FOR ADVISERS ONLY
Pension switching may not be suitable for all your clients. For example, if they're part of an employer's pension scheme, a Final Salary scheme or their existing plans have any guarantees or enhanced tax-free cash, transferring into a new plan may not be in their best interests.
Pension switching – helping your clients’ pension savings work harder and smarter
Consolidating them into one plan could really help clients get the most from their savings. And, it could benefit your business too.
Less
paperwork
Having one plan and one yearly statement for a client will make it easier to manage.
Variety of
investment options
You can tailor each investment solution to each client, so it’s as unique as they are.
Saves you time on administration
Our range of online tools can help you run a cost-effective planning and review service.
How pension switching can help your business
We know that you’ll be looking for new business opportunities at a time when they’re perhaps more difficult to come by. Pension switching gives you the opportunity to initiate a client review and generate additional income for your business, while helping your clients' pension savings work harder and smarter.
Speak to your usual Royal London contact to find out more about the benefits of Pension Portfolio and switching to us.
Adviser charging options
Pension Portfolio supports different types of adviser charge, so you can agree a structure that suits you and your client.
Find out more
More reasons to move your clients to Pension Portfolio
Consolidating pensions could help clients get more from their pension. It could help them benefit from lower charges, so they get better value for money. And our investments offer you real variety, whether you choose one of our ready-made options, or you create your own solution - there’s something to suit everyone.
Our ready-made Governed Range offers you several options depending on your client’s attitude to risk, and they all benefit from regular reviews, hands-on supervision and ongoing governance to help make sure they meet their objectives. This comes at no extra cost.
ProfitShare and what it means for your clients
As a mutual, we’re run purely for the benefit of our members and customers – so we focus on the things that will make a difference to them, like sharing our profits through ProfitShare and reinvesting our profits to provide better products and services.
Pension switching may not be suitable for all your clients. For example, if they're part of an employer's pension scheme, a Final Salary scheme or their existing plans have any guarantees or enhanced tax-free cash, transferring into a new plan may not be in their best interests.
Pension switching process in a nutshell
Here’s some helpful steps to consider when recommending pension switching to your clients:
- Firstly, review your client's situation to see if they've got investments or pensions that can be moved. Then use a tool that can help you conduct a switching review to find the best plan for client.
- When you’ve identified a client who could benefit from switching, it’s time to start the conversation. Send them an email or organise a call to discuss their current situation and the option of consolidating their pensions.
- You might want to consider questions like:
- Does their current pension plan have high charges?
- Does their current pension plan offer a range of investments, designed to suit different attitudes to risk, time to retirement and ways to access their pension savings?
- Does their current pension plan allow them to access their pension savings how and when they need to?
- Does their current pension plan have any valuable benefits that could be lost if they switch to another plan?
Our support to you:
- You can use our approach letter to help start that conversation with your client.
- We also have a client facing leaflet to help explain the benefits of pension switching to clients, with a case study to bring this to life.
- If your client’s open to consolidating their pensions, it’s time to ensure it’s suitable for them.
Our support to you:
- We’ve developed a handy checklist to help you identify if pension switching is suitable for your client.
- It’s time to consider the right pension plan for your client.
- Our Pension Portfolio offers your client:
- One clear, low charge
- A range of suitable investment options
- Flexibility over how and when they save or access their pension savings
- Quick and easy access to their money when they need it
How we can support you and your clients
Our business development managers deliver hands-on support to help you grow your business. And they’re backed by a network of expert teams, there to help with anything from initial illustrations to helping your clients access their pension savings.
Speak to your usual Royal London contact to find out more about the benefits of Pension Portfolio and switching to us.
Ongoing support
You can use our tools to provide a cost-effective planning and review service for your clients and create visually engaging reports, which you can charge for.
Financial planning
tool
Give your clients a full picture of their different sources of income and how their spending needs could change over time.
Client review
service
Use our client review service as part of your regular review process to show clients how their plan is doing and what their future looks like.
Drawdown governance service
Helps you monitor the income your clients are taking and see when things are heading off track.
Pension switching: your resource centre
| Item | Description | |
|---|---|---|
|
Checklist |
|
|
| Client facing leaflet |
|
|
| Approach letter |
|
|
| Pension switching leaflet |
|
|
| Investing in your future |
|
|
| Remuneration guide |
|
|
| Transfer in drawdown - client facing leaflet |
|
|
| Transfer in drawdown - approach wording |
|
|
Key things to consider when recommending a pension switch to your clients.
Highlights the benefits of pension switching and consolidation, with a case study to bring this to life.
Template wording to help you initiate a client review. 
Highlights the benefits of pension switching.
A guide to the investment options we offer.
A guide to our remuneration options.
To help you demonstrate the benefits of transferring to Royal London.
Template wording to help you initiate a review with your drawdown clients.Find out more
Speak to your usual Royal London contact to find out more about the benefits of Pension Portfolio and switching to us.