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.
The charge gap between them is small next to whether you're saving enough at all.
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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.
| Charge | Royal London | Scottish Widows |
|---|---|---|
| Annual charge | Typically around 0.38% for Governed Portfolios, varying by scheme and pot size | 0.25% to 0.50% on the Retirement Account, depending on pot size and investments |
| 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 |
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 modern Retirement Account starts at a competitive 0.25%. Integration with Lloyds Banking Group means Lloyds and Halifax customers can watch their pension next to their current account, which does wonders for engagement.
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.
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.
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