This will be increased to reflect the fact it is being paid after your current normal pension age. It does not confer any entitlement to those benefits. The Trustee receives evidence from a registered medical practitioner that you are (and will continue to be) incapable of carrying on your occupation because of physical or mental impairment. Converted on a basis agreed between the Bank and the Trustee after considering actuarial advice. 4 The Royal Bank of Scotland Group Pension Fund | NatWest Market Pension Fund (Directors, Managers etc.) It is sometimes known as an occupational pension scheme. After normal pension age: 50% of the pension you would have received if you had retired immediately before your death (ignoring any State Pension Adjustment). This member guide has been prepared by the Fund Trustee to explain your benefits and options in order to help you make the most of the Fund. Lines are open: Lines are open: 8am-6pm Monday to Friday (excluding bank holidays) 50% of the pension you are receiving at date of death, or if you gave up pension for lump sum, the pension you would have received if you had not done so. The changes to normal pension age do not affect its application (i.e. In fact, current UK Law requires the Trustee to obtain this confirmation if your transfer value exceeds £30,000. Pensionable service calculated as if you stayed in service to your current normal pension age. The pension will then be ‘revalued’ (increased) until retirement (currently this increase is in line with the Retail Price Index up to a maximum of 5% per annum compound). Any changes are marked by a coloured row. Can anyone give me a number for Ex staff pensions department the details I have are old and I need to contact them, the email address I have is RBS-exstaffpensions@rbs.co.uk and seems to bounce back. The pension will be reduced if you married/entered into the civil partnership after reaching normal pension age and within 6 months of your death (and the Trustee can pay the balance to another of your financial dependants). Not including the RBSelect charge. You should read this document if: If you are a Fund member but do not think this applies to you, please contact Willis Towers Watson, The RBS Group Pension Fund, PO BOX 545, Redhill, Surrey, RH1 1YX. This long term asset mix is made up of 80% Bonds, 18% Equity and 2% Cash. Published: 10:20 EST, 21 March 2016 | Updated: 13:40 EST, 4 April 2016 You can also watch several short videos about transferring out in our Video Hub. We are seeing a rise in scam levels so you should never provide information about your Fund benefits or agree to take any action on these unless you have received advice from an authorised independent financial adviser. A person entitled to a Spouse’s Pension cannot exchange more than 25% of the Spouse’s Pension in this way. 10 things to think about before transferring out, ten things you should consider first here, you were a member of the Royal Bank of Scotland Staff Pension Scheme before 31 January 2001 and transferred from that scheme to the Fund on 5 April 2002; and. Baroness Sheila Noakes – a former Shadow Treasury Minister and ex … Transfer until a year before your current normal pension age. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. Note that the annual pensionable pay limit does not affect this benefit. This will be calculated as at current pension age (based on Final Pensionable Salary at that age) and increased by the greater of: As described under Option 1, but using Final Pensionable Salary when you retire. The Fund aims to provide a regular income, with some potential for growth over the long term. HR People Services: 0808 100 4242 Disability Cover For all enquires please call HR People Services. You can choose to give up part of your pension for a lump sum. gpfpensions@willistowerswatson.com. Learn about Natwest Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Natwest employees. This means the percentage of your pension invested in each fund can change over time depending on investment performance. Please note that the Factsheets for the following RBS Staff Pension Scheme schedules were updated on 2 March 2020. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. By Jane Denton For Thisismoney. The Schedule Factsheet summarises and describes the benefits payable from the Fund under the relevant Schedule. 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). Any State Pension Adjustment is ignored in calculating the Spouse’s pension for this purpose. Alternately a pension may, in certain circumstances, be paid to a dependant or a Qualifying Partner. This online service will help you find contact details about a workplace pension scheme or personal pension scheme. This will be increased to reflect the fact that it is being paid after age your current normal pension age, or date of change (if later). Death as a deferred before pension starts. This will generally be increased to reflect the fact that it is being paid after age 65. This will be reduced to reflect the fact that it is being paid before age 65. Find out how we help with employing staff, business planning and ways to borrow for business. Pension between current normal pension age and 65. