Royal London

Question 1

What do you know about our competitors?

Answer 1

• AVIVA - wide range of insurance and financial products - Biodiversity -
• Scottish Widows (half AUM) - major player in life insurance, pensions, and investments
• abrdn

Question 2

Things about their values… typical competency questions (think of a time where you automated)

Question 3

Build something with certain tools in a limited amount of time.

Question 4

Previous experience and job roles

Question 5

Why do you want to work for RLG?

Question 6

Where do you see yourself in 5 years

Question 7

Tell about a time when you had to deal with a difficult conversation?

How do you balance a busy workload with competing priorities?

Question 8

How do you deal with disagreements with colleagues?

Question 9

describe a difficult team situation and how you overcame this

Question 10

What is your understanding of the role?

Question 11

Mostly focused on previous experience. The case study was a company’s ESG analysis to make a sustainable investment recommendation.

Question 12

Name a time you made a mistake and explain how you overcame it.

Question 13

“Can you share an experience where you took the initiative to improve a process or solve a problem at work or in school? How did you go about it?”

Question 14

“How have you adapted your working style to work effectively with a diverse team?”

Answer 14

World Food Forum - agrobiodiversity.
Nature of the team meant that we had a too large a focus.
What it means for specific cultures. How we incorporate that

Question 15

“What does diversity and inclusion mean to you, and how have you demonstrated these values in a professional or academic setting?”

Answer 15

Firstly, it means taking a critical look at the team and recognising who is missing and why. Do we have ethnic, gender, age, neurodiversity?

Then it means finding and inviting the missing groups to the table and making sure they can turn up. That means paying for their transport and hosting the event in a place with disabled access .

Once everyone is around the table, everyone must feel comfortable speak and feel that their ideas are heard.

Listening is great but do we record the final ideas and where they came from?

This is underpinned by equity, which involves fair treatment that acknowledges individual circumstances to achieve equal outcomes.

I demonstrate these values in my professional experiences, particularly in my role on the youth policy board of the World Food Forum. While organising the Agrobiodiversity assembly, our diverse team, comprising members from Nigeria, Colombia, Belgium, and the UK, recognized the importance of inclusivity.

We acknowledged our limitations in not having any farmers in our team and actively sought to include voices from all sectors of society.

Two members of the team were hesitant because they thought involving more people would complicate things. We were, however, insistent. I reached out to YPARD - youth for rural development with global representation, the European young farmers network. The YPARD representative didn’t speak English so I arrange translation during our meetings, to ensure effective communication and participation.

This approach paid off, as reflected in the positive feedback from the FAO, highlighting the applicability and comprehensiveness of our findings.

This experience solidified my belief in the power of diverse perspectives and inclusive practices. At Royal London, I see opportunities to contribute to and learn from initiatives like REACH, DAWN, PRIDE, and WOMEN, further promoting these vital principles within the company.

Question 16

“How do you approach decision-making when faced with uncertainty or incomplete information?”

Question 17

“Tell us about a goal you set and achieved. How did you go about setting, pursuing, and achieving this goal?”

Question 18

“Can you give an example of a time when your integrity was tested? How did you handle it?”

Question 19

“What do you consider your most significant achievement in your professional or academic life so far?”

Question 20

“Describe a situation where you had to handle sensitive or confidential information. How did you ensure that trust was maintained?”

Question 21

“How do you empower yourself and others when faced with challenges or new tasks?”

Question 22

“Describe a project where you had to work closely with others to achieve a common goal. What role did you play and how did you ensure effective collaboration?”

Question 23

“Describe a project where you utilized data analysis or IT skills to achieve a goal or solve a problem. What tools did you use and what was the impact of your analysis?”

Question 24

“Can you give an example of a time when you had to quickly adapt to a new role or environment? How did you manage the transition?”

Question 25

“Can you give an example of a time when you had to build or maintain a relationship with a difficult team member or stakeholder? How did you handle it?”

Question 26

Tell us about a time when you took the lead on a project. What was the outcome and what did you learn about leadership?

Question 27

“How do you motivate yourself and others when faced with challenging tasks or setbacks?”

Question 28

“How do you stay updated and continue learning in your field of interest?”

Question 29

Can you discuss a situation where you had to think outside the box to solve a problem? What was the result?

Answer 29

At Fork, I was involved in a pioneering project aimed at supplying subsidized organic fruit and vegetables to deprived areas using produce pods. A critical challenge we faced was figuring out a sustainable and cost-effective way to power these pods for essential functions like refrigeration and charging phones.

In contemplating various solutions, I drew inspiration from a podcast I had listened to about the economics of retrofitting houses with solar panels. This sparked the innovative idea of applying a similar approach to our produce pods. I proposed installing solar panels on the roofs of the pods, a solution that not only addressed our energy needs but also aligned with our commitment to sustainability.

This out-of-the-box thinking led to a comprehensive review and eventual implementation of the solar panel initiative. Not only did it solve the problem of energy supply in an eco-friendly manner, but it also proved to be a cost-effective solution in the long run. By reducing reliance on traditional electricity sources, we minimized operational costs and furthered our mission of making healthy food accessible in an environmentally responsible way.

The success of this initiative was a testament to the importance of innovative thinking in overcoming challenges. It demonstrated a harmonious blend of practicality and creativity, mirroring Royal London’s values of empowerment and achievement. By thinking creatively and embracing a sustainable approach, we were able to deliver a solution that was both effective and aligned with our broader goals of environmental responsibility and community support.

