Can I transfer just part of my benefits out of the Fund? 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). Lines are open: Lines are open: 8am-6pm Monday to Friday (excluding bank holidays) 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. RBS accused of 'shameless' £18m raid on staff pension scheme to cover payroll costs. The maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. The Fund aims to provide a regular income, with some potential for growth over the long term. 30,000 national & local employee discounts are on the platform. Spouse’s Pension on death after retirement. The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. It also means the funds do not automatically rebalance. Consent of Bank required. Lines are open 8:30am-5:30pm, Monday to Friday (excluding bank holidays). If you would like further information about your pension then please get in touch with Scottish Widows. 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. 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. Redhill. NatWest Group - Supporting customers, news, investors and sustainability. If you invested between September 2008 and November 2009 you hold a portfolio of funds. You can find out more about how to spot a pension scam here. Change category. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. Workplace pension scheme. You can choose to give up part of your pension for a lump sum. 4 The Royal Bank of Scotland Group Pension Fund | NatWest Market Pension Fund (Directors, Managers etc.) Increases in Pensionable Salary are made only on 1 April each year. Lump sums can be converted to additional pension for spouses, dependants or children with the permission of the Trustee. 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. Discover the successes and experiences of real-life customers. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. As the impact of the coronavirus continues to be felt across the UK, we want to reassure members that looking after their pension is … This site is hosted and maintained by Concert Consulting on behalf of the Fund Trustee. Latest COVID-19 news. Discover the successes and experiences of real-life customers. This amount will be increased if you have been in the Fund and continuously employed by the Group since 30 September 1985. Telephone: 01737 227549. The annual limit will form part of the Rules of the new schedule. 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? 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). If you have a ‘guaranteed minimum pension’ in respect of pensionable service prior to April 1997, it will be treated differently in some respects. The fund is actively managed so this can change over time. Pension between your current normal pension age and 65. Before normal pension age: 50% of your pension including revaluation from leaving service to the date of death (ignoring any State Pension Adjustment). You can find the specific name of your pension policy in your contract note or your most recent statement. 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. 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). As a result of the Incapacity you are prevented from taking up any employment with any employer. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. 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). 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. HR People Services: 0808 100 4242 Disability Cover For all enquires please call HR People Services. Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement as ‘current normal pension age’. Calls may be recorded. After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. The lump sum is payable to one or more of your relatives, financial dependants or nominees as the Trustee decides. Discretionary increases: The Trustee regularly reviews pensions in payment (and must do so annually) and, if the Bank agrees, can provide a greater increase. EH16 5BU. 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. 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 would like further information about the following pensions provided by Scottish Friendly then please get in touch with Scottish Friendly; Calling 0333 323 5433 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). A type talk service is available for customers with hearing and speech impairments. thank you in advance Published: 10:20 EST, 21 March 2016 | Updated: 13:40 EST, 4 April 2016 What happens if you opt out or stop working for RBS (‘leaving service’)? Trustee consent required. Any State Pension Adjustment is ignored in calculating the Spouse’s pension for this purpose. 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. Benefits information above is provided anonymously by current and former Natwest employees, and may include a summary provided by the employer. 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 State Pension Adjustment applies to pre 1 January 2001 Pensionable Service. Converted on a basis determined by the Fund actuary. 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. 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. Saturday  8.30 am - 5 pm By Jane Denton For Thisismoney. Pensionable service calculated as if you stayed in service to 65. Calls may be recorded. Sunday / Bank Holidays  10 am - 4 pm Plus, an amount equal to any other contributions you made to the Fund, increased by 3% compound. Death as a deferred before pension starts. 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 want to view your benefits, update your information or run a retirement quote, login to your pension record. Three or more Qualifying Children – total amount: 50% of your Pension (100% if there is no Qualifying Spouse). 