Workplace pensions new business at Royal London rose 13 per cent year-on-year to £2.4bn (H1 2025: £2.1bn), supported by higher transfer volumes and increased new entrants to existing schemes.
Royal London also added 112,000 new scheme members across the time period, taking the total number of workplace customers overseen by the firm to 2.3 million. Workplace assets under management increased by 15 per cent to £43.6bn, reflecting net inflows of £1.6bn and positive market movements, with continued strength in transfer volumes and conversion rates through the online transfer hub.
Royal London acts as a mutual and the profit share from the result equates to 0.15 per cent of returns distributed among workplace pension members.
In April, Royal London distributed £199m to 2.4 million eligible customers, including new ISA customers, taking the total it has shared since 2007 to over £2bn.
Barry O’Dwyer, chief executive of Royal London, says: “Our workplace pensions business continued to grow in the first half of 2026, as more customers chose to bring their pensions together with Royal London. Built on our strong relationships with advisers and employers, our strategy positions us well to deliver for customers now and into the future.”
Royal London’s governed range, where most of its pension customers are invested, saw net inflows of £1.5bn (H1 2025: £1.6bn), with AUM reaching £92bn.
During the first half of the year the firm was also the first provider to deliver a Targeted Support service, for its Stocks and Shares ISA.