This experience reinforced my belief in the power of thinking creatively to solve complex problems and the importance of aligning solutions with organizational values and missions, as exemplified by Royal London’s focus on innovative and responsible solutions.

Question 30

Can you tell us about a time when you had to explain a complex idea to a non-expert? How did you ensure they understood?

Question 31

Describe a project where you had to collaborate with team members from different functional areas. What challenges did you face and how did you overcome them?

Question 32

“Give an example of a difficult problem you had to solve. What was your process for addressing it?”

Question 33

“Describe a challenging situation where you had to handle a difficult conversation with a colleague or client. How did you manage it?”

Question 34

“Provide an example of a time when you managed multiple projects simultaneously. How did you ensure all tasks were completed effectively?”

Answer 34

During my 12-month internship at the Royal Botanic Gardens Kew, I managed a complex project involving the analysis of 300 leaf samples from around the world to study their traits in relation to climatic conditions. The challenge was handling samples arriving at different times and dealing with equipment repair issues, which disrupted the standard procedure flow.

To manage this effectively, I implemented a rigorous labelling and tracking system. Each leaf sample was barcoded, allowing me to digitally track its progress through the four different procedures. This system was crucial in maintaining order and ensuring no sample was overlooked or mixed up.

Setting daily, weekly, and monthly goals was another key strategy. This approach helped me stay on track despite the staggered arrival of samples and equipment downtime. It also allowed me to prioritize tasks effectively, ensuring the most critical steps were completed first.

When obstacles arose, such as equipment malfunctions, I adapted quickly, rearranging my workflow to accommodate these delays. This adaptability was crucial in keeping the project on schedule.

Moreover, recognizing when to seek help was vital. I was proactive in consulting with colleagues and supervisors when faced with challenges beyond my expertise. This collaborative approach not only solved immediate problems but also fostered a learning environment.

This experience taught me the importance of organizational skills, adaptability, and teamwork in managing multiple projects simultaneously. It underscored the value of a systematic approach in ensuring efficiency and effectiveness, aligning well with Royal London’s values of collaboration and achievement.

Question 35

“Describe a situation where you took initiative in a project or task without being asked.”

Answer 35

In a project at FoodSync CIC, I was tasked with researching and analyzing food retail options in Manchester City Centre. Initially, the assignment was limited to desk-based research. However, drawing from my experience at the Tyndall Centre for Climate Change, I recognized the value of direct engagement for deeper insights. Taking the initiative, I reached out to local councillors and engaged with various shop owners in the city centre, gathering their perspectives through interviews.

This proactive approach not only enriched the quality of the data but also led to a more nuanced understanding of the local food retail landscape. The firsthand accounts provided a practical dimension to the research that desk-based methods alone could not offer. When I presented these findings to my supervisor, they were impressed by the depth of the insights gathered, leading us to organize a formal consultation process.

This initiative demonstrates Royal London’s values of empowerment and achievement. By stepping beyond the initial scope of the project, I empowered myself to explore more effective research methodologies, achieving a more comprehensive and practical outcome.

Question 36

“How do you approach learning new technical skills or software?”

Answer 36

Approaching new technical skills or software involves a multifaceted strategy for me. Recognizing the importance of data science in solving sustainability challenges, I chose to enhance my skills through various means including mentorship, books, online resources, and practical application.

At the National Institute of Agricultural Botany (NIAB) and the Royal Botanic Gardens, Kew, I applied these methods in real-world scenarios. For instance, at NIAB, I developed an AI-based image processing tool in Python to refine wheat yield estimates. This project required not only learning the technical aspects of Python but also understanding the practical applications in agriculture.

Similarly, at the Royal Botanic Gardens, I created climatic and ecological models using Python and R. These models had significant implications for global breeding programs and conservation strategies. Dealing with large datasets, often exceeding 20,000 data points, I leaned heavily on AI tools to manage and interpret this information effectively.

Throughout these experiences, my approach to learning has been hands-on and iterative. I prefer to tackle problems independently at first, applying trial and error methods, but I also understand the value of collaborative learning. Seeking support from team members and mentors when necessary has been crucial in overcoming challenges and enhancing my understanding of complex technical concepts.

This approach has not only helped me develop technical proficiency but also taught me the importance of perseverance, teamwork, and the practical application of technical skills in real-world settings. These experiences have shaped my approach to continuous learning and adapting in a rapidly evolving technical landscape.

Question 37

Tell us about a time when you took the lead on a project. What was the outcome and what did you learn about leadership?

Answer 37

In my leadership role as Chair of Student Action at the University of Manchester, I managed a team of over 100 volunteers and a budget of £20,000. Our objective was to maximise community impact through various initiatives. The project culminated in contributing over 15,000 volunteer hours within nine months, a significant achievement for the team and a profound impact on the community.

This experience was a comprehensive lesson in leadership. Firstly, I learned the importance of empowerment in a leadership role. It was crucial to delegate tasks effectively and trust my team members with significant responsibilities. This not only encouraged a sense of ownership among the volunteers but also fostered their personal and professional growth.

Trustworthiness, especially in financial management, was another key lesson. Handling a large budget required transparent and ethical decision-making. I ensured that every penny was accounted for and spent in a way that maximsed our project’s effectiveness. This built a strong trust foundation within the team and with our stakeholders.

Furthermore, I discovered the power of collaboration. Bringing together individuals from diverse backgrounds and skill sets, I focused on creating an inclusive and collaborative environment. Regular meetings and open communication channels were instrumental in understanding different perspectives and leveraging them for the success of our initiatives.

