Pensionable service calculated as if you stayed in service to current normal pension age. Spouse’s Pension on death in deferment (after leaving service but before retirement). 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%. The act also states that the Government will then review the State Pension age every five years. Pensionable Service calculated as if you stayed in service to 65. This means your pension may hold funds that Aviva no longer recommend. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. You can also watch a short video about pension scams in our Video Hub. A type talk service is available for customers with hearing and speech impairments. 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. Change category. This means the percentage of your pension invested in each fund can change over time depending on investment performance. Before normal pension age: 50% of your pension including revaluation from leaving service to the date of death (ignoring any State Pension Adjustment). 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. 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. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. Learn about Natwest, including insurance benefits, retirement benefits, and vacation policy. Pension before current normal pension age but after age 55 (Trustee consent required). This is subject to an earnings cap which has been notified to you separately if it applies to you. 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. Sunday / Bank Holidays  10 am - 4 pm 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. Pensionable service calculated as if you stayed in service to 65. 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). 4 The Royal Bank of Scotland Group Pension Fund | NatWest Market Pension Fund (Directors, Managers etc.) You may hold one of these types of pensions with Scottish Widows: 0345 7166 777 The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. Note: this is not the age at which you have to take your pension or stop working. If you invested between September 2008 and November 2009 you hold a portfolio of funds. On or after Normal Pension Age: 50% of your Standard Pension (calculated as if you had retired immediately before death). 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. Also please be extremely vigilant about potential pension scams. Its current policy is to do so in cases of Voluntary Redundancy (this policy is subject to change and could be withdrawn in future). gpfpensions@willistowerswatson.com. Any State Pension Adjustment is ignored in calculating the Spouse’s pension for this purpose. Calls may be recorded. 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). Please note that the Factsheets for the following RBS Staff Pension Scheme schedules were updated on 2 March 2020. This is the Pensionable Salary that you are informed of annually. 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. Workplace pension scheme. The Bank can waive the reduction. I work at the bank and am building up benefits in the Fund. Lines are open 8:30am-5:30pm, Monday to Friday (excluding bank holidays). A type talk service is available for customers with hearing and speech impairments. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. This online service will help you find contact details about a workplace pension scheme or personal pension scheme. A person entitled to a Spouse’s Pension cannot exchange more than 25% of the Spouse’s Pension in this way. This will be reduced to reflect the fact that it is being paid before age 65. Pensionable service calculated as if you stayed in service to your current normal pension age. Benefits information above is provided anonymously by current and former Natwest employees, and may include a summary provided by the employer. This will generally be reduced to reflect the fact that it is being paid before age 65. The fund is actively managed so this can change over time. 4 times your basic salary (or salary element of ValueAccount) at date of death. Open to NatWest account holders registered for online banking. 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. 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. What happens to my Fund benefits if I get divorced. The Trustee can, in exceptional circumstances (e.g. If you would like further information about your pension then please get in touch with Scottish Widows. 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). The long term asset mix is made up of 65% Bonds, 35% Equities. It also means the funds do not automatically rebalance. EH16 5BU. 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 reduced to reflect the fact that it is being paid before current normal pension age. What happens if you retire on Incapacity (ill-health) grounds? Years and complete months of Pensionable Service while you are a member of the Fund. Pension between current normal pension age and 65. Calls may be recorded. Converted on a basis agreed between the Bank and the Trustee after considering actuarial advice. 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). By Jane Denton For Thisismoney. Converted on a basis determined by the Fund actuary. 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). Pension before current normal pension age but after age 55 (Bank consent required). 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 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. Redhill. 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. The Fund aims to provide a regular income, with some potential for growth over the long term. disability), continue to pay a pension to a child beyond age 23. 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. Discretionary increases: The Trustee regularly reviews pensions in payment (and must do so annually) and, if the Bank agrees, can provide a greater increase. Telephone: 01737 227549. Find out how we help with employing staff, business planning and ways to borrow for business. 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. Calls may be recorded. The Trustee can allow a person entitled to a Spouse’s Pension or a Qualifying Child to exchange their pension for a lump sum. This will normally be reduced to reflect the fact it is being paid before current normal pension age. 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). 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. Latest COVID-19 news. Take a look at our case studies NatWest Group - Supporting customers, news, investors and sustainability. 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. Any changes are marked by a coloured row. Death as a deferred before pension starts. Do you have five minutes to take part in a survey? It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. Pension between your current normal pension age and 65. You have been absent from employment for at least 5.5 years due to the Incapacity. The pension may be reduced if you married/entered into the civil partnership after retiring and within 6 months of your death. The same as under Option 1 except with reference to pre date of change service only. 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). 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. It is sometimes known as an occupational pension scheme. 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 maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. You can also watch several short videos about transferring out in our Video Hub. 15 Dalkeith Road If you die leaving a surviving legal spouse or registered civil partner, a pension will normally be paid to them. Consent of Bank required. 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. If you invested between September 2008 and November 2009 you hold a portfolio of funds. Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. Lump sums can be converted to additional pension for spouses, dependants or children with the permission of the Trustee. The lump sum is payable to one or more of your relatives, financial dependants or nominees as the Trustee decides. Baroness Sheila Noakes – a former Shadow Treasury Minister and ex … 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). 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. 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 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. Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement as ‘current normal pension age’. Revaluation to current normal pension age. 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). As the impact of the coronavirus continues to be felt across the UK, we want to reassure members that looking after their pension is … thank you in advance All RIghts Reserved. Perks at Work . Trustee consent required. Over 20 different categories ranging from Electronics, Home Appliances, Food & Groceries, Car Buying, Travel (including vacation home rentals), Fitness, and more. 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. Read our stories to learn how we’re building a more sustainable bank. Plus, an amount equal to any other contributions you made to the Fund, increased by 3% compound. PO BOX 545. 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). Edinburgh 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 leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. 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. When you retire, you will be able to choose to give up part of your pension for a lump sum as described above. Nationwide Pension Fund. The Trustee determines the amount which would be payable after considering actuarial advice. What happens if you opt out or stop working for RBS (‘leaving service’)? Full details will be provided when you take your pension. The Bank and the Trustee may (but need not) agree to pay a greater amount. This means your pension may hold funds that Aviva no longer recommend. The Pensions Act 2014 also lays out changes to the State Pension age for the future. You can contact Aviva to update your pension so that it contains the recommended percentage in each fund and asset class. Transfer until a year before your current normal pension age. 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? You can choose to give up part of your pension for a lump sum. Multi-Asset Funds. Pension after age 65 (Trustee consent required). Lines are open: Lines are open: 8am-6pm Monday to Friday (excluding bank holidays) However, if you retire at the request of your Employer (other than for misconduct) there will be no reduction. This is a pension scheme an employer offers to its employees. 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. The balance of 5 years’ instalments of pension. Monday to Friday  8 am - 8 pm Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. 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. Spouse’s Pension on death after retirement. Increases in Pensionable Salary are made only on 1 April each year. 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. HR People Services: 0808 100 4242 Aviva, PO Box 520. 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. Find out how we help with employing staff, business planning and ways to borrow for business. If the State Pension Adjustment has already been applied to your pension, then this will be calculated as if it had not. This site is hosted and maintained by Concert Consulting on behalf of the Fund Trustee. 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. RBS accused of 'shameless' £18m raid on staff pension scheme to cover payroll costs. The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. The NatWest Group Pension Fund. 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). 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. 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. Availability. If you have a ‘guaranteed minimum pension’ in respect of pensionable service prior to April 1997, it will be treated differently in some respects. 30,000 national & local employee discounts are on the platform. 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