If you invested between September 2008 and November 2009 you hold a portfolio of funds. Pensionable service calculated as if you stayed in service to your current normal pension age. If the State Pension Adjustment has already been applied to your pension, then this will be calculated as if it had not. 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 Spouse’s Pension on death after retirement. You can contact Aviva to update your pension so that it contains the recommended percentage in each fund and asset class. Plus, an amount equal to any other contributions you made to the Fund, increased by 3% compound. Two Qualifying Children – total amount: 35% of your Pension (70% if there is no Qualifying Spouse). Pension at current normal pension age (no consent required). On or after Normal Pension Age: 50% of your Standard Pension (calculated as if you had retired immediately before death). If you have a ‘guaranteed minimum pension’ in respect of pensionable service prior to April 1997, it will be treated differently in some respects. When you retire, you will be able to choose to give up part of your pension for a lump sum as described above. PO Box 902 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. The Pension age is likely to continue to rise in line with increases in life expectancy. This will generally be reduced to reflect the fact that it is being paid before current normal pension age. Pensionable service calculated as if you stayed in service to current normal pension age. 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. 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 also watch several short videos about transferring out in our Video Hub. Revaluation to current normal pension age. Consent of Bank required. Calls may be recorded. Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. Not including the RBSelect charge. Availability. If you would like further information about your pension then please get in touch with Scottish Widows. Years and complete months of Pensionable Service while you are a member of the Fund. The Pensions Act 2014 also lays out changes to the State Pension age for the future. 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). it will continue to apply to all pre 1 January 2001 service regardless of whether option 1 or 2 applies). The maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. Workplace pension scheme. What happens if you retire on Incapacity (ill-health) grounds? The Schedule Factsheet summarises and describes the benefits payable from the Fund under the relevant Schedule. If you invested between September 2008 and November 2009 you hold a portfolio of funds. You may hold one of these types of pensions with Scottish Widows: 0345 7166 777 Find out how we help with employing staff, business planning and ways to borrow for business. 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 pension will be calculated in the same way as at your Standard Pension (based on your Final Pensionable Salary) but Pensionable Service will be calculated as if you had stayed in service to normal pension age. 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. 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. Find out how we help with employing staff, business planning and ways to borrow for business. In fact, current UK Law requires the Trustee to obtain this confirmation if your transfer value exceeds £30,000. Transfer until a year before your current normal pension age. Calls may be recorded. This online service will help you find contact details about a workplace pension scheme or personal pension scheme. 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). 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. 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). Any changes are marked by a coloured row. You can also watch a short video about pension scams in our Video Hub. 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. All RIghts Reserved. You can write to Aviva at;  Calls may be recorded. If you die leaving a surviving legal spouse or registered civil partner, a pension will normally be paid to them. These two parts of pension are your ‘Standard Pension’. Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. 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 age 65. an actuarial increase to reflect the fact it is being paid after current pension age. 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). Converted on a basis agreed between the Bank and the Trustee after considering actuarial advice. The Fund aims to provide a regular income, with some potential for growth over the long term. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. Discover the successes and experiences of real-life customers. From 1 June 2017: 0.5% of Contribution Salary; an additional 1/60 for each extra year of Pensionable Service (plus proportionate months); or. 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. gpfpensions@willistowerswatson.com. By Jane Denton For Thisismoney. 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 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 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). 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 changes to normal pension age do not affect its application (i.e. Increases in Pensionable Salary are made only on 1 April each year. 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. It is sometimes known as an occupational pension scheme. Benefits information above is provided anonymously by current and former Natwest employees, and may include a summary provided by the employer. Death as a deferred before pension starts. Pensionable service calculated as if you stayed in service to 65. 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). The Trustee can, in exceptional circumstances (e.g. Also please be extremely vigilant about potential pension scams. Monday to Friday  8 am - 8 pm 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. 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. This will be reduced to reflect the fact that it is being paid before age 65. 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). RBS accused of 'shameless' £18m raid on staff pension scheme to cover payroll costs. Address: Willis Towers Watson. 0800 056 3432 Pensionable Service calculated as if you stayed in service to 65. Pension before current normal pension age but after age 55 (Bank consent required). Baroness Sheila Noakes – a former Shadow Treasury Minister and ex … I have left the bank or opted out of the Fund. Telephone: 01737 227549. Pension before current normal pension age but after age 55 (Trustee consent required). You should review the fund and asset allocation annually. You can find the specific name of your pension policy in your contract note or your most recent statement. Find pension contact details – GOV.UK. The lump sum is payable to one or more of your relatives, financial dependants or nominees as the Trustee decides. 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. 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? The Trustee does not intend to introduce any restrictions or delays at this time, but this will remain under review. HR People Services: 0808 100 4242 The fund is actively managed so this can change over time. This means your pension may hold funds that Aviva no longer recommend. This amount will be increased if you have been in the Fund and continuously employed by the Group since 30 September 1985. 