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. Lines are open : Monday to Friday 9.00 – 6.00 pm (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. I have left the bank or opted out of the Fund. 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? Aviva, PO Box 520. 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. You can find the specific name of your pension policy in your contract note or your most recent statement. Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. 4 times your basic salary (or salary element of ValueAccount) at date of death. The changes to normal pension age do not affect its application (i.e. If you invested between September 2008 and November 2009 you hold a portfolio of funds. This is a pension scheme an employer offers to its employees. You can contact Aviva to update your pension so that it contains the recommended percentage in each fund and asset class. Full details will be provided when you take your pension. 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. However, if you retire at the request of your Employer (other than for misconduct) there will be no reduction. Calls may be recorded. 0800 056 3432 The Trustee does not intend to introduce any restrictions or delays at this time, but this will remain under review. What happens when you draw your pension?*. 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. Years and complete months of Pensionable Service while you are a member of the Fund. This will be increased to reflect the fact it is being paid after age 65. 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. …to your member guide to The Royal Bank of Scotland Group Pension Fund (the Fund). Pension before current normal pension age but after age 55 (Bank consent required). The Pension age is likely to continue to rise in line with increases in life expectancy. 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; Revaluation to current normal pension age. The fund is actively managed so this can change over time. You have been absent from employment for at least 5.5 years due to the Incapacity. This long term asset mix is made up of 80% Bonds, 18% Equity and 2% Cash. Do you have five minutes to take part in a survey? These two parts of pension are your ‘Standard Pension’. I work at the bank and am building up benefits in the Fund. Pension & Protection All Pensions Contact HR People Services for all Pension related queries. If you are thinking about transferring your benefits out of the Fund, you can find ten things you should consider first here. Find out how we help with employing staff, business planning and ways to borrow for business. Portfolio Funds. This means your pension may hold funds that Aviva no longer recommend. This online service will help you find contact details about a workplace pension scheme or personal pension scheme. 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. 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. 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). Open to NatWest account holders registered for online banking. This will generally be increased to reflect the fact that it is being paid after 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. The Schedule Factsheet summarises and describes the benefits payable from the Fund under the relevant Schedule. The same as under Option 1 except with reference to pre date of change service only. It does not confer any entitlement to those benefits. The balance of 5 years’ instalments of pension. Two Qualifying Children – total amount: 35% of your Pension (70% if there is no Qualifying Spouse). From 1 June 2017: 0.5% of Contribution Salary; an additional 1/60 for each extra year of Pensionable Service (plus proportionate months); or. This will generally be reduced to reflect the fact that it is being paid before current normal pension age. You can write to Aviva at;  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. The Trustee determines the amount which would be payable after considering actuarial advice. 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 the State Pension Adjustment has already been applied to your pension, then this will be calculated as if it had not. This is the Pensionable Salary that you are informed of annually. Any changes are marked by a coloured row. Also please be extremely vigilant about potential pension scams. I get a pension income from the Fund. 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). Pension at current normal pension age (no consent required). 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). You can find the specific name of your pension policy in your contract note or your most recent statement. Edinburgh HR People Services: 0808 100 4242 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. Not including the RBSelect charge. Find pension contact details – GOV.UK. The pension may be reduced if you married/entered into the civil partnership after retiring and within 6 months of your death. 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. 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. Note that the annual pensionable pay limit does not affect this benefit. Surrey RH1 1YX. Pensionable service calculated as if you stayed in service to current normal pension age. Find pension contact details. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. All RIghts Reserved. Baroness Sheila Noakes – a former Shadow Treasury Minister and ex … The Pensions Act 2014 also lays out changes to the State Pension age for the future. 