If you leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. Discretionary increases: The Trustee regularly reviews pensions in payment (and must do so annually) and, if the Bank agrees, can provide a greater increase. 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). If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. I have left the bank or opted out of the Fund. Find out how we help with employing staff, business planning and ways to borrow for business. You can contact Aviva to update your pension so that it contains the recommended percentage in each fund and asset class. Please note that the Factsheets for the following RBS Staff Pension Scheme schedules were updated on 2 March 2020. it will continue to apply to all pre 1 January 2001 service regardless of whether option 1 or 2 applies). Open to NatWest account holders registered for online banking. Not including the RBSelect charge. Any State Pension Adjustment is ignored in calculating the Spouse’s pension for this purpose. 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). The maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. Read our stories to learn how we’re building a more sustainable bank. This means the percentage of your pension invested in each fund can change over time depending on investment performance. Alternately a pension may, in certain circumstances, be paid to a dependant or a Qualifying Partner. active member | The Pension age is likely to continue to rise in line with increases in life expectancy. Pension between your current normal pension age and 65. 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 changes to normal pension age do not affect its application (i.e. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. Lump sums can be converted to additional pension for spouses, dependants or children with the permission of the Trustee. Pensionable Service calculated as if you stayed in service to 65. 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). HR People Services: 0808 100 4242 Pension before current normal pension age but after age 55 (Trustee consent required). 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. 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. Increases in Pensionable Salary are made only on 1 April each year. Lines are open : Monday to Friday 9.00 – 6.00 pm (excluding bank holidays) 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. 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. Telephone: 01737 227549. 30,000 national & local employee discounts are on the platform. Over 20 different categories ranging from Electronics, Home Appliances, Food & Groceries, Car Buying, Travel (including vacation home rentals), Fitness, and more. 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. If you have a ‘guaranteed minimum pension’ in respect of pensionable service prior to April 1997, it will be treated differently in some respects. You can also watch a short video about pension scams in our Video Hub. Three or more Qualifying Children – total amount: 50% of your Pension (100% if there is no Qualifying Spouse). This means your pension may hold funds that Aviva no longer recommend. 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 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). Address: Willis Towers Watson. In fact, current UK Law requires the Trustee to obtain this confirmation if your transfer value exceeds £30,000. This will generally be increased to reflect the fact that it is being paid after current normal pension age. Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement as ‘current normal pension age’. 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 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. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. 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). Change category. If you would like further information about your pension then please get in touch with Scottish Widows. The lump sum is payable to one or more of your relatives, financial dependants or nominees 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. 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. Redhill. 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. By Jane Denton For Thisismoney. Sunday / Bank Holidays  10 am - 4 pm Any changes are marked by a coloured row. This is the Pensionable Salary that you are informed of annually. This will normally be reduced to reflect the fact it is being paid before age 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). Find pension contact details. 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. 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. Note that the annual pensionable pay limit does not affect this benefit. You may hold one of these types of pensions with Scottish Widows: 0345 7166 777 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. This will normally be reduced to reflect the fact it is being paid before current normal pension age. It also means the funds do not automatically rebalance. PO Box 902 A person entitled to a Spouse’s Pension cannot exchange more than 25% of the Spouse’s Pension in this way. 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. The pension is calculated as the pension you are receiving when you die and does not include any allowance for increases after your death. Can I transfer just part of my benefits out of the Fund? Workplace pension scheme. 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). 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. an actuarial increase to reflect the fact it is being paid after current pension age. After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. 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 will generally be reduced to reflect the fact that it is being paid before age 65. 15 Dalkeith Road Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. The balance of 5 years’ instalments of pension. Pensionable service calculated as if you stayed in service to 65. The long term asset mix is made up of 65% Bonds, 35% Equities. You have been absent from employment for at least 5.5 years due to the Incapacity. If you invested between September 2008 and November 2009 you hold a portfolio of funds. 0800 056 3432 This long term asset mix is made up of 80% Bonds, 18% Equity and 2% Cash. This site is hosted and maintained by Concert Consulting on behalf of the Fund Trustee. The Bank and the Trustee may (but need not) agree to pay a greater amount. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. Learn about Natwest Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Natwest employees. As a result of the Incapacity you are prevented from taking up any employment with any employer. Learn about Natwest, including insurance benefits, retirement benefits, and vacation policy. 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. 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. 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). Calls may be recorded. Surrey RH1 1YX. 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. 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? The Pensions Act 2014 also lays out changes to the State Pension age for the future. 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). From 1 June 2017: 0.5% of Contribution Salary; an additional 1/60 for each extra year of Pensionable Service (plus proportionate months); or. However, if you retire at the request of your Employer (other than for misconduct) there will be no reduction. Pensionable service calculated as if you stayed in service to your current normal pension age. 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? Transfer until a year before your current normal pension age. 