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. The same as under Option 1 except with reference to pre date of change service only. EH16 5BU. 4 times your basic salary (or salary element of ValueAccount) at date of death. The State Pension Adjustment applies to pre 1 January 2001 Pensionable Service. Full details will be provided when you take your pension. They reflect the percentage increase in your Salary Element over the prior year, subject to an annual limit of 2%, or if less, the increase in the Consumer Price Index over the 12 months to the previous 30 September. The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. Lines are open 8:30am-5:30pm, Monday to Friday (excluding bank holidays). Find pension contact details. The Bank can waive the reduction. This means the percentage of your pension invested in each fund can change over time depending on investment performance. Change category. This is a pension scheme an employer offers to its employees. 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. Published: 10:20 EST, 21 March 2016 | Updated: 13:40 EST, 4 April 2016 A person entitled to a Spouse’s Pension cannot exchange more than 25% of the Spouse’s Pension in this way. Alternately a pension may, in certain circumstances, be paid to a dependant or a Qualifying Partner. This will be increased to reflect the fact it is being paid after your current normal pension age. PO BOX 545. 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%. Note that the annual pensionable pay limit does not affect this benefit. 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). The Trustee determines the amount which would be payable after considering actuarial advice. Any changes are marked by a coloured row. Before normal pension age: 50% of your pension including revaluation from leaving service to the date of death (ignoring any State Pension Adjustment). Read our stories to learn how we’re building a more sustainable bank. You can find out more about how to spot a pension scam here. Lump sums can be converted to additional pension for spouses, dependants or children with the permission of the Trustee. Take a look at our case studies 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. Pension & Protection All Pensions Contact HR People Services for all Pension related queries. The annual limit will form part of the Rules of the new schedule. If you leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. 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. The act also states that the Government will then review the State Pension age every five years. You have been absent from employment for at least 5.5 years due to the Incapacity. 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. Portfolio Funds. 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 will generally be increased to reflect the fact that it is being paid after your current normal pension age. This site is hosted and maintained by Concert Consulting on behalf of the Fund Trustee. Glassdoor is your resource for information about the Pension Plan benefits at Natwest. Sunday / Bank Holidays  10 am - 4 pm The long term asset mix is made up of 65% Bonds, 35% Equities. The pension may be reduced if you married/entered into the civil partnership after retiring and within 6 months of your death. HR People Services: 0808 100 4242 Disability Cover For all enquires please call HR People Services. 15 Dalkeith Road 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. Over 20 different categories ranging from Electronics, Home Appliances, Food & Groceries, Car Buying, Travel (including vacation home rentals), Fitness, and more. Lines are open : Monday to Friday 9.00 – 6.00 pm (excluding bank holidays) 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. I work at the bank and am building up benefits in the Fund. …to your member guide to The Royal Bank of Scotland Group Pension Fund (the Fund). 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). Saturday  8.30 am - 5 pm thank you in advance Do you have five minutes to take part in a survey? The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. 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). What happens to my Fund benefits if I get divorced. Please note that the Factsheets for the following RBS Staff Pension Scheme schedules were updated on 2 March 2020. This will normally be reduced to reflect the fact it is being paid before age 65. 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. After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. Edinburgh Learn about Natwest Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Natwest employees. This will generally be increased to reflect the fact that it is being paid after current normal pension age. I get a pension income from the Fund. Between April 2026 and April 2028, the age will rise from 66 to 67. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. Lines are open:  The fund is actively managed so this can change over time. A type talk service is available for customers with hearing and speech impairments. Note: this is not the age at which you have to take your pension or stop working. 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. A type talk service is available for customers with hearing and speech impairments. This means your pension may hold funds that Aviva no longer recommend. Glassdoor is your resource for information about Natwest benefits and perks. disability), continue to pay a pension to a child beyond age 23. 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. 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. The Bank and the Trustee may (but need not) agree to pay a greater amount. The NatWest Group Pension Fund. Discover the successes and experiences of real-life customers. Surrey RH1 1YX. 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. Pension after age 65 (Trustee consent required). active member | It does not confer any entitlement to those benefits. You can retire before age 55 if you are suffering from Incapacity. You can find the specific name of your pension policy in your contract note or your most recent statement. Pension between your current normal pension age and 65. 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). 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). Spouse’s Pension on death in deferment (after leaving service but before retirement). Can I transfer just part of my benefits out of the Fund? The balance of 5 years’ instalments of pension. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. Redhill. 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. Perks at Work . 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. 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; 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. 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. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. 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). 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. What happens if you opt out or stop working for RBS (‘leaving service’)? Learn about Natwest, including insurance benefits, retirement benefits, and vacation policy. 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). For online banking to spot a pension will normally be reduced to reflect fact. 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