Lastly, this experience highlighted the significance of setting clear goals and working persistently towards them. The sense of achievement when we surpassed our volunteer hour target was immense. However, the true reward was seeing the tangible difference we made in the community and the development of each team member.

This role taught me that effective leadership is not just about guiding a team to achieve goals but also about creating a positive, empowering, and ethical environment that promotes personal growth and collective success.

Question 38

What happens if we underpay or overpay someone?

Question 39

50% of the population are married, what do you think of this statement?

Question 40

Give an example of when you worked as part of a team?

Question 41

typical competency questions (think of a time where you automated)

Question 42

Royal London Key Values

Answer 42

empowerment, trust, collaboration and achievement.

Question 43

History of Pelican

Answer 43

Pelicans - symbol of generosity for centuries

• royal past
• In 1664 a Russian ambassador gifted a pelican to King Charles II, which was then introduced to St. James’s Park in London, and pelicans have resided there ever since.
• Proud and dignified creatures, pelicans represent the role of ‘provider’.
• Gilbert, meaning trusted friend, has a friendly, contemporary character and a gregarious and nurturing personality

Question 44

“Talk about a time when you faced significant challenges and how you overcame them.”

Answer 44

Resilience:

Kew methods failing repeatedly

Question 45

“Describe a situation where you had to develop a long-term strategy.”

Answer 45

For Fork CIC
- growth brand
- customers
- insurance

Question 46

“Can you share an experience where you resolved a conflict in a team?”

Answer 46

Colleagues making a presentation
- views about food system

Question 47

“Provide an example of a tough decision you had to make. What was the outcome?”

Answer 47

Leader of Student Action

Cutting a project

Question 48

“Describe how you manage and prioritise your workload effectively.”

Answer 48

Notion
Grace Beverley planner
- small ticks
- tasks
- proejcts

Question 49

“Tell us about a time when you had to think creatively to solve a problem.”

Question 50

“Give an example of how you persuaded others to adopt your idea.”

Answer 50

Global Assemblies

Prioritising Youth Engagement

Making sure we had an interactive element

Question 51

“How do you approach working in a diverse and inclusive environment?”

Question 52

“Describe a complex problem you faced and how you solved it.”

Question 60

“Give an example of a successful team project you were part of.”

Answer 60

My volunteer project commit to community

• scaled to 60 teams
• my role is external relationships officers

Question 61

“Provide an example of a time when effective communication was crucial to your success.”

Answer 61

During my internship at the Royal Botanic Gardens Kew, I worked under the guidance of eight supervisors, each an expert in their distinct scientific discipline. This arrangement posed a unique challenge in communication, given the varied expertise and the complexity of the research.

To ensure effective collaboration and understanding, I initiated a systematic approach to communication. I scheduled regular one-on-one meetings with each supervisor, allowing for focused discussions tailored to their specific field of expertise. This not only helped me gain deeper insights into different scientific perspectives but also enabled me to align my research with their expectations.

I also developed a habit of preparing concise, yet comprehensive summaries of my work, highlighting key findings, challenges, and questions specific to each discipline. These summaries served as a bridge, translating my work into a language that was accessible to experts from different backgrounds. This practice was crucial in fostering a mutual understanding and keeping all supervisors informed and engaged.

Moreover, I actively sought feedback and was open to incorporating their suggestions, demonstrating adaptability and a willingness to learn. This approach not only improved the quality of my research but also helped build a foundation of trust and respect with each supervisor.

This experience at Kew was a profound lesson in the importance of clear, adaptable communication and the value of diverse perspectives in scientific research. It aligns with Royal London’s values of empowerment and collaboration, highlighting the significance of effective communication in achieving shared goals and maintaining trust within a multidisciplinary team. The skills and insights gained from this experience are directly transferable to the dynamic and collaborative environment at Royal London, where cross-functional teamwork and effective communication are key

Question 62

“Tell us about a time when you had to quickly adapt to a change.”

Answer 62

One of my colleagues at Fork Quit

My role has changed quite considerably this month

I have now taken over facilitation of MFB

Question 63

“Share an experience where you went above and beyond for a customer or client.”

Answer 63

Fork Consulting

Southway Homes

Energy Bills

Question 64

Can you give an example of an innovative solution you developed?”

Answer 64

At the Royal Botanic Gardens Kew, I developed an innovative solution for a research project analyzing leaf samples for climatic adaptation. Facing the challenge of processing and tracking 300 samples, I implemented a barcode system. Each leaf sample was given a unique barcode, which I scanned at every stage of the analysis. This system allowed me to efficiently track the progress of each sample, ensuring no mix-ups and maintaining an organized workflow. It significantly improved the accuracy and speed of data processing, demonstrating my ability to innovate in response to practical research challenges.

Question 65

“Describe a time when you used data to make a decision.”

Answer 65

Science draw conclusions from data all the time

often incomplete data

Question 66

“How do you manage competing deadlines and priorities?”

Answer 66

Eisenhower Matrix

Use Notion

Projects with Tasks

Habits

Wellbeing a priority

Question 67

Royal London’s History

Answer 67

Starts in Victorian Britain, is rooted in addressing a significant social concern: ensuring respectable burials for the less affluent.

This issue led to the establishment of burial clubs, where even the poorest contributed small amounts weekly to avoid pauper’s funerals.

Joseph Degge and Henry Ridge, recognising this societal need, met in 1861 to form a burial club that would become The Royal London Friendly Society.

