Royal London GPP - Entire pension re-invested into higher risk fund without consutation.

thriftytracey

Just checked my RL drawdown pension fund value and it is as high as when I started drawdown 6 years ago.  The funds have changed e.g. the Mezzanine is new and has others common to the OP.  I don't have enough knowledge to question it.  Seems to be doing OK -  although obviously it can change!  Fortunately my SP is due next March so that will be a safety net if things change drastically. 

AlanP_2

Just had a look at mine, and I am still in "Growth" as I have been since they renamed / refreshed these portfolios a few months ago.

I'm not contributing anymore (have drawndown from it already) if that makes any difference to what they do at their end.

Archerychick

I’ve since had a few exchanges with RL, and they’ve said that they change investments based on market volatility. I am however shocked that they have the right to change my risk of investment without any consultation or communication. It’s a bit weird how when I updated my investments it was confirmed in writing, but they’ve then overwritten those changes, to push me 100% into equities, and that wasn’t put in writing…. This doesn’t sit well with me at all. 

This has now been escalated into a formal complaint so some clarity can be obtained. Bonkers!

dunstonh

I’ve since had a few exchanges with RL, and they’ve said that they change investments based on market volatility. I am however shocked that they have the right to change my risk of investment without any consultation or communication.

Have you never held any investments before?
Every single investment fund, governed portfolio or discretionary MPS changes your investments without getting your agreement first.

Multi-asset solutions are typically volatility managed.

Archerychick

dunstonh said:

I’ve since had a few exchanges with RL, and they’ve said that they change investments based on market volatility. I am however shocked that they have the right to change my risk of investment without any consultation or communication.

Have you never held any investments before?
Every single investment fund, governed portfolio or discretionary MPS changes your investments without getting your agreement first.

Multi-asset solutions are typically volatility managed.

Not really, well yes. 

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

I also hold a S&S isa; which I have also set my risk profile in, and they’ve respected this. 

With RL, I no longer have any idea how it operates, and what the impact is of me changing this back to what I selected in January. Do you think it’s expected that they’d move my investments from 80% equities to 100%? I admit I have limited knowledge.

vacheron

Archerychick said:

dunstonh said:

I’ve since had a few exchanges with RL, and they’ve said that they change investments based on market volatility. I am however shocked that they have the right to change my risk of investment without any consultation or communication.

Have you never held any investments before?
Every single investment fund, governed portfolio or discretionary MPS changes your investments without getting your agreement first.

Multi-asset solutions are typically volatility managed.

Not really, well yes. 

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

I also hold a S&S isa; which I have also set my risk profile in, and they’ve respected this. 

With RL, I no longer have any idea how it operates, and what the impact is of me changing this back to what I selected in January. Do you think it’s expected that they’d move my investments from 80% equities to 100%? I admit I have limited knowledge.

This is the part that resonated with me.

I have had 4 different DC workplace pensions since we had to defer our Final Salary pension scheme back in 2003, and throughout all of them, the risk profile and general allocation of asset types was agreed, explained, understood and generally maintained. Yes ,all the things dunstonh has mentioned about them reviewing investments and portfolio re-balancing has always occurred an was understood, but I have never seen a situatiuon where the provider has basically sold 100% of my previous contributions to buy something they themselves advertise as a higher risk product with zero warning or consultation.

For comparison, I have dug out some old factsheets from my Scottish Widows fund. The 2015 Scottish Widows factsheet shows the distribution of the fund I am invested in on the 30th of September 2014 as, 15% Fixed Interest, 75% equities, 20% other. I've just compared that to their latest factsheet from the 30th of June 2025 and this which lists 13% Fixed interest, 76% equities, 21% other. Similar bar one or two percent to the distribution as 13 years ago.... so I know clearly where I stand.

RL on the other hand have sold my entire 150K portfolio on the 17th of July this year, and instead bought something which their own literature defines as "riskier". 

On the morning of the 17th of July I owned about £12,000K in bonds, a few hours (or minutes) later I owned only £3,750 in bonds because they sold my entire previous holding and decided to move me up the risk ladder.

No matter what they are "permitted" to do, I find this unnerving and completely at odds with the "steady ship" experience of all the other DC workplace schemes I currently have. 

Archerychick

vacheron said:

Archerychick said:

dunstonh said:

I’ve since had a few exchanges with RL, and they’ve said that they change investments based on market volatility. I am however shocked that they have the right to change my risk of investment without any consultation or communication.

Have you never held any investments before?
Every single investment fund, governed portfolio or discretionary MPS changes your investments without getting your agreement first.

