Meet your new pension provider
You are the power behind Bellrock
You help build a positive future for the company and, in return, we want to help you to shine and build a positive future for yourself. And that means helping you to plan for your future beyond Bellrock by selecting a pension provider that will help you own your retirement planning.
We’ve moved to Royal London
So, from 1 July 2022, we replaced the two Bellrock Workplace Pension Schemes with one provided by the Royal London Mutual Insurance Society (Royal London).
We recently hosted two webinars about the move to Royal London. Recordings of these are now available:
View the webinar for:
Why did we make the move?
We want all of you to have the same, seamless experience of building your retirement income, and Royal London offers that. Alongside excellent customer service, it also provides a wide range of tools and resources that you can use to engage with your pension.
We also want to make sure that you pay lower charges for investing your savings and that you can interact with your pension however and whenever you want to.
What paperwork will I receive?
You will receive an enrolment letter confirming the move to Royal London and you will also receive a Welcome Pack that contains more detailed information.
Your Welcome Pack includes details of how you can use to register for Royal London’s online tools and resources.
You will also be sent further information about the Bulk Transfer Exercise which gives you the opportunity to transfer your Prudential or Aviva Workplace pension to Royal London.
When will I make my first contribution?
You’ll make your first contribution with Royal London as the provider on your July pay date. And we’re also introducing a different way to pay your contributions known as Salary Exchange.
Will my contributions change?
The contribution levels will not change. You will pay the same as you did with Prudential or Aviva. The amount that Bellrock contributes will also remain the same.
What is Salary Exchange?
From 1 July, you can make your contributions by Salary Exchange. This means you agree to your salary being reduced by the value of your contributions. Bellrock will then pay the contributions on your behalf. Because your salary is reduced, you pay less in National Insurance Contributions, so your take-home pay will increase.
While Salary Exchange makes saving for your retirement even more tax efficient, it might not be right for everyone. For example, you won’t be able to make your contributions through it if it then takes you salary below the National Minimum Wage. You can also opt out if you prefer.
You can find more information about Salary Exchange in your Welcome Pack.
Investing for your future
The default investment fund is the Royal London Governed Portfolio – Balanced (Targeting Drawdown) Fund. It has an Annual Management Charge of 0.34% a year. Royal London also has over 160 additional funds that you can choose to invest in. You can change the funds you’re invested in at any time using Royal London’s online service.
Because Royal London is a mutual insurance company with no shareholders, it shares any profits it makes with you through ProfitShare. Although this is not guaranteed each year, it does have the potential to boost your retirement savings by reducing the Annual Management Charge.
Consolidating your pensions
You can transfer the pension you built up with Aviva or the Prudential into Royal London as part of a Bulk Transfer Exercise later this year. You’ll find more information about the Bulk Transfer Exercise in your Welcome Pack and on Royal London’s website.
Keeping in touch with your pension
Your Welcome Pack also includes information on how you can register for Royal London’s online offering. Their online tools are designed to help you engage with your pension, and give you the resources you need to help you make the most of it.
Employee hub
Use the Royal London website to take control of your pension. Check your contribution rate and see what Bellrock pays in, make one-off contributions, check your investment choices, or make changes to them. You can also nominate or update your beneficiaries so you can look after your loved ones when you die.
Access tools and calculators that’ll help you work out whether you’re on track for the retirement lifestyle you want, educational resources to help you understand your pension, and financial wellbeing guides and topical articles.
Mobile app
Keep your pension at your fingertips with the Royal London mobile app. Check what your pension could be worth when you retire, how your funds are performing and nominate or update your beneficiaries whenever you like. You can also access helpful financial wellbeing guides, topical articles and retirement planning tools.
Download the app from:
Getting help
We realise that pensions can seem complicated, but you don’t have to make decisions about yours on your own.
As well as the educational tools, modellers and resources available through Royal London, if you have any questions, you can contact:
Royal London
Email: csteam1@royallondon.com
Telephone: 0345 603 7560
Bellrock
Email: pensions@bellrockgroup.co.uk
Pension Adviser
Bellrock Group have chosen AJG as the financial adviser for this plan but you can use your own instead.
Email: kelly_powell@ajg.com
If you don’t already have a financial adviser, you can find one in your area by visiting Find a Financial Adviser. Advisers may charge for their services – though they should agree any fees with you upfront.
For more general guidance about pensions that’s free and impartial, visit Pension Wise.