Mutuality explained - Royal London (2024)

FAQs

Mutuality explained - Royal London? ›

ProfitShare is just one of the ways we express our mutuality. Mutual companies such as Royal London are proudly customer-owned. This means that a share of our profits goes to customers, not shareholders and it influences the decisions we make every day.

Royal London is the largest mutual life, pensions and investment company in the UK, while also providing protection products in Ireland.

Mutuality is the principle of private, commercial insurance; individuals enter the pool for sharing losses, and pay according to the best estimate of the risk they bring with them.

Proud to be mutual

As the business grew, the decision was made in 1908 to convert from a Friendly Society to a mutual, and we've remained that way ever since.

This is underpinned by our Spirit of Royal London values; Empowered, Trustworthy, Collaborate, Achieve. Our inclusive values and people promise are core to who we are and how we work.

The minimum age to retire is 55, increasing to 57 in 2028. Once you've reached 55, you can access your pension savings whenever the time is right for you. You can buy an pension annuity, dip in with pension drawdown or take it all as a cash lump sum. And, if you need more time to consider your options, that's fine too.

A spokeswoman for Royal London explains 'We chose Pelicans because they have royal connotations, they also represent the role of “provider” and are a heraldic symbol of generosity. '

The principle of mutuality is rooted in common sense. A person cannot make profit from self. This implies that a person cannot earn profit from an association that he shares a common identity with.

Mutuality is a positive, interactive relationship between people. The mutuality between you and your co-workers at the ice cream shop means there's good communication and a sense of understanding. You could also use the term reciprocity or cooperation instead of mutuality.

This article views reciprocity as a social morality of duties, in opposition to mutuality, which concerns a legal morality of rights.

Who owns the Royal London Group? ›

As a mutual, we're owned by our customers. So when we say we'll put you and your employees at the heart of our business, we really mean it.

As soon as we have all the information we've asked for and your claim's been accepted, we make the payment, and funds usually clear in 3-5 working days.

Scottish Life rebranded to Royal London in 2014. If that name doesn't ring any bells, we're the largest mutual life, pensions and investment company in the UK.

Protecting today, investing in tomorrow. Together we are mutually responsible.

Royal London has been named the most recommended and preferred pension provider by advisers, according to Defaqto's pension-service review 2024.

Average Base Pay

The estimated total pay range for a Actuary at Royal London is £55K–£69K per year, which includes base salary and additional pay.

Welcome to Royal London

We're the UK's largest mutual life, pensions and investment company, offering protection, long-term savings and asset management products and services.

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.

ABOUT ROYAL LONDON LIFE INSURANCE

They are a highly rated provider, having won Money Marketing Best Protection Provider 2022 and Protection Guru's Best Insurer for Protecting Hard to Cover Clients 2022. They also have a rating of 4.6 out of 5.0 stars on independent customer review site Feefo.

Royal London is easy to do business with

We were awarded 5 stars at the Financial Adviser Service Awards 2023 for our pension service for the 15th year running and 5 stars for our protection service for the 10th year running, so you can recommend us to your clients with confidence.