The Friendly Society became a mutual company in 1908

Royal London has grown into the UK’s largest mutual life, pensions, and investment company.

This evolution reflects their commitment to serving community needs and upholding the values of mutual benefit and respectability, a principle that continues to guide their operations and growth today.

Question 68

Mutual companies

Answer 68

like Royal London are customer-owned.

This means that a share of our profits goes to eligible customers, not shareholders, and it influences the decisions we make every day.

Proven way for people with a shared interest to collaborate effectively, achieving things together that they could not on their own.

Question 69

What do you know about ESG in Finance?

Question 70

ESG in Northumberland

Answer 70

Environmental Metrics:
Carbon Emission Reduction:

Metric: Achieve a 15% reduction in GHG emissions from farming activities by 2030 (baseline: 2024 emissions).
Measurement: Annually assess GHG emissions using carbon accounting tools.
Increase in Biodiversity:

Metric: Enhance habitat to increase the number of native species by 20% by 2030.
Measurement: Perform annual biodiversity surveys using standardized protocols.
Soil Health Improvement:

Metric: Enhance soil organic matter by 10% across cultivated lands by 2030.
Measurement: Regular soil testing for organic matter content and other health indicators.
Water Usage Efficiency:

Metric: Reduce water use in agriculture by 25% per hectare by 2030.
Measurement: Implement water metering and monitoring systems.
Sustainable Land Management:

Metric: Transition 30% of agricultural land to sustainable practices (like organic or conservation farming) by 2030.
Measurement: Monitor land use changes through agricultural surveys and satellite data.
Social Metrics:
Local Employment Growth:

Metric: Increase employment in sustainable agriculture and local food sectors by 20% by 2030.
Measurement: Annual employment tracking in the agricultural sector.
Community Engagement:

Metric: Involve 50% of local communities in sustainable agriculture education programs by 2030.
Measurement: Track participation in educational and outreach programs.
Food Access and Security:

Metric: Reduce the number of food-insecure households in Northumberland by 30% by 2030.
Measurement: Conduct food security surveys every two years.
Farmer Support and Well-being:

Metric: Provide ongoing support (training, mental health resources) to at least 80% of the farming community by 2030.
Measurement: Survey farmers annually about access and satisfaction with support services.
Governance Metrics:
Policy Implementation and Compliance:

Metric: Achieve 95% compliance with sustainable agriculture policies by 2030.
Measurement: Regular policy compliance audits.
Stakeholder Engagement:

Metric: Engage 70% of key stakeholders (farmers, businesses, community groups) in decision-making processes by 2030.
Measurement: Document and track stakeholder meeting participation.
Transparency and Reporting:

Metric: Publish annual reports on ESG performance with at least 90% of indicators reported.
Measurement: Assess the completeness of annual ESG reports.
Investment in Sustainability:

Metric: Allocate and disburse £5 million towards sustainable farming initiatives by 2030.
Measurement: Track budget allocations and actual spending

Question 71

Royal London Corporate Social Responsibility

Answer 71

supports our wider purpose – protecting today and investing in tomorrow.

• programme to support the communities in which we work
• no. initiatives run at a ‘Group’ level, primarily through our social impact flagship partnership with national charity Turn2us, who are experts on tackling financial resilience issues. They support over 11 million people each year by providing guidance and support, online tools and financial relief to people in crisis.

Local initiatives as well, notably our work to support the East London Business Alliance(ELBA), an organisation that helps build connections between businesses and communities in east London and beyond, to create a positive impact, strengthen communities and help tackle the issues that determine social mobility

Question 72

Royal London - wider purpose

Answer 72

protecting today and investing in tomorrow

Question 73

RLAM Active Asset Management

Answer 73

• take a distinct approach to active management
• we’re free from short-term shareholder demands.
• put our clients at the heart of what we do, using a longer-term perspective to generate investment returns.
• different pressure to perform and we thrive on it
• active long-term investors, we create solutions with the right balance of return and risk.
• Our consistent track record across asset classes speaks for itself.
• embrace the influence we have as stewards of our clients’ capital, for the mutual benefit of our clients and wider society.
• We are dedicated to delivering for our clients around the world
• Building a better future, together

Question 74

RLAM Asset Management Climate Change

Answer 74

RLAM embraced responsible investing for many years.

Expanded our ESG integration practices in 2020 and now integrate these across all our asset classes.

We engage with companies to make them better investments for clients, and to effect change on the issues that matter most – including climate change.

Question 75

RLAM Net Zero Targets

Answer 75

• Achieve Net Zero across our investment portfolios by 2050*
• Reduce carbon emissions from our investment portfolios by 50% by 2030
• Develop solutions that enable clients and customers to invest in the low carbon transition

Question 76

Unit Trust

Answer 76

Open ended collective investment scheme that pools customers money with that of other investors.

A RLUM unit trust is designed to provide you with easy access to a variety of investments, from the UK and overseas, such as shares, corporate bonds and government gilts.

These investments are packaged into different funds and are actively managed on your behalf to ensure that they meet the funds’ investment goals.

The investment goals will vary from fund to fund and may for example:
(i) aim to maximise investment growth over time OR
(ii) aim to provide you with a consistent level of income.

Question 77

Difference between level term and decreasing term

Answer 77

Level Cover is life insurance where the payout amount stays the same over the term of the policy. The monthly payments also stay the same over the term of the policy.

Decreasing Cover is life insurance where the payout amount reduces over the term of the policy. Although payments stay the same over the term of the policy, how much you pay each month is typically less than for level term life insurance. You could use it to help cover a repayment mortgage or any other loan that gradually gets repaid.

