A range of retirement options

When it comes to retirement, employees can access their savings in a way that suits them, through a range of retirement options.

From age 55, or age 57 from 6 April 2028, employees can choose to:

Leave savings invested.
Until the time is right for them to take it.

Take one or more cash payments.
This can be some or all of their pension savings.

Secure a regular guaranteed income.
By buying an annuity.

Flexible access to their savings.
With Income Release, our income drawdown option.

More about Income Release

When employees reach retirement they can move their pensions savings to our income drawdown plan, Income Release - as long as they have at least £10,000 in their workplace pension plan.

If the annual management charge for regular contributions is lower on their group plan, they'll keep this when they move to our income drawdown option, Income Release.

Rated 5 star by Defaqto, it provides one of the highest quality drawdown offerings in the market, and gives employees access to a range of tax-free cash and income options.

With Income Release, employees can:

  • Choose when and how much money they want to take out of their plan. 
  • Phase when they want to receive their income.
  • Continue to make contributions into their plan, even after taking money out.
  • Choose to leave their pension savings for loved ones when they die.
  • Choose to keep their workplace pension plan as long as they have at least £200 in their plan.

Find out more

Visit the income drawdown section of our website for more information on our Income Release product.

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. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.