Our workplace pensions development roadmap

At Royal London, we never stand still. That means we’re always looking for new ways to make your life easier – or developing original ideas to help your employees see the value of your investment in them.

 We do what matters, not what's easy.

Phasing of contributions
Phasing of contributions allows employers and workers to spread the cost of contributions for auto enrolment over a period of time. We’ll offer support at the right time to help you and your employees understand the changes required to ensure the pension scheme continues to meet the automatic enrolment contribution minimums.

App
To make it even easier for your employees to stay in touch with their pension savings, we’re currently developing a mobile app. The app will be available on iOS and Android, and will initially allow your employees to clearly see key information such as:

  • their current fund value
  • payments into their plan
  • an indication of what they will have when they want to use their pension savings
  • plan charges.

All of this aimed at increasing engagement with their pension.

Enhanced employee retirement experience
We will now start engaging with scheme members in each of the five years before their selected retirement age. This approach is designed to give your employees enough time and information to make an informed decision by the time they reach their retirement age.

Phasing of contributions
Phasing of contributions allows employers and workers to spread the cost of contributions for auto enrolment over a period of time. We’ll offer support at the right time to help you and your employees understand the changes required to ensure the pension scheme continues to meet the automatic enrolment contribution minimums.

Enhanced annual statements
We’ve launched our new annual statements to help your employees secure the best outcome at retirement. This will also enable them to better engage with their pension and fully understand its value. 

Scheme governance report
Our new report to helps you ensure that not only does your pension scheme comply with all the regulatory requirements but that you and your employees are getting the best possible outcomes.

Default investment fund changes
We’re changing the default investment for workplace pension members from the Royal London Balanced Lifestyle Strategy (Annuity) to the Royal London Balanced Lifestyle Strategy (Drawdown). Our experience tells us that more people are choosing to go into drawdown in retirement, rather than buying an annuity. This means that most people now prefer to have flexible access to their retirement savings, instead of a secure income so changing our default is designed to meet the majority of employees retirement needs. Find out more on why we are making the change and what it means for your employees.

ProfitShare
We’re delighted to have been able to share even more of our profits with our members and customers. In 2018 we boosted qualifying employees retirement savings by 0.18% . The award was paid to all your qualifying employees who held a plan with us on 31 December 2016, and still held that plan on 1 April 2018. Find out more on Profitshare. 

General Data Protection Regulation (GDPR) changes
We pulled together experts from across the Royal London Group and created a Data Governance project team to tackle the GDPR changes. We updated our privacy policy to explain more on what we do, where we get and how we share your personal information. Have a look at what we’re doing to protect your data and a handy GDPR checklist.

New sustainable fund ranges
As part of our commitment to being a sustainable investor, your employees can access a range of new sustainable funds. These new funds mean that your employees can express their values by investing in companies that make a positive contribution to our society and environment. Find out more and watch an animation on the new sustainable fund range.

Group pension drawdown option
Option for your employees’ age 55+ to access drawdown on the same terms/charges as their existing workplace plan and continue to contribute to their existing plan.

ProfitShare
We made our first ProfitShare award and boosted the retirement savings of all newly eligible customers by 0.18%. The award was paid to all your qualifying employees who held a plan with us on 31 December 2016, and still held that plan on 1 April 2017.

Cyclical re-enrolment
Every three years from staging, you must automatically re-enrol certain workers back into your qualifying pension scheme. We’ve updated our auto enrolment system and created a suite of support material to support you and affected employees through cyclical re-enrolment.

Retirement flexibility
We’ve made it easier for your employees who don't have an adviser- and insist they don’t want to use one – to access their pension benefits. Our non-advised offering will focus on ensuring that your employees approaching retirement have the right information to ensure they make the right decision for their circumstances.

Last updated: 09 Jan 2018

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. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.