Most people do not choose between these; their employer does. But if you are consolidating old pots or weighing a transfer, here is how the charges and reviews actually stack up.
Charges verified July 2026. Pension transfers are a big decision; this is information, not advice.
Your pension charge is one number. Whether you're saving enough is another - and we answer it from your real pensions, ISAs and the State Pension.
See if I'm saving enoughFree to check. No card required. Takes about two minutes.
Most people shouldn’t transfer out of a defined-benefit scheme. If you’re in one, the rest of this page is information, not a recommendation. For defined-contribution pots (the common case) a transfer is usually fine — the charges comparison below is what you’re here for.
Savers who value a mutual ethos and ProfitShare top-ups, usually via an employer or adviser.
Lloyds, Halifax and Bank of Scotland customers who want their pension inside their banking app.
Pick the situation closest to yours. The advice below changes accordingly. No account, nothing to fill in.
| Charge | Royal London | Scottish Widows |
|---|---|---|
| Annual charge | Set by your plan or your employer's scheme. Your annual statement shows the rate you pay. | 0.30% a year on the Ready-Made Pension (at least £5 a month) plus a 0.10% investment charge; 0.25% on the SIPP, capped at £16.50 a month |
| Workplace scheme charge | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults |
| Fund charges | Included in the plan charge for Governed Portfolios; other funds vary | Vary by fund; older policies can carry total charges up to 1.5% |
| Contribution charge | None | None on modern products |
| Transfers in | Free | Free |
| Drawdown | Included | Included on the Retirement Account |
On a £100,000 pension left to grow for 20 years, a 0.25% a year difference in charges is about £11,800 (illustrative). Add your pension balances to Delphina yourself and see what charges cost you by retirement and whether you're on track.
See what my charges costIllustrative: £100,000, 5% a year growth before charges, 0.25% vs 0.50% a year in charges, no further contributions. Not a recommendation of Royal London or Scottish Widows. Delphina is guidance, not financial advice.
Royal London consistently scores at or near the top of pension customer satisfaction surveys, and reviewers cite helpful, human service.
Some frustration that plans must be managed through an adviser and the online tools lag app-first rivals.
Read Royal London reviews on TrustpilotRecent reviews praise professional, knowledgeable phone staff, and the rating has improved markedly in recent years.
Longer-standing complaints centre on transfer speed and the admin on older policies.
Read Scottish Widows reviews on TrustpilotRoyal London is the UK's largest mutual insurer, and its pension proposition leans on that structure: no shareholders, and a ProfitShare scheme that has added a top-up to members' pots in most years. Service satisfaction scores are consistently among the best in the market.
The catch for DIY savers is access. Royal London pensions come through employers and advisers rather than direct, so if you want a self-serve pension you set up in an app tonight, look at PensionBee or a SIPP platform instead.
Scottish Widows runs pensions for millions of workplace savers and its Ready-Made Pension charges 0.30% a year plus a 0.10% investment charge. Workplace pension members can view their Scottish Widows pension alongside their Lloyds Bank, Halifax or Bank of Scotland online banking.
The name spans a century of products, though. If your Scottish Widows pension dates from before roughly 2010, it may be on much older terms, and comparing its actual charge against a modern alternative is worth an evening.
Track your net worth, assets and a five-year forecast built on your real position, not a guess. Free plan, no card.
See where I standIf you are in a defined-benefit scheme, almost certainly no - the guaranteed income and spousal benefits are hard to beat. For defined-contribution pots, the decision is about charges and what you actually want from the pension. Charges of 0.5%-1.0% a year compound into a serious drag over 20+ years.
Charges vary by product. The table above shows the published rates verified against each provider. Look at the all-in annual figure, not the platform fee alone - fund charges and adviser charges stack on top.
No. Charges tell you what you pay. Whether the plan behind the charges gets you to the retirement you want is a separate question - and it is the one most readers land here actually trying to answer.
A small charge difference is worth optimising. Knowing whether you are saving enough in the first place is worth far more. Delphina models your pensions, ISAs and investments and tells you where you actually stand.
Free to check. No card required. Takes about two minutes.