Royal London is a well-known and reputable pension provider in the UK. But are Royal London pensions any good? Let’s take a closer look at what this provider has to offer.
What are Royal London Pensions?
Royal London offers a range of pension products, including personal pensions, workplace pensions, and self-invested personal pensions (SIPPs). These pensions allow you to save for retirement and receive tax relief on your contributions.
Personal Pensions
Personal pensions are designed for individuals who want to save for retirement but do not have access to an employer-sponsored pension scheme. With a Royal London personal pension, you can choose how much you contribute and where your money is invested. You can also change your contribution levels or investment strategy at any time.
Workplace Pensions
Workplace pensions are designed for employees and are set up by their employers. Royal London offers workplace pension schemes that meet the requirements of automatic enrolment legislation. This means that if you’re eligible for automatic enrolment, your employer will automatically enrol you into the scheme.
SIPPs
SIPPs are designed for individuals who want more control over their pension investments. With a Royal London SIPP, you can choose from a wide range of investment options, including shares, bonds, funds, and commercial property.
Are Royal London Pensions Any Good?
When it comes to assessing the quality of a pension provider, there are several factors to consider. Here’s how Royal London stacks up in each area:
Investment Performance
The performance of your pension investments will have a significant impact on the size of your retirement fund. According to data from Moneyfacts, Royal London’s funds have performed well compared to other providers over the long term.
Fees
Fees can eat into your pension returns, so it’s essential to choose a provider that offers competitive fees. Royal London’s fees are generally in line with other providers, and they offer a range of investment options with varying fee structures.
Customer Service
Good customer service is crucial when it comes to pensions. Royal London has a reputation for providing excellent customer service, with high ratings on review sites such as Trustpilot.
Financial Strength
When you’re saving for retirement, you want to be confident that your pension provider will still be around when you come to claim your benefits. Royal London has a strong financial position and is rated as one of the most financially secure life insurers by independent rating agencies.
Conclusion
Overall, Royal London pensions are well-regarded in the industry and offer a range of flexible options for savers. Whether you’re looking for a personal pension, workplace pension or SIPP, Royal London could be an excellent choice for your retirement savings.