Been Told You Need Financial Advice Before You Can Access It?
Royal London Guaranteed Annuity Rate Advice
You’re in the right place.
At Plan with Neil, we help people in your exact situation understand their options properly and complete the required paperwork so things can move forward.
👉 Book a Free Initial Call
No pressure. Just a quick chat to see if I can help.
Why You’ve Been Told You Need Advice
If you are looking to take your tax free cash or set up withdrawals from your Royal London (ex CIS/ex Co-op) Pension, it’s not just a formality. When a pension includes a guaranteed annuity rate (like most of these do), it’s treated differently from most modern pensions.
That’s because it could provide a higher level of secure income than what’s available today. Before any changes are made, Royal London need confirmation that you’ve received advice- so you’re making an informed decision, not an accidental one.
👉 You are required to take financial advice if you want to:
- Transfer your pension to another scheme
- Take your pension as a cash lump sum
This is because:
👉 Your pension includes valuable guarantees, such as a Guaranteed Annuity Rate (GAR)
👉 You will lose those guarantees if you transfer or take cash
And Royal London cannot proceed until an adviser confirms advice has been given.
What Is a Guaranteed Annuity Rate (GAR)?
If your pension was set up before 1999 by the Co-op, there’s a good chance it includes a GAR.
In simple terms:
- It guarantees an Income for life
- Often higher than what’s available today
- It only applies in specific situations and at certain ages
- It can be lost if you take benefits early or transfer away
This is why advice is required- not to slow things down, but to make sure you don’t accidentally give something valuable up.
What Most People Are Thinking at This Point
- “I just need someone to sign the form”
- “Is this actually a big deal?”
- “Am I going to lose something important?”
- “How do I get this sorted quickly?”
All completely normal.
The key is doing it properly, so you don’t regret it later.
How I Help
At Plan with Neil, I keep things simple and focused on what you actually need.
Step 1 – Understand Your Pension
We review your Royal London plan and identify the guarantees you have in place. I also look at your wider position to understand your objectives, what other pensions you have and how you will provide for yourself in retirement.
Step 2 – Explain It Clearly
No jargon — just what it means for your income and options.
Step 3 – Go Through Your Choices
- Keep the guarantee
- Transfer elsewhere
- Take benefits
Step 4 – Provide Regulated Advice
This is the part Royal London requires.
Step 5 – Complete the Confirmation Form
I’ll complete the Financial Advice Confirmation so your request can proceed. At this point, you may move your pension into a modern, flexible pension or you may choose to take some of the tax free cash.
👉 Royal London won’t process your transfer or lump sum until this is done
Important
This isn’t just a signature service.
To complete the form, I must confirm that:
- I’ve provided individual financial advice
This means that I go through the full financial planning process with yourself. We will gather information about yourself and your pension(s), to ensure the advice is suitable.
This protects you and ensures everything is done properly.
Why This Matters More Than It Looks
A few key things most people don’t realise:
- Some GARs can offer significantly higher income than today’s rates
- Taking benefits early can mean losing guarantees completely
- Once given up, these benefits can’t be reinstated
Also worth knowing:
👉 Royal London themselves do not provide advice — you must speak to an external adviser.
A Quick Word on Scams
Unfortunately, people in this situation are often targeted.
- Unsolicited offers are a red flag
- Pressure to act quickly is a warning sign
- Always check the adviser is FCA authorised
You’re doing the right thing by looking for proper advice. Plan With Neil (FCA Reg: 964827) is an Appointed Representative of New Leaf Distribution Ltd (FCA Reg: 460421) who are authorised and regulated by the Financial Conduct Authority
Who This Is For
This is right for you if:
- You have a Royal London (ex Co-op) pension
- You’ve been told advice is required
- You’ve received an advice confirmation form
- You want to access, transfer, or understand your pension
Costs
There’s no charge for the initial call.
If you decide to go ahead:
- This is regulated advice, so there will be a fee
- Usually £1500 but potentially higher depending on situation
- I’ll explain this clearly upfront
- You can decide if you want to proceed
No surprises.
