Royal London vs Standard Life pension: a customer-owned insurer whose personal pension runs through advisers, against one you can open direct.

Each firm prints its own charges, funds and drawdown terms, and the two are built differently enough that this is about fit, not a winner. For an FCA-authorised adviser to test the Royal London and Standard Life differences against your own pots, this page's form requests a free call-back.

How you get a plan: adviser-sold or direct

Royal London states that it chooses "to distribute our personal pension products through financial advisers", who may charge for their services, to be agreed upfront. That plan is Pension Portfolio. A workplace plan comes through an employer, who can say which of the three types it is (Royal London pension plans).

Standard Life lets anyone open a Personal Pension online or by phone, starting at £1, and says you can hold more than one. Employers provide its workplace pensions (auto-enrolment explained), and the Standard Life pension plan covers the other plan types.

For an old pot, Standard Life makes no charge for a transfer in, though the old provider may add an exit fee, and the move takes a few weeks. Look for lost guarantees before any move (how to transfer a pension).

Charges, each with its condition

Standard Life prints a single headline: "The Total Charge you'll pay is: 0.55%", a 0.45% service charge plus 0.10% fund charge for its ready-made option. The condition is part of the claim: "The charges shown are for the most expensive fund within this investment option - so you may pay less." Figures are dated 9 October 2026, are not guaranteed, and leave out fund transaction costs. There is no exit fee. Other funds cost what the fund list shows (Standard Life pension charges).

For Pension Portfolio, Royal London's customer guide to Income Release (January 2026, 65B11/26) describes a management charge for setting up and servicing the plan, and points you to your Plan certificate for the breakdown. Those charges are regularly reviewed and may change. Any adviser charge is agreed between you and your adviser, and Royal London can pay it from the plan if you ask. External funds carry a 1% basic charge, with an additional charge on most of them.

Royal London's workplace charges depend on scheme and investments, so your scheme's figures decide. A single printed percentage against a plan-by-plan charge is not like for like, so set your Royal London plan certificate or statement beside Standard Life's figure. Further detail sits in Royal London pension charges and pension charges and fees. An adviser can run your own pot through both rule sets, once you request a call-back on the short form here.

Who owns each firm, and what ProfitShare adds

Royal London says: "We’re customer owned and do not have any shareholders – a model often called a ‘mutual’." Its ProfitShare can add a share of profits to eligible plans, with a caution built in: "Although we can’t guarantee we’ll be able to award ProfitShare every year, our continued strength in how we run our business for our customers means we're sharing £199 million of our profits with approximately 2.4 million eligible customers in April 2026."

The conditions travel with it. The award follows the value you hold on the award date, and the plan has to be in force on 31 December before and on the day itself. Plans taken out since 1 July 2001 are eligible, but Royal London is "unable to offer ProfitShare under our Crest Secure, Retirement Account contracts or any self-invested retirement savings you have".

Standard Life's fund guide, correct as at June 2026, names the firm as "Phoenix Life Limited, trading as Standard Life", a registered company, which is the name to look for on its paperwork. A with-profits fund shares returns in its own way (the Standard Life with-profits fund).

Taking money: Income Release or Standard Life drawdown

Royal London names its drawdown Income Release. Its customer guide (January 2026) says pension savings are locked away until 55 (57 from 6 April 2028) and "no additional charges apply for using this functionality", while the management charge covers money in both the Savings Account and the Income Release Account. Income can be started, stopped or changed, but money in the Income Release Account cannot go back to savings. Income Tap invests in a low-risk fund and can hold up to 60 months of income.

Standard Life: "It's free to set up a flexible drawdown income with Standard Life. We don't charge for withdrawals, buying, selling or switching funds." You choose the day income lands, and it flags the risk that the pot runs out. It also lists lump sums or an annuity from 55 (57 from 6 April 2028), with 25% usually tax-free. Pension drawdown explained covers the mechanics, and Pension Wise gives free guidance first.

Funds: portfolios, a ready-made option and outside managers

Standard Life offers a ready-made option or over 50 investment options, including regional, sector, themed and Sharia-compliant choices, and switching costs nothing. The ready-made fund it names, Sustainable Multi Asset Universal (Series F) SLP, begins easing into funds that are usually lower-risk 15 years before your chosen retirement date.

Royal London's fund range summary (April 2026) lists funds from its own asset manager and outside houses. Of the latter: "The basic management charge for our external funds is 1% a year. An additional management charge applies to the majority of the external funds." Total expense ratios in that table run from 1.00% for a BlackRock index fund to 2.47% for a Jupiter Merlin portfolio, and include audit, custodian and similar fees. The Royal London With Profits fund is "Not available if Income Release is being used." For track records see Standard Life fund performance and Is Royal London a good pension provider?

The value of investments can fall as well as rise, and you may get back less than was paid in.

Royal London vs Standard Life pension: your questions

Which pension is cheaper, Royal London or Standard Life?

It turns on the plan type, the funds and, at Royal London, the size of your holding, so neither firm is cheaper for everyone. Compare the figures on your own illustration or statement.

Can I move a Royal London pension to Standard Life?

Standard Life asks for the provider name, plan number and a rough value. Check beforehand for an exit fee or a guarantee you would lose.

Would a transfer into Royal London qualify for ProfitShare?

Royal London says transfers in "will also qualify for ProfitShare in the future", under its eligibility rules and with no promised award.

Can Royal London members vote on how it is run?

Royal London says "Members can have a say in how we’re run, through our Annual General Meeting (AGM)." Its customer guide to Income Release tells plan holders that, as owners of the business, they can vote at the AGM.

Talking both firms through against your own pots is what an adviser call-back is for, and the enquiry form here takes the request.