Our workplace pension

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 (age 57 from 6 April 2028) employees can choose to:

• Leave their pension savings invested until the time is right for them to take it
• Take one or more cash payments which can be some or all of their pension savings
• Secure a regular guaranteed income by buying an annuity
• Get flexible access to their savings with Income Release, our income drawdown facility.

Flexible access with Income Release

Rated 5 Star by Defaqto, Income Release provides one of the highest quality offerings in the market, with a range of tax-free cash and income options. It offers your clients:

• Flexible saving – they can continue to save into their workplace pension as long as they leave a minimum of £200
• Value for money – there’s no charge to start using Income Release
• A low starting amount – they only need to move £10,000 into their new plan to start using Income Release
• Ability to leave money for loved ones - employees can choose to leave their pension savings to their loved ones in a tax-efficient way when they die.

Plus, if the annual management charge for regular contributions is lower on their group plan, your clients will keep this when they move over to their new plan.

More about Income Release

Our default investment option can help set your clients' employees on the right path to retirement.

It benefits from regular reviews by both our Investment Advisory Committee and Independent Governance Commitee. So you can feel confident your clients' and their employees' investments are being looked after by experts.

Our standard default investment option

Our standard default investment option is the Balanced Lifestyle Strategy (Drawdown) which is invested in three of our risk-targeted Governed Portfolios.

It offers your clients and their employees:

• Solutions designed by our investment experts
• A selection of lifestyle options
• Flexibility over default choice
• Governance you can count on
• Employee communications
• Affordable solutions.

At retirement, employees will move into a Governed Retirement Income Portfolio. These are designed for those looking to take a regular income in retirement through our income drawdown option, Income Release.

Our default investment option

We're here to help you engage your client and their employees with their Royal London workplace pension scheme, with our range of online tools, communication materials and engagement resources.

• Our employer brochure helps your clients get to know us and understand how we can support them
• Our scheme switching and salary exchange resources can help your clients understand the benefits of reviewing or switching their pension scheme
• Our financial wellbeing service offers insights to help you and your clients better understand the needs of their scheme members
• Our communications toolkit is  there to help your clients encourage employees to engage with their pension.
• Our transferring pensions support materials can help your clients raise awareness that their employees can transfer their other pensions to their Royal London plan
• Our mobile app helps employees to keep track of their savings, access our financial wellbeing service and more. For more details, see our employer site (opens in new window)
• Employees will receive a video pension statement so they can see how much they've paid in, how much their employer has contributed and if their pension has grown in under two minutes.
• Employees can access helpful articles about pensions, investments and taking benefits or managing their plan, through their workplace employee pension hub (opens in a new window).

Whether you're setting up a new scheme, moving an existing one to Royal London, or simply reviewing your client's current scheme, we're here to support you and your business.

That's why our pension service has been rated 5 Stars at the Financial Adviser Service awards - 15 years in a row.

Here's what you can expect from us:

• A dedicated contact, who'll work with our expert teams to make sure you get the support you need, when you need it
• Access to a range of online tools and resources to support your client conversations and drive scheme engagement
• Charging options that give you flexibility and help you establish charges if you want to give advice to individual scheme members.

Find out how we can support you

We believe our customers should share in our success. So, when we do well, we'll aim to boost their pension savings by adding a share of our profits to their plan each year. We call this ProfitShare.

By choosing Royal London to provide their workplace pension, employers can help to boost their employees' pensions - in the years we're able to award ProfitShare.

Our past ProfitShare awards:

The ProfitShare amounts shown include awards made to With Profits customers.

There's no guarantee that we'll be able to award ProfitShare every year. But once we've awarded it, we'll never take it away. Your clients could get more or less than this.

More about ProfitShare