Royal London workplace pension review

Royal London is a UK mutual that runs workplace pensions mainly as group personal pensions, and it recommends employers get advice when setting one up. Its default fund is changing name and objective, with members moving to the Governed Workplace Default from 1 December 2026 at no change in charge. Charges are agreed per scheme, so you will not find a single published price. This review sets out the facts employers need; it does not rate or rank the provider.

All details were checked on Royal London’s own websites on 6 November 2026.

What workplace pensions does Royal London offer?

Royal London offers three scheme types, according to its workplace pensions page.

A GPP is contract-based: each employee owns their own plan and keeps it if they leave. An Independent Governance Committee oversees value for money for members. This differs from master trusts such as NEST, which are trust-based. See our guide to master trust pensions for that model.

What is changing in the default fund?

Royal London is replacing its default investment’s name and objective in December 2026. A member letter dated October 2026 says that from 1 December 2026 it will start moving savings from the Balanced Lifestyle Strategy (Drawdown) to the Governed Workplace Default, and expects to finish by the end of December 2026.

The key points from Royal London’s fund changes page and the letter:

• Objective: the old default was mainly built for members planning to take income through drawdown. The new one aims to “provide an appropriate balance between investment growth and risk management” for members who have not decided how to take their pension.
• Investments: no immediate change. Royal London may later invest more in company shares for members not yet at retirement.
• Risk: the overall risk category does not change.
• Charges: Royal London says it is not changing the annual management charge.

Members who are happy need do nothing. Those who want a different fund can switch online or by calling 0345 602 1885.

How much does Royal London charge?

Royal London does not publish one employer price list. Charges are set scheme by scheme, usually through the employer’s adviser, and are taken from members’ plans.

Its costs and charges page publishes the 2025 costs for the default investment of every workplace scheme in a downloadable spreadsheet. The page separates two kinds of cost:

• administration charges, which Royal London sets
• transaction costs for buying and selling assets, which it says are not directly within its control

Members see their own charges on their yearly statement. Ask for your scheme’s annual management charge in writing before you sign, and compare it with other quotes. Our list of the cheapest workplace pension schemes shows published prices from providers that do publish them.

What is ProfitShare?

ProfitShare is Royal London’s discretionary payment to eligible customers as a mutual with no shareholders. Royal London says ProfitShare for 2026 shared £199 million with around 2.4 million eligible customers. Its adviser site shows awards of 0.15% of plan value in each year from 2020 to 2025, and says there is no guarantee of an award in any year.

How do you set up a Royal London scheme?

You set up a scheme with help from an implementation manager, and Royal London recommends using an adviser. Its first-time employer guide sets out the duties.

1. Check your duties start date. You have 6 weeks from it to assess staff and set up a scheme. Postponement can delay assessment by up to 3 months.
2. Choose contribution rates and a default fund, usually with an adviser.
3. Work with the implementation manager, who oversees setup.
4. Send employee data: salaries, dates of birth and National Insurance numbers.
5. Declare compliance to the Pensions Regulator within 5 months of your duties start date, and re-declare every 3 years.

Keep assessments and contribution records for at least 6 years, and opt-out notices for 4 years. Once running, Royal London’s employer support page lists an online service with an auto-enrolment dashboard, a servicing team and a client relationship manager.

What must you pay into the scheme?

The legal minimums are the same with every provider. GOV.UK says the total minimum is 8% of qualifying earnings, with at least 3% from the employer, on earnings between £6,240 and £50,270 a year. Our guide to pension auto-enrolment explains who to enrol.

Which questions should you ask before choosing?

Use this checklist when comparing Royal London with other providers:

• What annual management charge applies to our scheme, and does it change if staff leave?
• Is the scheme a GPP or a trust-based plan?
• Is an adviser required, and how is the adviser paid?
• Which payroll software can send contributions directly?
• What happens to existing members when the default moves in December 2026?

For side-by-side facts, see Royal London vs NEST and our workplace pension providers comparison.

Frequently asked questions

Is Royal London a master trust?

Royal London’s main workplace product is a Group Personal Pension, which is contract-based rather than a master trust. It also offers a trust-based Company Pension Plan run by trustees.

What is the Royal London default pension fund?

Until December 2026 it is the Balanced Lifestyle Strategy (Drawdown). From 1 December 2026 Royal London is moving members to the Governed Workplace Default, aiming to finish by the end of December.

Will the Royal London default fund change increase charges?

No. Royal London’s member letter says it is not changing the annual management charge.

How much does a Royal London workplace pension cost?

Charges are agreed per scheme and are not published as a single price list. Royal London publishes the 2025 costs for each scheme’s default in a spreadsheet on its costs and charges page.

Do I need a financial adviser to use Royal London?

Royal London’s employer guide recommends getting help with scheme choices. Its implementation team works closely with employers’ financial advisers.