, we’re extending the date for all customers to get in touch to 12 November 2021.  The sample letter available will still show the 15 October.

Yes, you're still the appointed servicing adviser.

Yes, we can remove your agency from the workplace pension scheme and/or specific customers. This will mean you no longer have access to pension scheme or customer data. 

The letter confirms if we've heard from any of your clients confirming.  If we've not heard from them, commission payments stopped on 1 December 2021.

When you set up your scheme, you’ll have completed an employer application form which will have detailed the agreed commission that we deduct from the member’s plans and pass onto your adviser.

If your scheme has been set up with an agreed Fund Based Renewal Commission (FBRC) payment then the AMC will reduce by the rate of FBRC, this reduction will be effective from the 1st December. We’ll not retain any of the payment or benefit from this charge.

Due to the version of workplace pension scheme you have, there are no alternative adviser remuneration arrangements available.

Yes, we’re not removing any adviser details from the scheme, so they’ll remain on our records for your scheme until we’re told otherwise. 

Yes, there are other providers who’ve  already made similar changes to the ones that we’re making.

We conducted a review of value for money on workplace plans with our Independence Governance Committee. We are letting our customers decide whether the adviser payments should continue or not, we appreciate you may be receiving advice and we value this. Where no advice is being received, we want to help reduce the plan charge, we will not retain any of the payment or benefit from this charge.

The Committee’s principle function is to act in the interests of Royal London’s workplace pension customers and pathway investors. Their job is to discern the value for money (VFM) we are providing to these customers and challenge us where they believe VFM needs to improve. There’s more information here.

We’ve written to the affected customers and advised we need to know by 15 October 2021 if any ongoing remuneration is to remain on the plan.  However as some customers didn’t receive their letters until slightly later, we’re extending the date for all customers to get in touch to 12 November 2021.  The sample letter available will still show the 15 October.

When your employer or previous employer set up their scheme, they would have done so through an adviser. We’ll automatically apply the same adviser who set up the scheme, to any member’s plans within the scheme unless we’re told otherwise. 

You’ll find their details on your latest yearly statement or any other documentation we’ve sent you.

If you’re still employed by the company who set up the scheme that you joined,  then the adviser will remain linked to your plan. If you’ve stopped working for this employer, then you can change these details to another adviser of your choice or you can choose to have no adviser’s details linked to your plan. 

No.  Due to the nature of the change and to make sure the change is carried out at the same time for all customers, the earliest we can stop the payments is from the 1st December.

When we set up your employer’s or previous employer’s workplace pension scheme, they agreed with their adviser the payments that we’d deduct from your plan. 

Within the welcome pack that we sent you when you joined, it will show the agreed adviser payments that we’ll deduct from your plan. Depending on your plan type, we may also have sent you a Plan or Account Certificate which will also detail the adviser payments.

We conducted a review of value for money on workplace plans with our Independence Governance Committee. We are letting our customers decide whether the adviser payments should continue or not, we appreciate you may be receiving advice and we value this. Where no advice is being received, we want to help reduce the plan charge, we will not retain any of the payment or benefit from this charge.

The Committee’s principle function is to act in the interests of Royal London’s workplace pension customers and pathway investors. Their job is to discern the value for money (VFM) we are providing to these customers and challenge us where they believe VFM needs to improve. There’s more information here.

We’ve written to the affected customers and advised we need to know by 15 October 2021 if any ongoing remuneration is to remain on the plan.  However as some customers didn’t receive their letters until slightly later, we’re extending the date for all customers to get in touch to 12 November 2021.  The sample letter available will still show the 15 October.

Yes, you'll still have a dedicated financial adviser assigned to your plan.

That’s not a problem, please let us know either via email or in writing to your customer service team. You'll find their contact details on the most recent communication confirming the change

That’s not a problem, please let us know either via email or in writing to your customer service team.  You'll find their contact details on the most recent communication confirming the change.

This depends on the commission structure that has been agreed with your employer or previous employer and the financial adviser. Your documentation welcoming you to your pension plan will show the commission charges. Alternatively, you can speak to our dedicated servicing team.