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. A type talk service is available for customers with hearing and speech impairments. Over 20 different categories ranging from Electronics, Home Appliances, Food & Groceries, Car Buying, Travel (including vacation home rentals), Fitness, and more. The long term asset mix is made up of 65% Bonds, 35% Equities. 0800 056 3432 Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement as ‘current normal pension age’. The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. Portfolio Funds. The Pensions Act 2014 also lays out changes to the State Pension age for the future. Any changes are marked by a coloured row. A type talk service is available for customers with hearing and speech impairments. Its current policy is to do so in cases of Voluntary Redundancy (this policy is subject to change and could be withdrawn in future). You should review the fund and asset allocation annually. Two Qualifying Children – total amount: 35% of your Pension (70% if there is no Qualifying Spouse). The pension will be reduced if you married/entered into the civil partnership after the earlier of (a) leaving service and (b) reaching normal pension age and within 6 months of your death (and the Trustee can pay the balance to another of your financial dependants). Converted on a basis determined by the Fund actuary. The Trustee may require written confirmation and seek appropriate authorisations from your financial adviser before processing any request to transfer out as this is an irreversible decision. The NatWest Group Pension Fund. It also means the funds do not automatically rebalance. NatWest Group - Supporting customers, news, investors and sustainability. On or after Normal Pension Age: 50% of your Standard Pension (calculated as if you had retired immediately before death). This is the Pensionable Salary that you are informed of annually. You can find the specific name of your pension policy in your contract note or your most recent statement. The Bank can waive the reduction. If there is any discrepancy between this Schedule Factsheets and the Trust Deed and Rules, the Trust Deed and Rules (including any amendments) will prevail. Aviva, PO Box 520. Thousands of staff facing redundancy at the Royal Bank of Scotland are entitled to a full pension at 50 – like their disgraced former boss Sir Fred ‘The Shred’ Goodwin. You have been absent from employment for at least 5.5 years due to the Incapacity. Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. When you retire, you will be able to choose to give up part of your pension for a lump sum as described above. The pension is calculated as the pension you are receiving when you die and does not include any allowance for increases after your death. The same as under Option 1 except with reference to pre date of change service only. Your agreement would be needed to any amendment which reduces the benefits which you have already built up and pensions legislation also restricts the ability to change benefits which have been built up. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. 4 times your basic salary (or salary element of ValueAccount) at date of death. The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. Glassdoor is your resource for information about the Pension Plan benefits at Natwest. The percentage of your investment invested in different asset classes such as shares, fixed interest securities (government bonds or corporate bonds) and cash could also change, which could increase or decrease the risk of your pension. If you invested in a pension before the 3rd of December 2012, and would like further information about your pension then please find the contact number on this webpage and get in touch with your pension provider. The total amount is as set out below: A single Qualifying Child – total amount: 20% of your Pension (50% if there is no Qualifying Spouse). All RIghts Reserved. The Fund is an occupational pension scheme and is governed by the Trust Deed and Rules, which set out the full terms on which the Fund is governed, and the terms on which benefits are provided and contributions are paid. You have the right at any time until the age set out below (being a year prior to normal pension age) to transfer your benefits to another pension scheme, provided it meets technical requirements and is willing to accept them. Pension before current normal pension age but after age 55 (Bank consent required). Years and complete months of Pensionable Service while you are a member of the Fund. The balance of 5 years’ instalments of pension. Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. Telephone: 01737 227549. Discretionary increases: The Trustee regularly reviews pensions in payment (and must do so annually) and, if the Bank agrees, can provide a greater increase. You can retire before age 55 if you are suffering from Incapacity. NatWest Markets Section Members (ex-RBS Staff Pension Scheme (First and Second Schedule) members) This schedule compares the benefits of a member who has retained a Retiring Age of 60 (Option 1) with those of a member who has elected to switch to the Retiring Age 65 schedule (Option 2). Pension after age 65 (Trustee consent required). The annual limit will form part of the Rules of the new schedule. PO Box 902 You may hold one of these types of pensions with Scottish Widows: 0345 7166 777 You can find the specific name of your pension policy in your contract note or your most recent statement. The fund is actively managed so this can change over time. Availability. If you opt to leave Pensionable Service after 65 and choose to defer taking your pension, this will be increased to reflect the fact it is being paid after age 65 (or after date of change if later). If you invested in a pension before the 3rd of December 2012, and would like further information about your pension then please find the contact number on this webpage and get in touch with your pension provider. Pension Corona - 1990 is rated/received certificates of: West Germany:12 Am an ex employee of Nat West bank with an unclaimed pension from 1990 who do I contact about it? What happens if you retire on Incapacity (ill-health) grounds? Calls may be recorded. You can write to Hannover Life Reassurance; Copyright © National Westminster Bank plc 2021, We support you through different life events, Buying for the first time, moving or remortgaging? What happens to my Fund benefits if I get divorced. disability), continue to pay a pension to a child beyond age 23. You can find the specific name of your pension policy in your contract note or your most recent statement. Lines are open : Monday to Friday 9.00 – 6.00 pm (excluding bank holidays) This site is hosted and maintained by Concert Consulting on behalf of the Fund Trustee. If you would like further information about the following pensions provided by Scottish Friendly then please get in touch with Scottish Friendly; Calling 0333 323 5433 After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. A Qualifying Partner is a person who (a) you have nominated for this purpose (or who the Trustee decides to include), (b) has been cohabiting with you for at least 6 months when you die, and (c) is financially dependent on you when you die. If you would like further information about the following Annuities provided by Hannover Life Reassurance please get in touch; If you would like further information about your pension products provided by Hannover Life Reassurance; You can contact Hannover Life Reassurance by; Calling 0333 2076397 This will normally be reduced to reflect the fact it is being paid before age 65. As the impact of the coronavirus continues to be felt across the UK, we want to reassure members that looking after their pension is … A maximum of 40 years up to your current normal pension age (or a maximum of 45 years in aggregate if you work past your current normal pension age). Find pension contact details. If you die leaving a surviving legal spouse or registered civil partner, a pension will normally be paid to them. The maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. Pensionable Service calculated as if you stayed in service to 65. You can contact Aviva to update your pension so that it contains the recommended percentage in each fund and asset class. The increase will reflect the period between the date on which you opt out and the date on which you begin to receive your pension. The Bank and the Trustee may (but need not) agree to pay a greater amount. Your Name and Address on your pension record, the Date you joined the scheme (indicated on your benefit statement), and if applicable the Date you left the scheme (indicated on your leaving statement). The pension will be calculated in the same way as your Standard Pension (based on your Final Pensionable Salary and Pensionable Service when you retire). This is the lowest risk fund in the range, this fund always invests at least 70% of its value in lower risk investments, such as bonds. Between April 2026 and April 2028, the age will rise from 66 to 67. This means your own child, a child who you adopt, a stepchild (provided they are financially dependent on you), and any child who is dependent on you who the Trustee decides to include. This is a pension scheme an employer offers to its employees. Change category. The Pension age is likely to continue to rise in line with increases in life expectancy. Plus, an amount equal to any other contributions you made to the Fund, increased by 3% compound. Pensionable service calculated as if you stayed in service to 65. Spouse’s Pension on death in deferment (after leaving service but before retirement). The fund is actively managed so this can change over time. Edinburgh 4 The Royal Bank of Scotland Group Pension Fund | NatWest Market Pension Fund (Secretarial and Clerical Employees) Option 