Royal London Pension Funds

Mutual company with ValueShare profit-sharing for members

Royal London is the UK and Ireland's largest mutual life, pensions, and investment company. Being a mutual means they have no external shareholders - profits can be shared with eligible customers through their unique ValueShare scheme. Their Governed Range provides risk-graded multi-asset funds.

Funds tracked

Risk Rating Scale

Royal London categorises investors into one of seven risk profiles using the Royal London Risk Profiler (available online through a financial broker).

Very Low

Low

Low to Medium

Medium

Medium to High

High

Very High

1 - Very Low

Knowing your money is safe matters more than high returns. You’d rather keep it in the bank than invest it in the stock market.

About Royal London

Key Considerations

ValueShare profit-sharing: In profitable years, Royal London adds extra amounts to your policy value - once added, they cannot be removed
Mutual ownership: No external shareholders - the company can focus on long-term customer outcomes
Flexible Lifestyle Strategy: Choose your de-risking timeline (5, 10, or 15 years) and retirement target (ARF, annuity, cash, or combination). An ARF (Approved Retirement Fund) keeps your pension invested after retirement while allowing flexible withdrawals
Automatic portfolio rebalancing: For self-select investors, holdings are realigned to your target allocation at chosen intervals
Three Article 9 funds: Funds classified under EU regulation as having sustainable investment as their primary objective - the strongest sustainability commitment available
BlackRock index funds: Passive funds that track a market index rather than trying to beat it - typically lower cost than actively managed alternatives
Broker-distributed: Professional financial advice is part of the model

ValueShare

ValueShare is Royal London Ireland's distinctive profit-sharing mechanism:

A portion of Royal London Ireland's profits awarded to pension policyholders in good years
Added to the policy and invested to match existing fund choices - no action required
Once added, cannot be removed - treated like any other fund units
Not guaranteed every year; level may vary
Applied in April (policy must be active on 31 December previous year)
Does not count as a contribution - no impact on tax relief limits
Available on PRB, ARF, and PRSA customers (policies effective after September 2022)
Royal London Ireland has made ValueShare awards consecutively since its introduction
Not shares in Royal London or investee companies - linked to company profitability, not fund performance

Investment Approach

Two approaches:

Ready-Made (Multi-Asset funds): Actively managed by RLAM using Dynamic Asset Allocation - adjusting asset mix as market conditions change. Led by Trevor Greetham. Built on three pillars: Stability, Dynamic Asset Allocation, and Transparency.

Personalised Portfolio (Self-Select): Pick own combination from full fund range. Automatic portfolio rebalancing available - realigns to original target allocation at chosen intervals. Risk profiler categorises investors into one of seven profiles.

Fund Range

The SFDR (Sustainable Finance Disclosure Regulation) column shows each fund's EU sustainability classification: Article 6 funds consider sustainability risks, Article 8 funds actively promote environmental or social characteristics, and Article 9 funds have sustainable investment as their primary objective. The Risk column uses a 1–7 scale where 1 is very low risk and 7 is very high.

Multi-Asset Funds (RLAM, Article 8)

We track 4 multi-asset funds from Royal London. Multi-asset funds invest across several asset classes (equities, bonds, property, and cash) within a single fund. The fund manager decides the allocation based on the target risk level.

Fund	1Y	5Y	10Y
Royal London Multi-Asset Growth Fund	+15.66%	-	-
Royal London Multi-Asset Adventurous Fund	+20.72%	-	-
Royal London Multi-Asset Balanced Fund	+11.50%	-	-
Royal London Multi-Asset Defensive Fund	+8.16%	-	-

Growth assets: equities, commodities. Defensive assets: government bonds, corporate bonds (including high-yield).

Equity Funds

We track 11 equity funds from Royal London. Equity funds invest in shares of companies, giving you part-ownership and a share of potential profits. They typically offer the highest long-term returns but can fluctuate significantly in the short term.

Fund	1Y	5Y	10Y
Royal London BlackRock Developed World Equity Index Fund	+19.85%	+82.44%	-
Royal London BlackRock Emerging Markets Equity Index Fund	+41.39%	+48.99%	-
Royal London BlackRock Europe ex UK Equity Index Fund	+12.21%	+58.95%	-
Royal London BlackRock US Equity Index Fund	+20.75%	+97.89%	-
Royal London BlackRock Emerging Markets Local Government Bond Index Fund	+5.53%	+13.87%	-
Royal London Global Equity Diversified Fund	+21.60%	-	-
Royal London Global Sustainable Equity Fund	+19.20%	-	-
Royal London Multi-Asset Growth Fund	+15.66%	-	-
Royal London Multi-Asset Adventurous Fund	+20.72%	-	-
Royal London Multi-Asset Balanced Fund	+11.50%	-	-
Royal London Multi-Asset Defensive Fund	+8.16%	-	-

Bond Funds

We track 4 bond funds from Royal London. Bond funds invest in loans to governments or companies that pay regular interest. They typically carry less risk than equities but offer more predictable returns.