Question 78

Why Choose Royal London - Insurance

Answer 78

We’re a mutual, so we’re not answerable to shareholders. We can make our decisions in the best interests of you, our customers.

Unlike some life insurance providers, we don’t need a doctor’s report or need to send you off for a medical. We can give you a decision straight away.

Whether it’s for our outstanding products or first-class service, we’re delighted to have received several awards over the years.

Question 79

Corporate bonds

Answer 79

Effectively, you lend money to a company for a set time at a set interest rate. The returns are predictable, with more chance of them growing than deposits. The main risk is that the company goes bankrupt without paying back the loan. Even so, bonds tend to be less volatile than shares.

Question 80

Government Bonds (or gilts)

Answer 80

Like corporate bonds, but you’re lending to the government. People see gilts as low-risk, because the government is unlikely to go bankrupt. Like corporate bonds, gilts are less volatile than shares and the chances of returns growing are better than with deposits.

Question 81

Two Types of Property Funds

Answer 81

Direct Property Funds
Property Security Funds

Question 82

Direct Property Funds

Answer 82

Here, you’re investing in a range of properties, like shopping centres, offices or factories. You might not be able to cash in your investment when you want to if the property doesn’t sell quickly. And the true value only becomes clear once a buyer agrees a price.

Question 83

Property Security Funds

Answer 83

Here, you’re investing in property companies. Like shares, the price of these funds can go up or down suddenly. Compared to direct property funds, you’re more likely to be able to cash in your investment when you want to.

Question 84

Equities (or company shares)

Answer 84

Companies sell shares to raise money, and pay you a share of their profits as ‘dividend’. Investors buy and sell shares on stock markets. The price goes up or down based on how well the company is doing, or what its prospects are.

Investors tend to think shares give better returns in the long run, though they’re too volatile for short-term investing. It’s also worth bearing in mind some overseas stock markets are more volatile than UK shares, and currency exchange rates can affect them.

Question 85

Mixed assets

Answer 85

Some funds invest in a mixture of things, like shares, property or cash. The aim is that if one doesn’t perform so well then the damage won’t be as bad because you’ve spread your risk.

Question 86

Specialist

Answer 86

Some funds invest in other things, which might suit you depending on the sort of investor you are and what you want to achieve. They include foreign exchange or commodities like grain, gold or oil. We’d recommend talking to an adviser if you’re interested in these.

Question 87

Lifetime annuity

Answer 87

A lifetime annuity pays a guaranteed regular income until you die. The amount you’re paid is determined by how much you’ve saved over the years, as well as your age and general health.

Question 88

Fixed Term Annuity

Answer 88

Fixed-term annuities (also known as certain-term or short-term annuities) pay you a regular income for a set period and can be bought with a portion of your pension. Whatever is left in your pension stays invested.

This means that once the fixed term ends, you’ll get to decide what to do with the rest of your pension. You could take a cash lump sum or buy more regular income – it’s up to you.

Question 89

Enhanced annuity

Answer 89

An enhanced annuity takes your health and lifestyle into account when working out the income you’ll receive. This is because people with shorter life expectancies don’t need to make their savings last as long.

Question 90

Joint-life annuity

Answer 90

While fixed-term and enhanced annuities only provide an income for the pension’s owner, joint-life annuities keep paying out to a nominated person (also known as a beneficiary) after you die. This is a good option if your partner hasn’t saved much into their own pension, or if you have children that are still dependent on you. You’ll need to choose who the money goes to.

Question 91

Inflation-linked annuity

Answer 91

Inflation-linked annuities adjust your yearly regular income to keep pace with inflation. These are sometimes known as RPI annuities because they track the Retail Price Index.
At first, the income you receive from an inflation-linked annuity can be far lower than a regular or fixed-term annuity.

Question 92

Investment-linked and with-profit annuities

Answer 92

With these types of annuity, your regular income goes up and down in line with the performance of investments, such as stocks and shares

Question 93

Guaranteed annuity

Answer 93

You can guarantee your annuity for a set number of years – usually up to 10. This means that if you die during that period, payments will transfer to your nominated beneficiary.
As mentioned previously, annuities can’t be changed after you’ve bought one. They’re a big decision, so it’s wise to speak to a financial adviser before proceeding. Advisers may charge for their services but they should agree any fees with you upfront.

Question 94

Pensions – Financial Wellbeing

Answer 94

Targeting specific groups, women and people from ethnic minorities

Question 95

Financial Wellbeing

Answer 95

We believe that investing is about more than generating financial returns. As an authorised fund manager entrusted with managing £13b of customers money, we are committed to helping build financial resilience while also acting and investing responsibly in the interests of our customers and the wider society. Details of how we believe we are achieving this can be found in the Task Force on Climate-related Financial disclosures report.

Question 96

Task Force on Climate-related Financial disclosures report

Question 97

RL Inclusion and Diversity

Answer 97

At Royal London Asset Management, we want to be seen as responsible investors. This is more obvious through the way that we engage with companies we invest in. But responsibility applies to how we manage ourselves as well.

We recognise that as a leader in a major UK industry, we need to contribute to society in a wider sense, as well as investing assets for clients.

Being an inclusive and diverse company isn’t something we do to tick a box – we believe that a more inclusive and diverse workforce, working in an open and friendly environment leads to better results for our clients. Ultimately we need to make sure that we get the best people, with the right values, seeking the right outcomes, working for you.