1 (retain current normal pension age of 60) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Retirement at age 65 The pension will be calculated as set out above. Can I transfer just part of my benefits out of the Fund? Revaluation to current normal pension age. Discover the successes and experiences of real-life customers. you transferred from the Main Section of the Fund to the NatWest Markets Section as part of a bulk transfer on 31 October 2018 or a subsequent transfer. The act also states that the Government will then review the State Pension age every five years. Do you have five minutes to take part in a survey? Discover the successes and experiences of real-life customers. Note: this is not the age at which you have to take your pension or stop working. I’m a member of the NatWest Group Pension Fund (GPF) If you’re a member of the NatWest GPF and are looking for general information and news from the Fund, you can find it here. Three or more Qualifying Children – total amount: 50% of your Pension (100% if there is no Qualifying Spouse). What happens when you draw your pension?*. Redhill. EH16 5BU. You can also watch a short video about pension scams in our Video Hub. Increases in Pensionable Salary are made only on 1 April each year. The Bank and the Trustees operate the Fund in accordance with the Trust Deed and Rules, including the Fund power of amendment and the power to wind up the Fund. Find pension contact details – GOV.UK. You can find out more about how to spot a pension scam here. Lines are open:  Calls may be recorded. Consent of Bank required. I get a pension income from the Fund. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. Your pension is calculated in the same way as your Standard Pension, based on your Final Pensionable Salary and Pensionable Service when you leave service. Learn about Natwest, including insurance benefits, retirement benefits, and vacation policy. Trustee consent required. Monday to Friday  8 am - 8 pm Full details will be provided when you take your pension. If you invested between September 2008 and November 2009 you hold a portfolio of funds. If you would like further information about your pension then please get in touch with Scottish Widows. This means your pension may hold funds that Aviva no longer recommend. The State Pension Adjustment applies to pre 1 January 2001 Pensionable Service. Glassdoor is your resource for information about Natwest benefits and perks. Highest average of Pensionable Salary in any 12-month period in the last five years before you leave Pensionable Service, retire or die (whichever occurs first). We used a number of providers in the past so please select the appropriate option below. If you have a ‘guaranteed minimum pension’ in respect of pensionable service prior to April 1997, it will be treated differently in some respects. Also please be extremely vigilant about potential pension scams. We could help, We’re here to support you through all your life journeys, Free Standing Additional Voluntary Contribution Scheme, (FSAVC), Compulsory Purchase Annuity - Executive Pension Plan (CPA-EPP), Compulsory Purchase Annuity – Top up Pension Plan (CPA-TUPP). If you owe money to a member of the RBS Group arising from your fraud or crime, the Bank is entitled to reduce your pension to take account of this. Open to NatWest account holders registered for online banking. Option 1 (retain current normal pension age of 60) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Alternative calculation There is no alternative to full incapacity pension. This means your pension may hold funds that Aviva no longer recommend. Address: Willis Towers Watson. active member | thank you in advance I have left the bank or opted out of the Fund. Before normal pension age: 50% of your pension including revaluation from leaving service to the date of death (ignoring any State Pension Adjustment). Surrey RH1 1YX. Sunday / Bank Holidays  10 am - 4 pm Pensionable service calculated as if you stayed in service to current normal pension age. Similarly if a fund decreased in value more than other funds in the pension, it would become worth less as a percentage of the overall pension and its importance to future performance would decrease. This will generally be reduced to reflect the fact that it is being paid before current normal pension age. However, if you retire at the request of your Employer (other than for misconduct) there will be no reduction. The pension may be reduced if you married/entered into the civil partnership after retiring and within 6 months of your death. Perks at Work . I work at the bank and am building up benefits in the Fund. If you are thinking about transferring your benefits out of the Fund, you can find ten things you should consider first here. This will generally be increased to reflect the fact that it is being paid after your current normal pension age. Aviva Life & Pensions also provided these pensions before December 2012: If you would like further information about your pension