How to access a Royal London pension: from age 55 (57 from 6 April 2028) you choose cash, flexible income or a lifetime annuity, and the steps depend on your plan.
Royal London says you can start taking your retirement savings from 55, even if you are still working. Pension Wise gives free, impartial, government-backed guidance on the choices. Whichever route appeals, going through it with an FCA-authorised adviser can test it against your Royal London plan; ask for a call, free, with this page's short form.
How do I access my Royal London pension online?
Royal London's online service lets you create an account to manage pensions, insurance plans and investments. For pensions and investments it covers plans taken out with Royal London, Scottish Life, National and Provincial Policy, Refuge Assurance, Friends Provident, Royal Liver and United Friendly. If you have not had an activation email, you can still register with your email address and follow the steps. Royal London or Scottish Life pensions started in 2004 or later can also use its mobile app.
Some older pension plans cannot be managed online, including those from Abbey National/Santander, Canterbury Life, the Co-operative Insurance Society, Scottish Mutual Assurance, Scottish Provident and United Assurance Group; for those you contact Royal London directly. Your plan number is on your statement or plan documents, and if the old policy is lost, the guide to finding a lost pension covers tracing it.
What age can I access my Royal London pension?
On Royal London's pages the normal minimum age is 55, rising to 57 from 6 April 2028. It describes three main routes: take the whole pot as cash, take flexible income as you need it, or buy a guaranteed income for life. It adds that there is "no rush to do anything", and you can leave the money where it is. The age rules themselves are in taking your pension at 55, and the choice between the other two routes is in annuity or drawdown.
Taking money before that age, whether you are 27 or 52, is a different matter. Exceptions such as a protected pension age are tied to your own history, and payments outside the rules can be taxed heavily, as early withdrawal penalties explains. Be wary of anyone offering early access: see pension scams. Whether an older plan of yours carries an earlier right, or lets you move its selected retirement age, is something an adviser can check against its terms when they ring.
Cashing in a Royal London pension: one lump sum or several
From the minimum age you can take a little or all of it, in one payment or several. Royal London says the first 25% of each cash payment is paid tax free and the rest is taxed as income at your normal rate; tax-free cash usually tops out at £268,275 in total, the current lump sum allowance (a protected allowance may allow more). Whatever you leave behind stays invested and can fall as well as rise, so you may get back less than was paid in.
Three cautions come from Royal London's own pages. A large withdrawal could push you into a higher tax band. The first taxable payment may be taxed at an emergency rate, which will usually mean paying too much tax at first. And once you have fully cashed in the plan you can't usually change your mind. Taking more than the tax-free part can also cut what you may pay into pensions to £10,000 a year, the money purchase annual allowance. Taking only the cash is covered in claiming the tax-free lump sum, and the several-payments route in UFPLS. Your pot, other income and tax all feed into this choice, and an adviser who rings you free can set them side by side if you submit this page's form.
How do I withdraw from a Royal London Income Release plan?
Income Release is the drawdown arrangement within Pension Portfolio. Existing customers can use an online form to take a one-off tax-free or taxable payment, start or change monthly income, or withdraw everything and close the plan. Have your contact details, plan number, National Insurance number and bank details ready. Royal London says a request can take up to 5 to 7 working days to process, then a further 3 to 5 working days to reach your account; how long a cash-in takes has the wider picture.
The online request is not for everyone: it excludes capped drawdown, and plan numbers beginning DS, PD, RS, FM, PPCU, PPPU, SPPU or U should call 0345 850 8953 instead. A workplace pension is dealt with by phone on 0345 850 8949. What the plans are and what they cost is on Royal London pension plans and Royal London pension charges.
What to check before you ask Royal London to pay out
Royal London's guide calls a guaranteed annuity rate a rare and potentially valuable feature, and warns that transferring out or waiting past your normal retirement age could lose it, so look for one in your plan documents first. It also warns that income or cash can affect means-tested benefits, and that if you are in debt, now or later, people you owe money to can make a claim on pension savings once you start taking them. Your plan documents should show whether a guarantee applies; an adviser who phones you back at no cost can help you check.
If you are tempted to move the cash elsewhere, check who you are dealing with: the FCA has a page on pension scams. If you would rather move the pot than draw on it, see changing funds and transferring a pension.
Other Royal London payout queries
Can I take ill health early retirement from a Royal London pension?
If you are seriously unwell, you do not have to work this out alone; Royal London's team is on 0345 602 1885. It says that with a life expectancy of under one year, you may be able to take the whole pot tax-free. Taking a pension before the minimum age because illness stops you working is a separate route, tied to HMRC's ill-health condition and your plan's rules; both are explained in ill health and your pension pot.
Can I change the age my Royal London income runs to?
For Income Release, the target age for regular payments defaults to 90 if you are unsure, and Royal London says you can change it later by getting in touch. Other plans may differ.
Can I withdraw money from my Royal London pension online?
Royal London's online payment forms are for existing Income Release plans. For a workplace pension it asks you to call 0345 850 8949; with any other plan, contact Royal London with your plan number to hand.
Can I cash in my Royal Mail pension?
Royal Mail is a different organisation and scheme from Royal London; see Royal Mail pension withdrawal.
Royal London's own forms, phone lines and online service are covered above; an FCA-authorised adviser can talk any of it through, free, once you leave a number on this page's short form.