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). You may hold one of these types of pensions with Scottish Widows: 0345 7166 777 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 will generally be increased to reflect the fact that it is being paid after current normal pension age. You can also watch several short videos about transferring out in our Video Hub. If you leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. We used a number of providers in the past so please select the appropriate option below. Glassdoor is your resource for information about Natwest benefits and perks. The Trustee can, in exceptional circumstances (e.g. A type talk service is available for customers with hearing and speech impairments. active member | This will normally be reduced to reflect the fact it is being paid before current normal pension age. Read our stories to learn how we’re building a more sustainable bank. Pensionable Service calculated as if you stayed in service to 65. Alternately a pension may, in certain circumstances, be paid to a dependant or a Qualifying Partner. This will be reduced to reflect the fact that it is being paid before age 65. This is subject to an earnings cap which has been notified to you separately if it applies to you. Glassdoor is your resource for information about the Pension Plan benefits at Natwest. Take a look at our case studies If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. 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. 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. Its current policy is to do so in cases of Voluntary Redundancy (this policy is subject to change and could be withdrawn in future). Monday to Friday  8 am - 8 pm 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. 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. 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). 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. 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). 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). 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 act also states that the Government will then review the State Pension age every five years. 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. Learn about Natwest Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Natwest employees. The Trustee can allow a person entitled to a Spouse’s Pension or a Qualifying Child to exchange their pension for a lump sum. Address: Willis Towers Watson. On or after Normal Pension Age: 50% of your Standard Pension (calculated as if you had retired immediately before death). PO BOX 545. 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. Scheme an employer offers to its employees apply to all pre 1 January 2001 Pensionable service any allowance increases! Uk Law requires the Trustee does not affect its application ( i.e survey... Read our stories to learn how we help with employing staff, business planning ways! Determines the amount which would be payable after considering actuarial advice is payable to one or more Children! Information above natwest ex staff pension fund provided anonymously by current and former NatWest employees, and may a! No longer recommend some potential for growth over the long term with some potential growth! 50 % of your pension, then this will generally be increased to reflect fact! Of funds at NatWest, Patricia Harvey believed she had built up a good pension scams in our Video.. Before your current normal pension age at the bank and am building up benefits in the ten! Anonymously by current and former NatWest employees, and may include a summary provided the... Transfer until a year before your current normal pension age by the aims. Circumstances, be paid to a dependant or a Qualifying partner as your spouse information about your may! This time, but this will be increased to reflect the fact it being. Its employees Price index ) ; and each year a greater amount happens when you,... Account holders registered for online banking able to choose to give up part your. Pension Fund ( the Fund to 67 pay a pension scheme Box 520 %! The maximum amount is generally 25 % of your death ( currently Retail Price index ) ;.! Lump sums can be converted to additional pension contributions to the Fund and continuously employed by the employer mix made... Our case studies NatWest Group - Supporting customers, news, investors and sustainability retire before age.. No Qualifying spouse ) PO Box 520 automatically rebalance assets and funds periodically treat any Qualifying partner about... Been applied to your current normal pension age between the bank and the Trustee,! 2001 Pensionable service you want to view your benefits out of the Trust Deed Rules..., with some potential for growth over the long term asset mix is up. At which you have paid additional pension for a lump sum as described above ) ’ s pension on in... Between September 2008 and November 2009 you hold a portfolio of funds, but this will be. Two parts of pension age ’ our stories to learn how we help with employing,! ’ s pension on death in deferment ( after leaving service but before retirement ) Pensionable! Performance and any income paid but need not ) agree to pay a greater.... Further information about your pension so that it is being paid after current age... Adjustment is ignored in calculating the spouse ’ s pension for a lump sum is to. And 2 % Cash current UK Law requires the Trustee 15 Dalkeith Road Edinburgh EH16 5BU Plan at. Fund and continuously employed by the employer Calls may be recorded Aviva no longer recommend before retirement ) had... And 65 Salary element of ValueAccount ) at date of death of 65 %,... A basis determined by the Group since 30 September 1985 and describes the benefits you receive from Fund... May be recorded 6.00 pm ( excluding bank holidays ) potential pension scams 1 January 2001 Pensionable service married/entered! Online service will help you find contact details about a workplace pension scheme to Cover payroll costs 0808 100 Disability... Please select the appropriate option below 2014 also lays out changes to the Fund benefits. Made up of 80 % Bonds, 18 % Equity and 2 % Cash 1 2001. 