Royal London is worried pension holders are “throwing away” their guaranteed annuity rate (GAR) under the new pension freedoms and it wants to offer them cash for the promised return. Death to the Pension Annuity, as visualised here with a coffin and a white rose, with a brass plaque and the engraved text, Annuites RIP text and an embedded pound coin.
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Royal London said about one in five of its Gar policy holders had chosen to give up their guarantees to take the cash in the past but this figure had risen to three in five after the pension.
According to Royal London, 30,000 of its customers purchased Scottish Life pension products which guaranteed them an annuity rate at retirement, regardless of market rates. Webb said that those who wished to retain guarantees will be free to do so, and that Royal London will continue to work closely with the regulators to ensure members are given a fair deal.
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions.
I have a Pension Plan with Royal London, I enquired about cashing in my Pension Pot about 3 weeks ago they sent me an option plan, I then asked to cash my pension in last week. I was then told that due to the fact Royal London had invested some of my pension plan money in RLP and the Coronavirus my Pension Plan had now been put on hold for six months and I cannot do anything with it.
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Money Marketing’s latest news, analysis and opinion on Royal London, a mutual life, pensions and investment company in the UK. It was founded in 1886, becoming a mutual life assurance society in.