An effective approach to inclusion and diversity is therefore a key element in our success as a business. We have a number of initiatives that we believe are supporting our efforts to be a fair, inclusive and diverse employer.

Question 98

RL Inclusion and Diversity Groups

Answer 98

Women in Finance - We were among the first signatories in 2016 to the HM Treasury Women in Finance Charter. We have set ourselves a target of increasing our female senior management population from 33% in 2016 to 42% by the end of 2025. We publish annual reports, which outline the progress we’re making towards meeting this target. Read our annual reports

Gender pay gap - Our Gender Pay Gap report shows the gaps across our business, outlines why we have these gaps and sets out what we are doing to address them. By understanding the gaps, we can better focus our attention on the initiatives that will make a real difference.

Disability Confident - We signed up to the Disability Confident scheme in 2018 and became a Disability Confident Employer in 2019.

The #10000BLACKINTERNS initiative - we’re taking part along with many other asset management companies in the City, offering internships to Black students across the UK to help kick start their careers in investment management.

Question 99

Legal - Team

Answer 99

Provide legal advice and guidance to all aspects of our business. They work on a variety of projects and transactions, such as mergers and acquisitions, intellectual property, litigation, compliance, and regulatory matters.

They also help shape our policies and strategies, and protect our interests and reputation in the market.

Chance to contribute to our Purpose and strategy, and make a positive impact on our customers and stakeholders.

Answer 100

opportunity to learn from some of the best legal minds in the industry

collaborate with diverse and dynamic teams across the organisation

grow skills and knowledge in a supportive and innovative environment

Question 101

1. Technology

Answer 101

provides a range of services to support the needs of millions of customers and the business. They are responsible for IT operations, application development and testing, infrastructure design and management, cyber security and resilience, and digital transformation.

The Technology Function is made up of Group Technology Services, Value Delivery, Operational Resilience and the UK CIO team all of which work together to deliver stable, modern and customer-focused technology solutions.

We look for people who like to collaborate with diverse colleagues, innovate with cutting-edge technologies, and contribute to the digital-first vision of Royal London

Question 102

People

Answer 102

developing and implementing a long-term people strategy that supports the achievement of the Royal London’s Purpose and strategy. They focus on creating propositions that attract, develop, and retain the right colleagues with the right skills to deliver our strategy. The team also partners with leaders across the organisation to create a great place to work, with a strong focus on diversity and inclusion.

The People team is made up of several sub-teams, including Talent and Capability, Colleague Pensions, Performance & Reward, People Services, People Partnering, and Policy & Regulation. Each of these teams plays a crucial role in delivering our People Promise and ensuring that colleagues have the best possible experience.

Working with the People team can be a rewarding experience for anyone passionate about people and their development. You will have the opportunity to collaborate with diverse and talented teams, influence and shape the people strategy, and contribute to the success and growth of the business. Additionally, you will enjoy a supportive and inclusive work environment that values your wellbeing and professional growth.

Question 103

Finance

Answer 103

made up of seven core teams, including Financial Close, Production and Reporting, Business Finance, Group Actuarial including With Profits, Investment Office, Tax, Group Treasury and Corporate Development.   

The Finance teams provide support in everything from tax advice to managing the Group’s liquidity and cash, and from overseeing the investment of our customers’ assets to ensuring bonus rates and customer illustrations remain fair.

Everyone in Finance has a role to play in achieving our Purpose. By supporting the financial security of our business and investing to generate value, we help build the financial resilience of our customers and wider society. While many of our Finance colleagues hold qualifications. These aren’t necessary for all roles. In fact, some colleagues are studying for qualifications while they work – a great opportunity to build skills and focus on personal development. 

Question 104

Brand and Marketing

Answer 104

responsible for developing and implementing brand, marketing, and communication strategies to support different business units.

The team is divided into several sub-teams, each with its own specific focus, including Marketing Planning & Governance, Brand, Policy & Communication, RLAM Marketing, Engagement, Digital Marketing, Marketing, and Marketing Operations. These teams work together to deliver a cohesive and effective marketing plan, build the company’s reputation, and engage with customers and clients through digital content and maximise our internal and external impact.

Working with this team could be enjoyable for someone who is interested in marketing, branding, and communication, and who wants to be part of a dynamic and collaborative team that plays a key role in shaping the company’s direction and success.

Question 105

1. Royal London Asset Management

Answer 105

unique asset manager with a mutual ownership structure and over 30 years of history delivering key investment strategies in equity and bond investing for its clients. The company manages over £150bn in assets and has a culture of free, fresh, and innovative thinking.

The company has various teams, including Investments, Distribution (Sales, Client Service, Product Development and Marketing) Change, Technology and Operations, Risk, and Finance, each responsible for different aspects of the business.

Royal London Asset Management’s success is built on a culture of fresh and innovative thinking, which results in a measured, stable and independent approach to managing assets. It eschews fads, passing trends or a ‘me too’ take on investing. Our fund managers thoroughly understand the markets they invest in, which gives us the confidence to maintain non-consensus positions where we have strong opinions. If you believe that this then is an environment where you could thrive and develop your career

Question 106

1. Ireland

Answer 106

Our company’s heritage in Ireland means we’ve been protecting our customers for nearly 200 years. Based in Dublin, we’re a fully-owned subsidiary of The Royal London Mutual Insurance Society Limited, the UK’s largest mutual life, pensions and investment company.