Multi-asset solutions are typically volatility managed.

Not really, well yes. 

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

I also hold a S&S isa; which I have also set my risk profile in, and they’ve respected this. 

With RL, I no longer have any idea how it operates, and what the impact is of me changing this back to what I selected in January. Do you think it’s expected that they’d move my investments from 80% equities to 100%? I admit I have limited knowledge.

This is the part that resonated with me.

I have had 4 different DC workplace pensions since we had to defer our Final Salary pension scheme back in 2003, and throughout all of them, the risk profile and general allocation of asset types was agreed, explained, understood and generally maintained. Yes ,all the things dunstonh has mentioned about them reviewing investments and portfolio re-balancing has always occurred an was understood, but I have never seen a situatiuon where the provider has basically sold 100% of my previous contributions to buy something they themselves advertise as a higher risk product with zero warning or consultation.

For comparison, I have dug out some old factsheets from my Scottish Widows fund. The 2015 Scottish Widows factsheet shows the distribution of the fund I am invested in on the 30th of September 2014 as, 15% Fixed Interest, 75% equities, 20% other. I've just compared that to their latest factsheet from the 30th of June 2025 and this which lists 13% Fixed interest, 76% equities, 21% other. Similar bar one or two percent to the distribution as 13 years ago.... so I know clearly where I stand.

RL on the other hand have sold my entire 150K portfolio on the 17th of July this year, and instead bought something which their own literature defines as "riskier". 

On the morning of the 17th of July I owned about £12,000K in bonds, a few hours (or minutes) later I owned only £3,750 in bonds because they sold my entire previous holding and decided to move me up the risk ladder.

No matter what they are "permitted" to do, I find this unnerving and completely at odds with the "steady ship" experience of all the other DC workplace schemes I currently have. 

Also 17th July for me!

dunstonh

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

Within the fund you had, the asset mix would have been changing.  You just didnt see it as easily.    With an MPS or Governed portfolio, you see the changes.

Within those funds, the assets would be altered without you seeing.  However, that is not a Governed portfolio or MPS.  its just software applying fixed allocations.  So, a different scenario.

No matter what they are "permitted" to do, I find this unnerving and completely at odds with the "steady ship" experience of all the other DC workplace schemes I currently have. They are not doing anything differently from any multi-asset fund with volatility targeting and timescale weighting.

Archerychick

dunstonh said:

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

Within the fund you had, the asset mix would have been changing.  You just didnt see it as easily.    With an MPS or Governed portfolio, you see the changes.

Within those funds, the assets would be altered without you seeing.  However, that is not a Governed portfolio or MPS.  its just software applying fixed allocations.  So, a different scenario.

No matter what they are "permitted" to do, I find this unnerving and completely at odds with the "steady ship" experience of all the other DC workplace schemes I currently have. 

They are not doing anything differently from any multi-asset fund with volatility targeting and timescale weighting.

They have changed the fund all of my investments are held in. Is that ‘normal’ by a pension provider? Thank you for your helpful insight.

dunstonh

Archerychick said:

dunstonh said:

I’ve had my RL pension for years which has remained in the same fund for the entire time. I’d have expected the fund manager to make changes within the fund, but outside of lifestyling I wouldn’t expect them to change the % I’ve chosen in equities, bonds etc. and until this year they haven’t. 

Within the fund you had, the asset mix would have been changing.  You just didnt see it as easily.    With an MPS or Governed portfolio, you see the changes.

Within those funds, the assets would be altered without you seeing.  However, that is not a Governed portfolio or MPS.  its just software applying fixed allocations.  So, a different scenario.

No matter what they are "permitted" to do, I find this unnerving and completely at odds with the "steady ship" experience of all the other DC workplace schemes I currently have. 

They are not doing anything differently from any multi-asset fund with volatility targeting and timescale weighting.

They have changed the fund all of my investments are held in. Is that ‘normal’ by a pension provider? Thank you for your helpful insight.

If you use that type of investment method, then yes, it is normal.

Discretionary portfolios can be held within a fund (often known as a fund of funds).  With that method, you hold the fund and you never see the fund change.  However, within the fund, they are trading funds and assets but you wouldnt see it unless you started reading the invstment reports.

The other method is where they use software, and you hold the actual underlying funds, and you see all the changes.

The RL Governed portfolios are discretionary model portfolios where you hold the underlying funds.

Ironically, they have just launched a fund-of-funds versions so they can offer both methods.

Here is a link to their changes:
Fund changes - Royal London

It covers the annual stratetgic asset allocation changes, changes to the Governed Portfolios, Changes to the Target lifestyle strategies etc