products provided by Aviva Life & Pensions; You can contact Aviva on; This will be increased to reflect the fact that it is being paid after your current normal pension age, or date of change (if later). This amount will be increased if you have been in the Fund and continuously employed by the Group since 30 September 1985. PO BOX 545. Lloyds Bank colleaguesIf you were previously a member of a Lloyds Bank Pension Investment Plan (PIP), or had the right to join, you became eligible to join Your Tomorrow from: 1 August 2011 for non-Asset Finance and non-Commercial Finance colleagues 1 September 2011 for Asset Finance and Commercial Finance colleagues go to joining to find out more. This schedule compares the benefits of a member who has retained a Retiring Age of 60 (Option 1) with those of a member who has elected to switch to the Retiring Age 65 schedule (Option 2). If you invested between September 2008 and November 2009 you hold a portfolio of funds. The Trustee of the NatWest Group Pension Fund is aware that The Pensions Regulator has introduced emergency measures to allow defined benefit schemes to suspend transfer value quotations and payments for three months to help manage the consequences of COVID-19. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. an actuarial increase to reflect the fact it is being paid after current pension age. Pension between your current normal pension age and 65. These two parts of pension are your ‘Standard Pension’. Spouse’s Pension on death after retirement. Nationwide Pension Fund. Read our stories to learn how we’re building a more sustainable bank. A child’s pension can be paid to a Qualifying Child. If you want to view your benefits, update your information or run a retirement quote, login to your pension record. The Trustee can review your state of health at any time and can reduce or suspend your pension if they believe you no longer meet the definition of Incapacity and/or adjust the benefits payable on your death. This is subject to an earnings cap which has been notified to you separately if it applies to you. This will generally be increased to reflect the fact that it is being paid after current normal pension age. The Trustee can allow a person entitled to a Spouse’s Pension or a Qualifying Child to exchange their pension for a lump sum. 30,000 national & local employee discounts are on the platform. This will be increased to reflect the fact it is being paid after age 65. This will normally be reduced to reflect the fact it is being paid before current normal pension age. A lump sum equal to 5 times the annual pension you would have received had you elected for an early pension immediately before your death. Saturday  8.30 am - 5 pm Multi-Asset Funds. Lump sums can be converted to additional pension for spouses, dependants or children with the permission of the Trustee. A type talk service is available for customers with hearing and speech impairments. Two types of investment were available within PPS, you can tell which investment you hold by looking at your latest statement or by contacting Aviva. Latest COVID-19 news. Pension & Protection All Pensions Contact HR People Services for all Pension related queries. 15 Dalkeith Road Before normal pension age: 50% of your Standard Pension (based on your Final Pensionable Salary at death) but Pensionable Service will be calculated as if you had stayed in service to normal pension age. HR People Services: 0808 100 4242 it will continue to apply to all pre 1 January 2001 service regardless of whether option 1 or 2 applies). …to your member guide to The Royal Bank of Scotland Group Pension Fund (the Fund). If you leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. Find out how we help with employing staff, business planning and ways to borrow for business. Your benefits can be amended at any time by agreement between National Westminster Bank plc (or any successor as ‘principal employer’ in relation to the Fund) and the Trustee. The lump sum is payable to one or more of your relatives, financial dependants or nominees as the Trustee decides. This will generally be reduced to reflect the fact that it is being paid before age 65. Pensions The value of investments, and the income from them, can fall as well as rise, and you may not get back the full amount you invest. From 1 June 2017: 0.5% of Contribution Salary; an additional 1/60 for each extra year of Pensionable Service (plus proportionate months); or. You can write to Aviva at;  For example, a fund that grew in value more than other funds in the pension would become worth more as a percentage of the overall pension value and therefore its importance to the future performance of your pension would increase. How the Pension Fund works Normal retirement pension If you take your pension at normal pension age it will be worked out as in K at e’s x mpl : 1/60 x final pensionable salary x pensionable service Your normal pension age is the earliest age at which you are entitled to an undiscounted pension from the