Why Work With Me
- You deal directly with me, an experienced Independent Financial Adviser based in Coventry
- Clear, plain English advice
- No pressure or sales tactics
- Focused on doing what’s right for you- it may be that you decide to stay with the Pension
- FCA regulated
- Independent
Most people just want clarity and confidence- that’s what I aim to give you.
Book Your Free Initial Call
If you want to get this sorted properly:
👉 Book Your Free Initial Call
We’ll talk through your situation and take it from there.
FAQ
Do I have to transfer my pension?
No — keeping the guarantee is often the right option.
Can I keep my guaranteed annuity rate?
Yes, depending on how you take your benefits.
Why won’t Royal London just process my request?
Because they must receive confirmation that regulated advice has been given before proceeding
Can you just sign the form?
No — the form confirms proper advice has been given, not just a signature.
How long do I have to complete this?
Usually the paperwork needs to be returned within 3 months, or the process restarts
Do I really have to take financial advice?
Yes — in certain situations, you do.
If you want to:
- transfer your pension to another scheme, or
- take your pension as a cash lump sum
your provider will require confirmation that you’ve taken financial advice first.
This is because your pension may include valuable guarantees that could be lost if you proceed without understanding the impact.
Why is advice required for this type of pension?
Your pension includes (or may include) a guaranteed annuity rate (GAR) or other guarantees.
These can provide a higher level of income than what’s available today — but:
👉 If you transfer or take benefits in certain ways, you will lose that guarantee.
Because of that, providers need confirmation that you’ve received advice before they allow the change to go ahead.
What happens if I don’t take advice?
Quite simply — the provider won’t process your request.
They need written confirmation from a regulated financial adviser before:
- transferring your pension
- or paying out a cash lump sum
Without that, everything stops.
What is a guaranteed annuity rate (GAR)?
A GAR is a promise made when the pension was set up.
It means:
- you can convert your pension into a guaranteed income at a fixed rate
- and in many cases, that rate is higher than what’s available on the open market today
However, it usually only applies:
- at a specific retirement age
- and often only if you take the income in a particular way
Can I lose my guaranteed annuity rate?
Yes — and this is the key risk.
You can lose it if you:
- transfer your pension
- take benefits early
- or take your pension in a different way (such as cash or drawdown)
Once it’s gone, it usually can’t be reinstated.
Does that mean I should keep the GAR?
Not necessarily.
In some cases, keeping the GAR is the best option.
In others, it may make more sense to:
- take tax-free cash
- move into drawdown
- or combine your pensions
The important thing is:
👉 making that decision with full clarity, not by accident.
What options do I have with my pension?
Depending on your situation, you can usually:
- Take up to 25% tax-free cash
- Buy a guaranteed income (annuity)
- Take flexible withdrawals (drawdown)
- Take the whole pot as cash (with tax implications)
Not all options are available within your current plan — which is why some people look at transferring.
Can I just transfer my pension to a new provider?
You can — but you need to be careful.
If you transfer:
- you will lose any guarantees attached to your current plan
- including any guaranteed annuity rate
That’s why advice is required before going ahead.
Why won’t Royal London just advise me?
Royal London can provide information- but they don’t give personalised advice on what you should do.
That’s where an independent adviser comes in — to help you understand your options and recommend what’s right for you.
What is the Financial Advice Confirmation Form?
This is the form your adviser completes to confirm:
- they’ve given you advice
- and that advice relates to what you’re planning to do
The provider won’t proceed until they receive this confirmation.
How long does the process take?
Once advice has been given:
- the required paperwork must usually be submitted within 3 months
- otherwise the process may need to start again
This is another reason not to leave things half-finished.
Is there a risk of scams with pensions like this?
Yes — unfortunately.
Pensions can be a target for scams, especially when:
- people are considering transferring
- or accessing money
Be cautious of:
- unexpected contact
- pressure to act quickly
- offers that sound too good to be true
If in doubt, always check who you’re dealing with and speak to a regulated adviser.
If you’re unsure what applies to you, the safest next step is to book a quick review — so you know exactly what you’ve got and what your options are before making any decisions.
Ready to get this sorted?
Book Your Free Initial Call