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.
Long-standing workplace savers, and self-directed investors who want a SIPP under a recognisable brand.
| Charge | Royal London | Standard Life |
|---|---|---|
| Annual charge | Typically around 0.38% for Governed Portfolios, varying by scheme and pot size | Ready-made option 0.55% total (0.45% service charge + 0.10% fund charge); choose-your-own funds vary |
| 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 | Fund charges vary by option; over 50 investment choices on the personal pension |
| Contribution charge | None | None |
| Transfers in | Free | Free |
| Drawdown | Included | Included from age 55 (57 from 6 April 2028), no drawdown fees |
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 TrustpilotReviewers often mention the long brand heritage and the clarity of the app, and the personal pension page leads on 'no hidden charges' (no exit, transfer-in, switching or withdrawal fees).
Common gripes are legacy policy admin, slower responses on older workplace schemes, and the fact the modern personal pension is one product line among many older books.
Read Standard Life 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.
Standard Life has been writing UK pensions since 1825 and is now a brand of Standard Life plc, the life arm of what was Phoenix Group. The current consumer personal pension (branded Active Money) charges 0.55% on the ready-made option, has no platform or transfer-in fees, and can be opened from £1 in the app.
Most people with Standard Life today got there through an employer scheme that may have been sold by an older Standard Life entity years ago. The experience of those legacy policies is uneven and tends to drive the negative reviews, while the modern personal pension and Wrap SIPP get a cleaner reception.
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.