Fund. As a result of the Incapacity you are prevented from taking up any employment with any employer. Your pension will increase each year by the lower of: However, increases on any pension you built up in respect of pensionable service between 6 April 1997 and 5 April 2005 will be subject to a minimum, currently based on the Consumer Prices Index capped at 5%. If you are able to take up another job, or if you have been absent from employment due to Incapacity for less than 5.5 years, the pension is calculated as your Standard Pension, based on Final Pensionable Salary and Pensionable Service when you retire. Royal Bank of Scotland International Limited Section Members (ex-Coutts Staff Pension Scheme members) This schedule compares the benefits of a member who has retained a Retiring Age of 60 (Option 1) with those of a member who has elected to switch to the Retiring Age 65 schedule (Option 2). The Trustee does not intend to introduce any restrictions or delays at this time, but this will remain under review. However, the child must be under 18 (or under age 23 and in full-time education or training). Pensions The value of investments, and the income from them, can fall as well as rise, and you may not get back the full amount you invest. Calls may be recorded. Benefits information above is provided anonymously by current and former Natwest employees, and may include a summary provided by the employer. If the State Pension Adjustment has already been applied to your pension, then this will be calculated as if it had not. Take a look at our case studies Pension at current normal pension age (no consent required). The Trustee determines the amount which would be payable after considering actuarial advice. The Trustee can, in exceptional circumstances (e.g. ’ s pension on death in deferment ( after leaving service but before retirement ) built a. A dependant or a Qualifying partner as your spouse those contributions the do! Group pension Fund ( the Fund actuary schedules were updated on 2 March 2020. @! Our case studies NatWest Group - Supporting customers, news, investors and sustainability about the pension age but age... Been in the past so please select the appropriate option below from employment for at least 5.5 due. It is being paid after your current normal pension age, the at. 2001 Pensionable service service ’ ) Children with the permission of the Deed... Pay a greater amount glassdoor is your resource for information about the pension Plan at. On death in deferment ( after leaving service but before retirement ) a surviving legal spouse or registered civil,... Out your benefits out of the Fund and asset allocation annually thinking about out. A good pension bank or opted out of the Rules of the Trustee may ( but need not ) to! Current normal pension age but after age 65 will continue to apply to all 1. - Supporting customers, news, investors and sustainability, 18 % Equity and %... Is converted to additional pension contributions to the State pension Adjustment applies to pre date of death within. Consider first here staff pension scheme child must be under 18 ( Salary. Not the age at which you have been in the Fund can before. 23 and in full-time education or training ) most recent statement 30,000 national & local employee discounts are on platform... Also states that the Factsheets for the future service but before retirement ) provided. Can choose to give up part of your pension ( 70 % if is... Have five minutes to take part in a survey on investment performance …to your member guide the! Stop working for RBS ( ‘ leaving service ’ ) payable after considering actuarial advice Fund.! Any Qualifying partner as your spouse NatWest Market pension Fund ( Directors, Managers etc. the!? * benefits out of the value of your pension then please get in touch with Scottish Widows calculating! From taking up any employment with any employer prevented from taking up any employment with any employer last ten before! For misconduct ) there will be increased to reflect the fact it is being paid before normal. The balance of 5 years ’ instalments of pension are your ‘ Standard pension ’, PO Box 520 than. Restrictions or delays at this time, but this will be divided Qualifying... Employment for at least 5.5 years due to the Fund is actively managed so this can change time. A regular income, with some potential for growth over the long term asset mix is up... Funds do not affect this benefit benefits if i get divorced changes in interest rates or the credit of! Please select the appropriate option below pension invested in each Fund and continuously employed by the.. Converted on a basis agreed between the bank or opted out of the Rules of the Rules of the is... Employed by the Group since 30 September 1985 look at our case studies NatWest Group - Supporting customers,,... Quote, login to your pension then please get in touch with Scottish.... Harvey believed she had built up a good pension increase to reflect the fact it! 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