Mutual insurer that shares profits with pension members
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Royal 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.
Best for: Savers who value a mutual ethos and ProfitShare top-ups, usually via an employer or adviser.
| Annual charge | Set by your plan or your employer's scheme. Your annual statement shows the rate you pay. |
|---|---|
| Workplace scheme charge | 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 |
| Contribution charge | None |
| Transfers in | Free |
| Drawdown | Included |
Verified July 2026 against Royal London's published information. Workplace scheme terms vary, so check your own scheme documents.
Royal London scores 4.6 out of 5 on Trustpilot (Excellent) from 6,924 reviews (checked October 2026).
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.
No. Royal London sells its personal pension through financial advisers rather than directly, so you need an adviser, who will agree a fee with you upfront. Most people hold a Royal London pension through an employer's workplace scheme instead. If you already have one, you can log in and manage it yourself without an adviser.
ProfitShare is the share of profits Royal London, a mutual, adds to eligible customers' plans. For 2025 it shared £199 million, added in April 2026, worth 0.15% of the value of eligible plans, so a £40,000 pot gained £60. With-profits customers received a 1.2% enhancement. Pensions must have started on or after 1 July 2001 and be in force on 31 December and on 1 April. It is not guaranteed.
Register for or log in to Royal London's online service using the Customer Login link at the top of royallondon.com. If your plan is a Royal London or Scottish Life pension started in 2004 or later, you can also use the Royal London app to see it. If you cannot get in, the Contact us page connects you to the customer service team.
Royal London's annual charge is set by your plan or your employer's scheme. Your annual statement shows the rate you pay. Fund charges are included in the plan charge for Governed Portfolios; other funds vary. There is no charge on contributions. Charges verified July 2026 against Royal London's published information.
Royal London charges set by your plan or your employer's scheme. Your annual statement shows the rate you pay. For context, the charge cap on an auto-enrolment workplace default fund is 0.75% a year. In a workplace scheme the charge is set by your employer's scheme, capped at 0.75% for auto-enrolment defaults. ProfitShare has historically added a boost to members' pots in most years, effectively reducing the net cost.
Transfers in are free. Drawdown is included. UK providers cannot charge an early exit fee if you are 55 or over on a personal pension, and exit charges on other contracts are capped at 1%.
Royal London scores 4.6 out of 5 on Trustpilot (Excellent) from 6,924 reviews (checked October 2026). 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. It suits savers who value a mutual ethos and ProfitShare top-ups, usually via an employer or adviser.
Your annual statement shows the charge as a percentage and, since 2018, providers must also show it in pounds and pence. You generally cannot open a Royal London pension directly; access is through an employer or financial adviser. If your pension came through an employer, the scheme booklet will state the charge your employer negotiated, which is often lower than the standard rate.
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Considering a SIPP instead? Compare costs on our UK broker comparison, or read the SIPP guide.
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Pension transfers can be irreversible. This page is information, not financial advice.