Our parent company’s mutuality, meaning it is customer and member owned with no shareholders, allows us to adopt a mutual mindset. This means we take a longer-term view and focus on providing the best customer outcomes.

Question 107

Finance Qualification I would like to work towards

Answer 107

Qualifications - desired
CFA charterholders a strong foundation of advanced investment analysis and portfolio management skills. The emphasis is on real-world application and not academic theory. It is considered by many to be the top investment management designation available.
Chartered Alternative Investment Analyst (CAIA)
This certificate is for finance professionals who aspire to work in alternative investments, such as hedge funds, venture capital, real estate and private equity. It’s also for those who are already in this area and want to expand their expertise. Governed by the CAIA Association and globally recognised, this programme can offer a massive boost when building your professional portfolio.

Question 108

Total number of members

Answer 108

2.0m

Question 109

Total number of policies held

Answer 109

8.7m

Question 110

Operating profit
before tax (2022)

Answer 110

£210m

Question 111

Capital Cover Ratio

Answer 111

= Group’s Own Funds, being the regulatory capital under Solvency II,
/ the Solvency Capital Requirement (SCR).

Question 112

‘Investor View’ equals the RL Main Fund capital position
(excluding ring-fenced funds, which are run on a standalone basis). The ‘Regulatory View’ solvency surplus and
capital cover ratio, disclosed on page 50, exclude the closed funds’ surplus as a restriction to Own Funds. All capital
figures are stated on a Group Partial Internal Model basis and the 2022 figure is estimated.

Question 113

Mutuality (model)

Answer 113

highly effective model for a business whose role is to pool and manage financial risks and returns across generation

Question 113

RL policyholders

Answer 113

8.7 million

Question 114

ProfitShare shared with eligible customers since it was established in 2007

Answer 114

Over £1.5bn

Question 115

Protection claims
paid in 2022

Answer 115

99.4%

Question 115

Helping Hand

Answer 115

free-to-use service available
to many of our Protection customers. It provides
access to a range of services during a significant life
shock and access to early care medical services, so
customers can seek advice on health issues.

Question 116

Turn2us

Answer 116

social impact charity
partner which helps people in financial crisis build resilience.

Question 117

Charity Donation

Answer 117

over £1.8 million directly to charities and social enterprises and
funded an additional £0.3 million to
support related activities

Question 118

RL strategy to deliver purpose:

Answer 118

be an insight-led modern mutual, growing sustainably by deepening customer relationships

Question 119

Challenges for Asset Management

Answer 119

We are acutely aware that many in the UK and Ireland have been
under-saving for later life for a number of years and, as a result of the
current economic environment, their situation could become more
challenging than they were expecting. Over 2022, we have continued to
work with policymakers to stress the importance of developing a long-term
plan for building on the success of automatic enrolment, ensuring that
more people can access and save into a Workplace Pension.

Question 120

2022 - adverse markets and net inflows

Answer 120

While our total assets under management were impacted by adverse
market movements, reducing to £147bn (2021: £164bn), our net inflows
from customers and clients remained positive at £3.7bn (2021: £5.3bn)

Question 121

2022

Answer 121

We also benefitted from our continued focus on streamlining our operations
and managing costs effectively and the growth in our annuity portfolio. All
of these elements offset the negative impact on asset management revenues
from market movements and we delivered an operating profit before tax of
£210m (2021: £133m), an increase of 58%.

Question 122

Following our acquisition of Wealth
Wizards in 2021, we launched a free online tool for Workplace Pension
members to assess their financial wellbeing in 2022.

Answer 122

Following our acquisition of Wealth
Wizards in 2021, we launched a free online tool for Workplace Pension
members to assess their financial wellbeing in 2022.

Question 123

RLAM launched a new Sustainable Growth Fund to capitalise on
investment opportunities in companies that can have a positive influence on
society and the environment. It also introduced a

Question 124

Sustainable Short
Duration Corporate Bond Fund giving access to a variety of socially
impactful sectors that are often out of reach of investors such as charities,
government agencies or privately owned businesses.

Question 125

The sustainable funds have

Answer 125

£2.2 billion in assets under management (as at 31 July 2023), and are expertly managed by RLAM which has been managing sustainable funds for over 25 years.

Question 126

The trends influencing (2022)

Answer 126

*Ageing population
*Transfer of risk to individuals (DC)
* Financial health and wellness
* Climate change
* Sustainability and
social activism

Question 127

Difference between DC and

Answer 127

DC plans can give you more flexibility when it comes to how you take your money. But a DB plan comes with benefits and guarantees you don’t get with a DC plan.

Question 129

three positive outcomes

Answer 129

• Helping build financial resilience
• Moving fairly to a sustainable world
• Strengthening the mutual choice for customers

Question 130

Outcomes Enabled by strategic shifts

Answer 130

• Data-led digitally nimble
• Broader solutions
• Mutually valued relationships

Question 131

UK - Long term savings products

Answer 131

• Workplace Pensions
• Individual Pensions
• Annuities
• Equity Release

Question 132

UK - Long term savings policies

Answer 132

2,100,000 Policies

Question 133

UK - Protection - products:

Answer 133

• Life Insurance
• Illness and Income
  Protection
• Business Protection

Question 134

UK - Long standing customers - products

Answer 134

Long-standing customers
* Pensions
* Annuities
* Protection

Question 135

UK - Long standing customers - policies

Answer 135

4.97m policies

Question 136

UK - Protection - policies:

Answer 136

1.188 policies

Question 137

RLAM - Products

Answer 137

Collective investment
funds and segregated
mandates:
* Equities
* Fixed Income
* Multi-asset
* Private Assets

Question 138

How does RL make money?

