Safeguarded benefits

This is a flow chart that help you decide if advice is required.

An individual requests their benefit options or a transfer quote from the scheme administrator.

If the benefits value is less than £30,000, then the individual returns the completed benefits option or transfer form to the scheme administrator. The scheme administrator then processes the chosen benefits option or transfer.

If the benefits value is more than £30,000 then the individual needs financial advice before they can give up their safeguarded benefits. Once the individual has received financial advice, they return the completed benefits option or transfer form to the scheme administrator. The scheme administrator will check that advice has been given, or it has been signed off, by a suitably qualified adviser. If it hasn't then the individual will need to get financial advice form a suitably qualified adviser. Once that has been done then the scheme administrator will process the chosen benefits option or transfer.

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.