Award winning workplace pension for independent schools

13 March 2020
We know that choosing a workplace pension can be a tricky business, but we know what matters when it comes to tailoring a pension plan for your school.

Our award-winning workplace pension offers flexible employer contribution levels, high-quality investment options, and a range of retirement options for all your employees.

We aim to provide the best pensions experience and the best retirement outcomes for everyone, and that’s why we strive to offer our members:

Great service

We’re proud to have consistently won five stars for our service at the Financial Services Awards. That may be because we put people at the heart of everything we do, and we support this with great technology. From day one you can expect…

  • An implementation manager, who’ll be your dedicated point of contact for setting up your workplace pension scheme.
  • An online implementation hub to let you know what’s going to happen at every stage of your schemes set up.
  • A UK based servicing team appointed specifically to your scheme to help you once your scheme is up and running.
  • Our employer online service is a safe and secure place where you can fully manage and run your pension scheme. Including auto-enrolment for new employees, cyclical re-enrolment for existing employees and keeping track of any employer tasks.
  • Whenever your employees need support, your dedicated servicing team is just a phone call away.
  • If they have another DC pension scheme they wish to transfer, our dedicated transfer team can help them move that pension to their new plan with us. We recommend your employees  speak to an adviser before making this decision.
  • They’ll have 24-hour access to their plan via our safe and secure online service, where they can keep tabs on their savings, review their plan and make changes to their personal data or investments whenever it suits them.
  • Our online service is available via our pension’s website or mobile app

 

Clear and simple communications

It’s important your employees understand their pension and we think the best way to do this is to ensure they’re actively engaged. 

From day one…

  • We’ll work with you to find the best communication channels and messages for your school - from high level awareness messages to more detailed communications
  • We’ll help you create tailored communication plans including raising awareness of your new workplace pension scheme amongst your employees.
  • We’ll provide a range of communications materials, including a pensions website, designed to fit with your school’s brand.
  • Quarterly employer newsletters to keep you up to date with industry updates.

When your employees join your pension scheme, they’ll receive a welcome pack from us containing all they need to know about their new plan. This will include:

  • a factsheet to help your employees understand what the change to pension scheme provider means to them
  • an educational leaflet to help them understand how their new pension works
  • a guide to their retirement plan
  • an investment leaflet explaining the options available

We’ll help them understand their pension with regular newsletters, full of financial wellbeing and education information.

They can look forward to regular yearly statements with clear and colourful visuals highlighting their plans performance.

Near retirement, they’ll receive a retirement pack specifically designed to help them target action their pension investments, based on the time they have left until they retire.

High-quality investment options

We offer a great range of high-quality investment options for you and your employees to choose from, including bespoke investment solutions and ready-made default funds.

We call our default funds our Governed Range. Within our governed range your employees can choose to invest in:

  • Governed portfolios. To suit their attitude to risk and the length of time they have until retirement;
  • Lifestyle strategies. Ideal if they have a specific target, or;
  • Governed Retirement Income Portfolios (GRIPs). For employees who want to take a regular income from their plan.
  • Funds. Employees can choose from more than 160 funds managed by our award-winning investment team Royal London Asset Management

Our Independent Advisory Committee monitors and reviews our investment options to make sure they’re in line with our objectives.

Our Independent Governance Committee, acts on behalf of our members to make sure we’re consistently doing the right thing for you and your employees.

Flexible retirement options

With Royal London, your employees can look forward to enjoying their retirement savings in a way that suits them.

Your employees can choose to:

Leave it for now

Leave their savings invested, until the time is right for them.

Secure income

Enjoy a guaranteed regular income for the rest of their life, by buying an annuity.

Cash payment

Take some or all their retirement savings as one or more cash lump sums.

Flexible access

Take the income they need, when they need it, with our Income Release plan, rated 5 stars by Defaqto.

Find out more

Find out more about our award-winning workplace pensions.

Value of advice

We believe in the value of independent financial advice, looking after our customers and improving their understanding of their pension. That’s why our pensions are only available through a financial adviser. Speak to your financial adviser to find out more.

If you don’t have a financial adviser you can find one in your area at unbiased.co.uk.

Advisers may change for their services – though they should agree any fees upfront with you.

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.