Answer 138

Customers and clients pay fees for investing money with us.

Customers pay insurance premiums,
protecting them from a life shock.

Question 139

Who are Royal London’s customers?

Answer 139

1. Individuals: Royal London offers a range of products and services to individuals, including life insurance, pensions, investments, and savings. These products are designed to help individuals protect their families’ futures and achieve their financial goals.
2. Families: Royal London’s products and services are also designed to meet the needs of families, including protection for children and dependents, savings plans for education and other expenses, and retirement planning for parents and grandparents.
3. Businesses: Royal London offers a range of products and services to businesses, including group life insurance, group pensions, and employee benefits. These products are designed to help businesses attract and retain talent, protect their employees’ futures, and meet their regulatory obligations.
4. Financial advisers: Royal London works with financial advisers to provide their clients with access to its products and services. The company offers a range of tools and resources to help advisers manage their clients’ portfolios and provide tailored advice.

Question 140

Total sales (i.e. Present Value of New Business Premiums) increased
12% to £10,776m (2021: £9,588m), reflecting strong sales growth in
both Individual and Workplace Pensions, partially offset by a reduction
in Protection new business sales following the higher sales we
experienced over 2020 and 2021.

Question 141

UK
Individual Pensions new business sales increased to £5,219m (2021:
£4,766m) with growth in the first half of 2022 following an increased
number of face-to-face adviser appointments post-pandemic. Sales
levels were supported by the benefits of the relative performance and
diversification of our flagship Governed Range. New business margin
was flat at 1.6%.
Workplace Pensions new business sales grew by 29% to £4,114m
(2021: £3,200m) with an increased number of new entrants into
existing schemes reflecting a strong UK employment market across
the year, and an increased number of new scheme wins. Growth was
supported by improvements to our customer proposition, including
digitalisation of the pension consolidation request process via our
mobile app and the introduction of our interactive Royal London
Financial Wellbeing service giving customers tailored guidance to help
them make informed decisions across their life stages. New business
margin increased from 0.9% to 1.0% reflecting the increased sales.
Protection sales fell to £1,037m (2021: £1,251m) reflecting the
increasing competition in a broadly stable market, with new business
margin decreased from 3.1% to 1.1% as a result of the lower volumes
against a largely flat cost base.
Annuities and other business sales increased to £203m (2021: £186m)
with the current period reflecting a full year of annuity trading.

Question 142

Global Food waste Challene

Answer 142

Learn
Act
Track
Scale Up

Question 143

Theory of Change Framework

Answer 143

Impact
Long Term
Short Term
What we do

Question 144

Northumberland Challenges

Answer 144

Sparse Rural Population
Deprivation - low skill, low wage economy
Harness what they have: venison, livestock, natural beauty, tourism integrate food into that
Lead them into the future - new college teaching key skills in energy sector, integrated food into that

Question 145

Kew’s Net Zero Strategy

Answer 145

Greenhouse Gas Inventory: Start with a comprehensive audit of current greenhouse gas emissions across all RBG Kew’s operations, including energy use in buildings and greenhouses, transportation for staff and visitors, and emissions from research activities.

Energy Efficiency in Iconic Structures: Improve energy efficiency in key structures like the Palm House and Temperate House. This could involve upgrading to energy-efficient heating and cooling systems, using smart glass technologies, and improving insulation.

Renewable Energy Generation and Procurement: Invest in on-site renewable energy generation, such as solar panels on building roofs. Also, switch to a green energy supplier for electricity needs not met by on-site generation.

Research-Led Carbon Sequestration: Utilize RBG Kew’s expertise in plant science to enhance natural carbon sinks within the gardens. This includes researching and planting species known for high carbon absorption rates and restoring local natural habitats like woodlands and wetlands.

Sustainable Transportation Solutions for Visitors and Staff: Develop a comprehensive transport plan that encourages the use of public transport, cycling, and walking. Offer incentives for staff using electric or hybrid vehicles and install more electric vehicle charging points.

Waste Reduction and Sustainable Material Use: Implement a zero-waste policy, focusing on reducing single-use plastics, promoting composting, and recycling. Prioritize sustainable materials in gift shops and restaurants.

Water Conservation Techniques: Employ water-saving technologies like rainwater harvesting and efficient irrigation systems, particularly vital for maintaining the vast plant collections.

Sustainable Building and Maintenance Practices: Ensure that any new construction or renovation projects are carried out with sustainability in mind, using eco-friendly materials and sustainable design principles.

Education and Public Engagement: Use Kew’s status as a renowned educational institution to promote awareness about climate change and sustainability. Develop exhibits, workshops, and educational programs that focus on environmental stewardship and the role of plants in combating climate change.

Collaborative Research and Partnerships: Strengthen partnerships with universities, research institutes, and environmental organizations to advance knowledge in plant-based solutions to climate change, such as biofuels and plant-derived materials.

Procurement Policy Aligned with Sustainability Goals: Ensure that all purchasing decisions, from office supplies to concession vendors, align with net zero objectives. This involves selecting suppliers with verifiable sustainability credentials.

Regular Monitoring and Reporting: Establish a system for continuous monitoring of RBG Kew’s carbon footprint and publish annual sustainability reports to track progress towards net zero goals.

Staff Involvement and Training: Foster a culture of sustainability among staff through regular training, workshops, and engagement initiatives that encourage eco-friendly practices in their professional and personal lives