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 Two Qualifying Children – total amount: 35% of your Pension (70% if there is no Qualifying Spouse). 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. We used a number of providers in the past so please select the appropriate option below. Benefits information above is provided anonymously by current and former Natwest employees, and may include a summary provided by the employer. What happens if you opt out or stop working for RBS (‘leaving service’)? The State Pension Adjustment applies to pre 1 January 2001 Pensionable Service. If you want to view your benefits, update your information or run a retirement quote, login to your pension record. Latest COVID-19 news. disability), continue to pay a pension to a child beyond age 23. Pensionable service calculated as if you stayed in service to current normal pension age. Find out how we help with employing staff, business planning and ways to borrow for business. However, the child must be under 18 (or under age 23 and in full-time education or training). Take a look at our case studies This online service will help you find contact details about a workplace pension scheme or personal pension scheme. This is subject to an earnings cap which has been notified to you separately if it applies to you. The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. 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. Nationwide Pension Fund. Lines are open 8:30am-5:30pm, Monday to Friday (excluding bank holidays). A child’s pension can be paid to a Qualifying Child. 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. The Trustee can, in exceptional circumstances (e.g. You can find out more about how to spot a pension scam here. What happens when you draw your pension?*. 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. It does not confer any entitlement to those benefits. It is sometimes known as an occupational pension scheme. 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. This means your pension may hold funds that Aviva no longer recommend. 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). PO BOX 545. Full details will be provided when you take your pension. Availability. You should review the fund and asset allocation annually. Aviva, PO Box 520. Calls may be recorded. 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. Spouse’s Pension on death after retirement. 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). As the impact of the coronavirus continues to be felt across the UK, we want to reassure members that looking after their pension is … Discover the successes and experiences of real-life customers. This will be increased to reflect the fact it is being paid after your current normal pension age. gpfpensions@willistowerswatson.com. The Trustee determines the amount which would be payable after considering actuarial advice. Published: 10:20 EST, 21 March 2016 | Updated: 13:40 EST, 4 April 2016 RBS accused of 'shameless' £18m raid on staff pension scheme to cover payroll costs. I get a pension income from the Fund. 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 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 be reduced to reflect the fact that it is being paid before age 65. Calls may be recorded. The fund is actively managed so this can change over time. A type talk service is available for customers with hearing and speech impairments. Portfolio Funds. You can also watch several short videos about transferring out in our Video Hub. This will generally be increased to reflect the fact that it is being paid after age 65. 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 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:  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. Multi-Asset Funds. 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 does not intend to introduce any restrictions or delays at this time, but this will remain under review. 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. 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%. Perks at Work . Between April 2026 and April 2028, the age will rise from 66 to 67. You can choose to give up part of your pension for a lump sum. Before normal pension age: 50% of your pension including revaluation from leaving service to the date of death (ignoring any State Pension Adjustment). If you invested between September 2008 and November 2009 you hold a portfolio of funds. thank you in advance Also please be extremely vigilant about potential pension scams. 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. This is a pension scheme an employer offers to its employees. 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. 4 times your basic salary (or salary element of ValueAccount) at date of death. 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). Revaluation to current normal pension age. Spouse’s Pension on death in deferment (after leaving service but before retirement). Any changes are marked by a coloured row. This will generally be reduced to reflect the fact that it is being paid before current normal pension age. Converted on a basis agreed between the Bank and the Trustee after considering actuarial advice. 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 Fund aims to provide a regular income, with some potential for growth over the long term. The NatWest Group Pension Fund. 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. 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. Edinburgh The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. The same as under Option 1 except with reference to pre date of change service only. The Bank can waive the reduction. This will generally be increased to reflect the fact that it is being paid after your current normal pension age. You can retire before age 55 if you are suffering from Incapacity. 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. Note: this is not the age at which you have to take your pension or stop working. 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. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. You can find the specific name of your pension policy in your contract note or your most recent statement. What happens if you retire on Incapacity (ill-health) grounds? 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. Discover the successes and experiences of real-life customers. Its current policy is to do so in cases of Voluntary Redundancy (this policy is subject to change and could be withdrawn in future). Baroness Sheila Noakes – a former Shadow Treasury Minister and ex … Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. Pension before current normal pension age but after age 55 (Bank consent required). Pension at current normal pension age (no consent required). Monday to Friday  8 am - 8 pm Lines are open: Lines are open: 8am-6pm Monday to Friday (excluding bank holidays) The Trustee can allow a person entitled to a Spouse’s Pension or a Qualifying Child to exchange their pension for a lump sum. Pension & Protection All Pensions Contact HR People Services for all Pension related queries. Glassdoor is your resource for information about Natwest benefits and perks. 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. Have to take part in a survey rates or the credit rating companies... Its employees be converted to additional pension for spouses, dependants or nominees as the pension calculated. Service regardless of whether option 1 or 2 applies ) pension to a lump sum annual! Will depend upon which schedule of the Incapacity you are prevented from taking up any employment with any employer in... Bank consent required ) at our case studies NatWest Group - Supporting customers, news, investors and.. 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