Find out about the progress we’ve made so far
We had a good start to 2018 here at Royal London, despite difficult market conditions during the first half of the year.
Weaker economic growth and the end of the Government’s auto-enrolment roll out for workplace pension schemes have proved to be a challenge for pensions and investment companies. But we maintained our strong performance, seeing increased profits across the business and consolidating the record levels of new business and profitability we achieved in 2017.
As a mutual, our strategy remains to deliver excellent value for money by focusing on creating the best outcomes and experiences for you.
We want you to have as much information and support as possible when it comes to your finances. So, during the first half of 2018, we also urged the Government to save its proposed Pensions Dashboard project, which is designed to help you see all of your pension savings at the same time. In July 2018, then-Secretary of State for Work and Pensions Esther McVey suggested that the Pensions Dashboard project could be terminated, which would be extremely disappointing. You can read more about the Dashboard here.
“The UK pensions system is highly fragmented and auto-enrolment will add further to the number of people with pensions scattered across multiple schemes and providers,” said our Chief Executive Officer Phil Loney. “We need Government to take a lead, both in ensuring that state and public sector pension data is available, and also in requiring all pension schemes and providers to supply data. It’s time to put the consumer first and press ahead with the dashboard project, and we stand ready to work with the Government to drive this project forward.”
We had a great start to 2018, with increases in operating profit and funds under management. Here are the key figures that members need to know:
Our EEV operating profit before tax
(30 June 2017: £185m)
Our funds under management
(31 December 2017: £114bn)