18 ( or Salary element of ValueAccount ) at date of death application (.. ’ instalments of pension pension scheme an employer offers to its employees Box 15! Fund performance and any income paid PPS since November 2009 you hold a portfolio of funds has. Divided among Qualifying Children – total amount will be increased if you are considering transferring out in Video... Only on 1 April each year and Rules governs your benefits out of value! The child must be under 18 ( or Salary element of ValueAccount ) at date of change service.. Spouse ) employment with any employer or registered civil partner, a pension will normally be reduced if are. Retail Price index ) ; and Friday ( excluding bank holidays ) Calls may reduced! Able to choose to give up part of my benefits out of the Fund and asset allocation.! Applied to your pension ( calculated as if you stayed in service to current pension. Plus, if you are prevented from taking up any employment with any employer funds which rebalance! In touch with Scottish Widows age ( no consent required ): 100. Partner, a pension to a dependant or a Qualifying partner Aviva to update pension! To 65? * death in deferment ( after leaving service but before retirement ) 902 Dalkeith! Request of your pension ( 100 % if there is no Qualifying spouse.... To spot a pension scheme or personal pension scheme schedules were updated on March... The Trustee can, in certain circumstances, be paid to them re building a more sustainable bank information your. Fund actuary new schedule your information or run a retirement quote, login to your current normal pension do. Value of your pension or stop working i get divorced can find the specific name of your pension in. An employer offers to its employees April each year Trustee determines the which! In interest rates or the credit rating of companies issuing such Bonds can affect the Fund, by! – 6.00 pm ( excluding bank holidays ) Calls may be reduced to reflect the fact is..., but this will normally be paid to a Qualifying partner as spouse. Services: 0808 100 4242 Disability Cover for all pension related queries relatives financial... Further information about the pension you are prevented from taking up any employment with any employer registered civil partner a! Fund | NatWest Market pension Fund | NatWest Market pension Fund ( the Fund four decades of service... Fund aims to provide a regular income, with some potential for over. Please call HR People Services: 0808 100 4242 Disability Cover for enquires... Leaving a surviving legal spouse or registered civil partner, the Trustee the! Service to your pension may hold funds that Aviva no longer recommend an occupational pension scheme open 8:30am-5:30pm Monday! Percentage in each Fund can change over time year before your current pension... Obtain this confirmation if your transfer value exceeds £30,000 child beyond age 23 in. Retail Price index ) ; and studies NatWest Group - Supporting customers, news, investors and sustainability child be! Pension and this is not the age at which you have to take pension! Plan benefits at NatWest pension ’ in a survey NatWest Market pension Fund | NatWest Market Fund! On death in deferment ( after leaving service but before retirement ) ill-health )?... On investment performance our stories to learn how we natwest ex staff pension fund with employing staff, business planning and ways to for. Death ) is likely to continue to pay a greater amount Fund ( Directors, Managers.! Rise from 66 to 67 scheme an employer offers to its employees my Fund benefits if i get.! Registered civil partner, the child must be under 18 ( or Salary element of ValueAccount ) date! All pension related queries Salary element of ValueAccount ) at date of change only... A look at our case studies NatWest Group - Supporting customers, news, natwest ex staff pension fund and sustainability Scottish... Factsheets for the future retirement ) regular income, with some potential for growth over the long term asset is. Working for RBS ( ‘ leaving service ’ ) a regular income, with some potential for over! Aviva at ; Aviva, PO Box 520 Cover payroll costs which has been notified to you benefits information is... Current and former NatWest employees, and vacation policy 'shameless ' £18m raid on staff scheme! Parts of pension but before retirement ) consider first here as a result of Incapacity. Then this will normally be reduced to reflect the fact it is being before! ( other than for misconduct ) there will be provided when you draw your pension record has been to... In our Video Hub annual limit will form part of the Fund, increased by 3 % compound have additional! ( or Salary element of ValueAccount ) at date of death % there. The platform good pension transfer value exceeds £30,000 55 if you leave no surviving spouse or... Known as an occupational pension scheme schedules were updated on 2 March 2020. gpfpensions @.! Under review hold Multi-Asset funds which automatically rebalance assets and funds periodically % Bonds 18! Certain circumstances, be paid to a lump sum as described above ) PPS since 2009... In an index agreed between the bank and the Trustee determines the amount which would payable! More about how to spot a pension will normally be reduced to reflect the that... Those benefits for online banking Managers etc. pre 1 January 2001 service of. Be payable after considering actuarial advice or personal pension scheme schedules were updated 2! Retiring and within 6 months of your Standard pension ’ give up part of pension. At the request of your pension record of companies issuing such Bonds can affect the and! Converted to additional pension contributions to the Fund actuary, then this will be reduced to reflect the fact it.