Royal London Personal Pensions
All About Our Personal Pension
Planning for retirement is not one-size-fits-all. We understand that your goals and needs will evolve as life unfolds. That’s why our personal pension, Pension Portfolio, is built with flexibility in mind, giving you the freedom to adapt whenever necessary. Available through financial advisers, Pension Portfolio is designed to help you take control of your financial future with ease and confidence.
Making Contributions to Your Pension
Managing finances can be challenging, but saving for your future doesn’t have to be. We’ve made contributing to your personal pension simple and adaptable.
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Regular Contributions:
Set up fixed monthly or yearly contributions via Direct Debit. These can grow annually, either in line with your salary, the Retail Prices Index (RPI), or a percentage increase of your choice (from 1% to 10%). -
Top-Up Contributions:
Found yourself with extra savings? Make a one-time contribution to boost your pension pot. -
Alongside Your Workplace Pension:
Even if you’re saving into an employer’s pension scheme, you can use a personal pension to further enhance your retirement savings.
Consolidate Your Pension Savings
If you have multiple pensions, keeping track of them can be challenging. You can transfer your savings from other providers into your Pension Portfolio, making management more straightforward.
However, transferring pensions may not always be in your best interest if it means losing unique benefits from your current provider. Consult a financial adviser before making any decisions.
Stay Connected: Your Pension Online
Our secure online service and mobile app make managing your pension easy:
- View a detailed summary of your plan, including fund performance and investment details.
- Update your contact information and nominated beneficiaries.
- Explore educational content like articles, podcasts, and guides on budgeting, debt management, and saving strategies.
Our user-friendly tools give you the confidence to stay on top of your finances anytime, anywhere.
Flexibly Access Your Pension Savings with Income Release
Our Defaqto 5-Star rated Income Release facility provides you with flexible access to your pension savings. Tailored to your needs, this option allows you to draw tax-free cash and income at your convenience, ensuring your retirement plan works for you.
- Quick Access: Receive tax-free cash in your bank account within 5 working days after providing the necessary information.
- Ongoing Flexibility: Continue saving into your pension plan even after accessing funds.
- Security for Loved Ones: Leave any remaining savings to your family or beneficiaries.
How Income Release Works
- Tax-Free Cash and Income: Decide how much to withdraw (up to 25% tax-free) and when.
- Two Accounts: Your pension is divided into:
- Income Release Account: Pays your tax-free cash and income. Note that income isn’t guaranteed to last indefinitely, so careful planning is essential.
- Savings Account: Holds the remainder of your pension, which continues to grow, though investments can fluctuate.
Sharing in Our Success: ProfitShare
As a mutual, we believe our success should benefit you directly. That’s why we aim to boost your pension savings annually by adding a share of our profits to your plan, known as ProfitShare. It’s our way of rewarding your trust and partnership with us.
Why Work with Financial Advisers?
Navigating pensions can be complex, and quality, impartial advice is invaluable. Financial advisers can help you choose the best solutions for your unique circumstances. While advisers may charge for their services, they’ll agree on fees with you upfront.
Next Steps
Whether you’re looking to start a personal pension, top up your savings, or explore flexible access options, we’re here to help. Speak with a financial adviser to get personalised guidance and recommendations.
Take control of your retirement with Pension Portfolio—because your future deserves nothing less.