Transferring pension savings to Royal London
When you switch your pension scheme to Royal London you can give your employees the option to move their existing pension savings into their Royal London workplace pension plan.
They can do this when you first move your scheme over to us, using our workplace pension transfer service. They could also do this at a later date with our online transfer service - available through our mobile app or online.
We'll always recommend your employees take professional financial advice to ensure transferring their pension savings is in their best interest.
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It's easier to keep track of fewer pension plans
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They'll have access to different investment options
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Combining their pensions could help your employees save on fees and charges
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Your employees could benefit from a higher ProfitShare award, if eligible
Transfer options
You have three routes when it comes to transferring your employees' existing pension scheme savings. You just have to choose which option suits you best.
Fully advised transfer
This is an advised process, provided by your financial adviser and supported by us.
Adviser-led transfer process
Provided by your financial adviser and supported by us, but purely transactional. Your employees won't receive advice.
Royal London led transfer process
This is also a non-advised transfer process that we lead on with your advisers support.
Get the details
We'll ask your adviser to collect certain information about the previous scheme to make sure that those employees wishing to transfer don't lose any valuable benefits.
We'll ask you for some information about your previous scheme. We'll then review this to make sure we can accept the scheme and that it meets our direct offer requirements.
Engage your employees
We'll send your employees clear and engaging communications when we're ready to make the offer. We'll outline what's involved and highlight what they need to think about to help them decide.
Each employee in the scheme will receive:
- A covering letter or email and charges comparison
- A guide to help them weigh up their options
- A part-filled application form and pre-paid envelope for postal packs
You'll know as soon as we contact your employees and our dedicated transfer team will be on hand to answer any questions.
Your employees will need to confirm they want to go ahead with their transfer, but they can do this easily through our mobile app or transfer hub. We can also offer other ways to say 'yes' if preferred.
You can use our support materials to help increase pension awareness with your employees.
Make the offer
Once we've received an employee's first contribution, and we're ready to make an offer, we'll send them information to help them make a decision. We'll outline what's involved in the transfer process, and highlight what they need to think about before making their decision.
Our dedicated transfer team will be on hand to answer any questions your employees have.
Request the transfers
As each employee confirms they want to transfer, our dedicated team will request their transfer from the existing provider. We'll work with individual employees to complete the process.
To make sure those employees who want to transfer tell us in plenty of time, we'll send reminder communications to those we've not heard from.
You don't need to do anything – our transfer team will keep you and your adviser involved throughout, so you know what's happening and when.
Complete the transfers
Our dedicated transfer team will make sure that each transfer is completed, and they'll tie up any loose ends.
We’ll send employees confirmation of the transfer.
If any of your employees haven't confirmed they want to transfer, our team will let them know the offer window is now closed. They'll also send you and your adviser a final update.
You might want to keep your employees up to date with some of the benefits of their Royal London plan - like our financial wellbeing tool. You could also highlight the tax savings that can be made with a pension with our pre-complied support material.
Get the details
We'll ask your adviser to collect certain information about the previous scheme to make sure that those employees wishing to transfer don't lose any valuable benefits.
We'll ask you for some information about your previous scheme. We'll then review this to make sure we can accept the scheme and that it meets our direct offer requirements.
Engage your employees
We'll send your employees clear and engaging communications when we're ready to make the offer. We'll outline what's involved and highlight what they need to think about to help them decide.
Each employee in the scheme will receive:
- A covering letter or email and charges comparison
- A guide to help them weigh up their options
- A part-filled application form and pre-paid envelope for postal packs
You'll know as soon as we contact your employees and our dedicated transfer team will be on hand to answer any questions.
Your employees will need to confirm they want to go ahead with their transfer, but they can do this easily through our mobile app or transfer hub. We can also offer other ways to say 'yes' if preferred.
You can use our support materials to help increase pension awareness with your employees.
Make the offer
Once we've received an employee's first contribution, and we're ready to make an offer, we'll send them information to help them make a decision. We'll outline what's involved in the transfer process, and highlight what they need to think about before making their decision.
Our dedicated transfer team will be on hand to answer any questions your employees have.
Request the transfers
As each employee confirms they want to transfer, our dedicated team will request their transfer from the existing provider. We'll work with individual employees to complete the process.
To make sure those employees who want to transfer tell us in plenty of time, we'll send reminder communications to those we've not heard from.
You don't need to do anything – our transfer team will keep you and your adviser involved throughout, so you know what's happening and when.
Complete the transfers
Our dedicated transfer team will make sure that each transfer is completed, and they'll tie up any loose ends.
We’ll send employees confirmation of the transfer.
If any of your employees haven't confirmed they want to transfer, our team will let them know the offer window is now closed. They'll also send you and your adviser a final update.
You might want to keep your employees up to date with some of the benefits of their Royal London plan - like our financial wellbeing tool. You could also highlight the tax savings that can be made with a pension with our pre-complied support material.
Employee transfer requests
Your employees can transfer their existing pension savings at a later date, or bring any other pension savings they have with different providers over to their Royal London plan. We won't charge them to transfer - although their other provider might.
They'll be able to start their transfer (opens in new window) quickly and easily online, or using our mobile app.
It's important that your employees understand the risks and benefits before deciding to transfer any pension savings. Our pension transfers (opens in new window) page gives employees some information to consider whether it's right for them. However, we'll always recommend they seek professional advice.
Helping you get started
Here, we've gathered some resources you might find useful to share with your employees.