Our latest ProfitShare award
We're delighted to be awarding ProfitShare for the seventh year running in April 2023, giving eligible customers' pension savings a boost in times of uncertainty.
We're sharing £155m of our profits with our customers.
Around 2m customers will be awarded ProfitShare.
We're increasing unit-linked customers' pension savings by 0.15%.
* This is based on year end 2022 and includes awards made to With Profits customers. These customers will receive a 1.2% enhancement in 2023.
Seven years of ProfitShare
Since we made our first ProfitShare award in April 2017, we've boosted our customers' pension savings every year - sharing over £1 billion of our profits with qualifying customers.
The ProfitShare amounts shown include awards made to With Profits customers.
Remember that ProfitShare isn’t guaranteed. However, once we’ve awarded ProfitShare, we’ll never ask for it back.
How we support good outcomes for our customers
It's important we strike the right balance between investing in our business, maintaining our robust financial position and the level of any ProfitShare award. We believe taking this approach helps advisers and their clients have confidence in Royal London.
We'll continue to do this to make sure we support good outcomes for customers.
We've created a leaflet (PDF) with some examples to demonstrate the impact ProfitShare could make to your clients' pension savings over time. There's also a leaflet (PDF) for you to share with your clients.
How ProfitShare works for unit-linked customers
We'll review our financial position and performance at the end of each year.
We'll work out if we can award ProfitShare.
We'll add the award to a separate ProfitShare account within customers' plans.
Customers can see the value of their ProfitShare account in their yearly statement, by logging into our online service or by downloading our mobile app.
Customers can take the value of their ProfitShare account with the rest of their pension savings.
Who qualifies for ProfitShare?
To be eligible for ProfitShare, customers must have a pension plan that started with us on or after 1 July 2001. If that's the case, we’ll automatically set up a ProfitShare account under their plan. You don't need to do anything.
If the customer's a member of a workplace pension scheme, their eligibility for ProfitShare is based on the date their scheme began - not the date they joined.
We'll apply ProfitShare awards as at 1 April each year. To qualify, the customer's plan must be active on 31 December the previous year and on the date the award is given.
If your client has pension savings invested in our With Profits fund, their ProfitShare will be calculated in a slightly different way. You can find more detail in the Royal London With Profits Fund factsheet (PDF).
There's no guarantee that we'll be able to award ProfitShare every year.
Here are some of the most common questions we're asked about ProfitShare.
Mutuality defines us
Find out how our mutuality gives us the freedom to focus on understanding our customers' needs and to solve problems that matter to them.
Membership of Royal London
Many of our customers are also members of Royal London, which entitles them to have a say on company decisions by voting at our annual general meeting (AGM).