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Royal London pension fees and charges

Last verified: Q2 2026 · Source: provider fee page

Direct answer: Royal London charges Whole-pot AMC based on portfolio value: 0.75% (≤£48.3k), 0.50% (£48.3k–£96.7k), 0.45% (£96.7k–£290k), 0.40% (£290k–£967k), 0.35% (>£967k). Breakpoints rise with RPI each 6 April. AMC is all-in for Governed Range funds.. On a £100,000 pot that is £450/year in annual provider charge, and on a £500,000 pot it is £2,000/year. Fund charges and product-specific caveats may apply.

Fee model
Whole-pot AMC based on portfolio value: 0.75% (≤£48.3k), 0.50% (£48.3k–£96.7k), 0.45% (£96.7k–£290k), 0.40% (£290k–£967k), 0.35% (>£967k). Breakpoints rise with RPI each 6 April. AMC is all-in for Governed Range funds.
Tiered percentage (all-in AMC) · Adviser-arranged pension/SIPP options · Workplace available
Annual representative charge by pot size
£25,000 pot
£188/yr
0.75% effective
£50,000 pot
£250/yr
0.50% effective
£100,000 pot
£450/yr
0.45% effective
£250,000 pot
£1,125/yr
0.45% effective
£500,000 pot
£2,000/yr
0.40% effective
£1,000,000 pot
£3,500/yr
0.35% effective
Representative provider/platform charge. Fund charges and adviser charges may be additional unless the provider note says they are included: 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 Royal London platform and fund management); externally-managed funds, adviser charges and other fund costs may apply. The whole-pot rate applies based on the band the total portfolio (pension + ISA combined for plans opened on/after 2 December 2024) falls into — once the value crosses a breakpoint, the new rate applies to the entire pot, not just the excess. Breakpoints are RPI-uplifted each 6 April; the figures shown reflect the post-April-2026 schedule. Workplace scheme charges are employer-negotiated and vary widely. Pension Portfolio/SIPP options are adviser-arranged rather than direct execution-only retail SIPPs. Royal London also operates a ProfitShare scheme that distributed £199m to ~2.4m qualifying members in April 2026.

Royal London is the UK's largest mutual life, pensions, and investment company (~£199bn AUM as at March 2026). Its pension products are primarily accessed through financial advisers or workplace schemes rather than directly by execution-only consumers. The Governed Range funds use an all-in AMC structure that bundles Royal London platform and fund management costs into a single charge, which means the figure is not directly like-for-like with SIPP platforms that show platform/admin fees separately from fund OCFs. The whole-pot tiered structure means once the portfolio crosses a breakpoint, the lower rate applies to the entire balance. For workplace scheme members, employer-negotiated rates vary widely. Royal London is most commonly accessed through an adviser or employer rather than as a DIY platform.

Strengths
  • +All-in AMC simplifies cost comparison for Governed Range
  • +Whole-pot tiering means crossing a breakpoint drops the rate on the entire balance
  • +Strong workplace pension presence
  • +Mutual structure — profits shared with members
Limitations
  • –No direct-to-consumer execution-only SIPP
  • –Higher published AMC at lower pot sizes (0.75% on first tier)
  • –Requires adviser setup for Pension Portfolio/SIPP options
  • –Limited investment choice vs execution-only SIPP platforms
Details
Fund range170+ funds plus 7 Governed Portfolios, 5 Governed Retirement Income 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
SIPP/direct pensionAdviser-arranged pension/SIPP options
Royal London pension fees FAQ

What are Royal London pension charges in 2026?

Royal London's representative published charging model is: Whole-pot AMC based on portfolio value: 0.75% (≤£48.3k), 0.50% (£48.3k–£96.7k), 0.45% (£96.7k–£290k), 0.40% (£290k–£967k), 0.35% (>£967k). Breakpoints rise with RPI each 6 April. AMC is all-in for Governed Range funds.. The figures on this page show provider/platform/admin charges by pot size. Fund charges, adviser charges, workplace terms and product-specific charges may differ, so check the provider fee schedule before acting.

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Things to consider
  • •Fees shown are representative provider, platform or admin charges. Some rows are platform/admin fees only; Royal London's Governed Range AMC includes Royal London fund management.
  • •Fee structures change without notice. Always verify the current fee on the provider's website before making any decision.
  • •The lowest headline fee is only one comparison point. Fund range, service, platform features, investment choice, adviser access, and product restrictions also matter.
  • •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.
  • •For personal recommendations, speak to an FCA-regulated financial adviser and check the FCA register.
This provider comparison is general information based on published charge schedules, not financial advice or a personal recommendation. Verify current fees and product terms with the provider and check FCA authorisation before acting.