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Provider review

Royal London

Last verified: Q2 2026 · Source: provider fee page
Fee model
0.75% on first £46.6k, 0.50% to £93.2k, 0.45% to £279k, 0.40% to £932k, 0.35% above £932k. AMC is all-in for Governed Range funds.
Tiered percentage (all-in AMC) · SIPP available · Workplace available
Annual platform fee by pot size
£25,000 pot
£188/yr
0.75% effective
£50,000 pot
£367/yr
0.73% effective
£100,000 pot
£613/yr
0.61% effective
£250,000 pot
£1,288/yr
0.52% effective
£500,000 pot
£2,303/yr
0.46% effective
£1,000,000 pot
£4,269/yr
0.43% effective
Platform fee only. Fund charges (OCF) are additional: Included in AMC for Governed Range; 0.10%–1.0% for third-party funds
Note: Royal London is primarily an adviser-intermediated and workplace provider. The AMC shown is the all-in charge for Governed Range funds (covers both platform and fund management). Workplace scheme charges are employer-negotiated and typically lower (0.30%–0.50%). The Pension Portfolio SIPP option allows self-investment but requires adviser setup.

Royal London is the UK's largest mutual life, pensions, and investment company. Their pension products are primarily accessed through financial advisers or workplace schemes rather than directly by consumers. The Governed Range funds use an all-in AMC structure that bundles platform and fund management costs into a single charge — simpler to understand but harder to compare directly with platforms that separate the two. The 0.75% entry rate is expensive, but the tiered structure means larger pots pay progressively less. For workplace scheme members, employer-negotiated rates are typically much lower (0.30%–0.50%). Royal London is best suited to people who access it through an adviser or employer, not as a DIY platform.

Strengths
  • +All-in AMC simplifies cost comparison for Governed Range
  • +Strong workplace pension presence
  • +Mutual structure — profits shared with members
  • +Good range of governed portfolios
Limitations
  • –No direct-to-consumer execution-only SIPP
  • –Expensive at lower pot sizes
  • –Requires adviser setup for SIPP
  • –Limited investment choice vs HL or ii
Details
Fund range160+ funds plus 7 Governed Portfolios and Lifestyle Strategies — no individual shares or ETFs
Minimum investmentAdviser-arranged (no published direct minimum)
Typical fund OCFIncluded in AMC for Governed Range; 0.10%–1.0% for third-party funds
SIPPYes
All providers
HLVanguardiiAJ BellPensionBeeFidelityAvivaNESTInvestEngineNutmegRoyal LondonSc. WidowsStd LifeL&GAegon
Things to consider
  • •Fees shown are platform fees only — you also pay fund-level charges (OCF) on top, which vary by fund choice.
  • •Fee structures change without notice. Always verify the current fee on the provider's website before making any decision.
  • •The cheapest provider is not necessarily the best fit — consider fund range, customer service, platform features, and the specific funds you want to hold.
  • •Transferring a pension may involve exit fees, loss of guaranteed benefits, or loss of employer contributions. Check before you transfer.
  • •This page is factual information based on published fee schedules, not a recommendation to use or avoid any provider.
  • •If you're unsure which provider is right for you, speak to an FCA-regulated financial adviser.

This calculator provides estimates based on 2026/27 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.

For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.