Fund	1Y	5Y	10Y
Royal London BlackRock Euro Government Bond Index Fund	-0.46%	-10.35%	-
Royal London Global Sustainable Credit Fund	+3.77%	-	-
Royal London European Sustainable Credit Fund	+2.27%	-	-
Royal London BlackRock Euro Government Inflation-Linked Bond Index Fund	+3.00%	+5.31%	-

Cash

We track 1 cash from Royal London. Cash funds hold money on deposit with banks and in short-term securities. They are the lowest-risk option, suitable for capital preservation near retirement.

Fund	1Y	5Y	10Y
Royal London BlackRock Euro Environmentally Aware Cash Fund	+2.08%	+10.19%	-

Flexible Lifestyle Strategy

A more customisable lifecycle option:

Choose appropriate risk level for growth phase
Choose de-risking timeline: 5, 10, or 15 years before retirement
Select retirement target: tax-free cash, ARF, annuity, Vested PRSA, or combination
Handpick portfolios for both growth and retirement phases
Two phases: growth (accumulation) → de-risking (transitions to lower-risk/retirement-targeted funds)
Available on PRB and PRSA products

ESG / Responsible Investment

ESG stands for Environmental, Social, and Governance - a framework for evaluating companies beyond traditional financial metrics, covering areas like climate impact, working conditions, and corporate ethics.

Responsible investment embedded in all actively managed funds
All active fund managers must consider ESG factors in decision-making
Believes considering ESG issues can help deliver better returns
Stewardship: fund managers influence company policies (CO2 emissions, governance) through engagement
Clear SFDR labelling across entire fund range
Three Article 9 funds available (Global Sustainable Equity, Global Sustainable Credit, Euro Government Inflation Linked Bond Index)
Article 8 cash fund (Environmentally Aware)
Investment philosophy: four principles of Strong Governance, Customer Focus, Responsible Investment, Value for Money

Charges

Annual Management Charge (AMC): Calculated as a percentage of policy value; may vary by fund
Specific AMC rates agreed between investor and financial broker
Regular monitoring and formal review of all investment options

Retirement Options

Three main options:

Tax-free lump sum: Up to 25% of fund
Annuity: Guaranteed income for life (open market option available - shop around)
ARF / Vested PRSA: Remain invested with withdrawal flexibility

Benefits can be taken between age 60 and 75 (exceptions for early retirement or ill health). On death before retirement, PRSA value passes to estate.

Page content last reviewed 6 August 2026. Fund performance data is updated daily.

Frequently asked questions about Royal London pensions

ValueShare is Royal London's unique profit-sharing mechanism. As a mutual company (owned by members, not shareholders), Royal London adds additional amounts to policyholder values from company profits in good years. Once added, ValueShare amounts cannot be removed.

Royal London offers Multi-Asset funds (4 managed by RLAM, all Article 8, using Dynamic Asset Allocation), Equity Index funds (managed by BlackRock, Article 6), three Article 9 funds (Global Sustainable Equity, Global Sustainable Credit, Euro Govt Inflation Linked Bond), and an Article 8 Environmentally Aware Cash fund.

The Flexible Lifestyle Strategy allows members to choose their de-risking timeline (5, 10, or 15 years before retirement), their risk level, and their retirement target (Tax-Free Cash, ARF, Annuity, or Vested PRSA). It is available on both PRB and PRSA products.

Dynamic Asset Allocation is Royal London's investment approach for their Multi-Asset funds, based on over 20 years of research by Trevor Greetham. It adjusts asset allocation based on economic conditions rather than maintaining a fixed split.

Royal London offers three Article 9 funds (meaning sustainable investment is their primary objective): Global Sustainable Equity, Global Sustainable Credit, and Euro Government Inflation Linked Bond. They also offer an Article 8 Environmentally Aware Cash fund.

Royal London is a mutual company - owned by its members rather than external shareholders. This means profits are reinvested for policyholder benefit (through ValueShare) rather than paid as dividends. They are the UK's largest mutual life and pensions company.

Royal London provides a 24/7 online customer portal, a Fund Centre at funds.royallondon.ie, yearly benefit statements, and a risk profiler tool available through brokers. Products are distributed exclusively through financial brokers.