Where this fits
A guaranteed annuity rate changes the whole decision. Find out whether yours has one.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Royal London is a mutual, owned by its customers, and adds a discretionary ProfitShare to eligible policies. Its drawdown is called Income Release. Older with-profits plans can carry a market value reduction, and some RL (CIS) plans carry guaranteed annuity rates.
The Royal London Mutual Insurance Society Limited, on the FCA register under number 117672. It is customer owned with no shareholders, and it also manages older Scottish Life and RL (CIS) plans, formerly the Co-operative Insurance Society's.
Royal London applies an annual management charge for managing the scheme and the investments, and does not publish one figure for workplace schemes.
Eligible members also receive ProfitShare. In April 2026 Royal London shared £199 million among about 2.4 million eligible customers, and says ProfitShare is not guaranteed every year.
On the Royal London With Profits fund, Royal London may apply a market value reduction if money is taken out at any time other than the normal retirement date.
Some pension policies in the RL (CIS) With-Profits Fund carry guaranteed annuity rates, and Royal London sells its own annuities to those customers. A guaranteed rate from decades ago can pay far more than an annuity bought today.
A Company Pension Plan member can transfer to another pension at any time, provided the employer, as trustee, agrees.
Checked on 2 October 2026 against royallondon.com and its 2025 results, the FCA register and The Pensions Regulator. Phone numbers, charges and options change, so check the provider's own site before you act.
A guaranteed annuity rate written decades ago can be the most valuable thing in a pension, and it does not survive a transfer.
A discretionary share of Royal London's profits added to eligible policies. It was £199 million in April 2026, and it is not guaranteed every year.
Some RL (CIS) with-profits pension policies do. Your policy documents or Royal London can confirm it.
No. It is a mutual, owned by its customers.
A guaranteed annuity rate changes the whole decision. Find out whether yours has one.
Independent Financial Adviser
Independent Financial Adviser
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