Retirement options follow-up mailing

We're contacting customers about pensions flexibility and other enhancements to our pensions.

Last year we contacted our pension customers aged 54 or over to tell them about the changes we were making to their plan(s) to allow for the Government's new pension freedoms.

We're now about to contact our pension customers under age 54 about pensions flexibility.

We'll also be mailing certain customers aged 54 or over about further enhancements we've made to some of our pension products.

Timeline for the mailing
w/c 22 Feb
w/c1 July
Customer mailing – staggered over 19 weeks

Customer mailing

Copies of the notices

Each customer letter will include a notice of the changes we're making to the terms and conditions of their plan. The notice they receive will depend on which product they have.

Group pension plans

ProductLeaflet reference numberProduct typeGroup/ Individual plan
Retirement Solutions Group Personal Pension (plans set up before 6 April 2015) L 4 MA 0003 GPP Group
Retirement Solutions Group Personal Pension (plans set up after 6 April 2015) L 4 MA 0001 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up before 6 April 2015) L 4 MA 0003 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up after 6 April 2015) L 4 MA 0001 GPP Group
Talisman Group Personal Pension Plan 2TLT1333 GPP Group
Retirement Solutions Group Personal Pension Continuation Plan (plans set up before 6 April 2015) L 4 MA 0003 GPP Individual
Retirement Solutions Group Personal Pension Continuation Plan (plans set up after 6 April 2015) L 4 MA 0001 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up before 6 April 2015) L 4 MA 0003 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up after 6 April 2015) L 4 MA 0001 GPP Individual
Talisman Continuation Pension Plan 2TLT1333 GPP Individual

Group pension plans

Retirement Solutions Group Personal Pension (plans set up before 6 April 2015) L 4 MA 0001 GPP Group
Retirement Solutions Group Stakeholder Pension Plan (plans set up before 6 April 2015) L 4 MA 0001 GPP Group
Retirement Solutions Group Personal Pension Continuation Plan (plans set up before 6 April 2015)   L 4 MA 0001 GPP Individual
Retirement Solutions Group Stakeholder Pension Continuation Plan (plans set up before 6 April 2015)   L 4 MA 0001 GPP Individual

2TLT1333
This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits.

Clients may be able to:

  • take as much of their plan as a lump sum as they want (subject to the minimum values set). A quarter of the funds that they take would be paid tax-free and the remaining amount would be taxed as income at the appropriate rate.
  • have benefits paid to a beneficiary after their death rather than it being restricted to being paid only to a dependant.

L 4 MA 0001
This notices sets out that we’re amending the terms of clients’ plan by:

  • Allowing Beneficiary drawdown as an option for the beneficiaries.

L 4 MA 0003
This notice sets out additional retirement options (All & Partial UFPLS) and changes to the rules for death benefits.

Clients may be able to:

  • take as much of their plan as a lump sum as they want (subject to the minimum values set). A quarter of the funds that they take would be paid tax-free and the remaining amount would be taxed as income at the appropriate rate.
  • Allowing benefits to be paid to a beneficiary after the death of the client rather than being restricted to being paid only to a dependant.
  • Allowing beneficiary drawdown as an option for the beneficiaries

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.