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 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. disability), continue to pay a pension to a child beyond age 23. The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. 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. 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). Lines are open 8:30am-5:30pm, Monday to Friday (excluding bank holidays). When you retire, you will be able to choose to give up part of your pension for a lump sum as described above. The Trustee can, in exceptional circumstances (e.g. Find pension contact details. In fact, current UK Law requires the Trustee to obtain this confirmation if your transfer value exceeds £30,000. The State Pension Adjustment applies to pre 1 January 2001 Pensionable Service. The annual limit will form part of the Rules of the new schedule. Any changes are marked by a coloured row. Note that the annual pensionable pay limit does not affect this benefit. 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. You can find the specific name of your pension policy in your contract note or your most recent statement. The Schedule Factsheet summarises and describes the benefits payable from the Fund under the relevant Schedule. Calls may be recorded. The fund is actively managed so this can change over time. 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. I get a pension income from 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? If you invested between September 2008 and November 2009 you hold a portfolio of funds. 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 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. As a result of the Incapacity you are prevented from taking up any employment with any employer. Address: Willis Towers Watson. It does not confer any entitlement to those benefits. Pension before current normal pension age but after age 55 (Trustee consent required). Pensionable Service calculated as if you stayed in service to 65. Perks at Work . The pension is calculated as the pension you are receiving when you die and does not include any allowance for increases after your death. Do you have five minutes to take part in a survey? Any State Pension Adjustment is ignored in calculating the Spouse’s pension for this purpose. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. …to your member guide to The Royal Bank of Scotland Group Pension Fund (the Fund). Telephone: 01737 227549. Pensionable service calculated as if you stayed in service to 65. After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. Find pension contact details – GOV.UK. Calls may be recorded. Full details will be provided when you take your pension. Lines are open: Lines are open: 8am-6pm Monday to Friday (excluding bank holidays) You can also watch several short videos about transferring out in our Video Hub. 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). 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 It is sometimes known as an occupational pension scheme. The pension may be reduced if you married/entered into the civil partnership after retiring and within 6 months of your death. 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 have left the bank or opted out of the Fund. Spouse’s Pension on death after retirement. Plus, an amount equal to any other contributions you made to the Fund, increased by 3% compound. If you invested between September 2008 and November 2009 you hold a portfolio of funds. 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. Alternately a pension may, in certain circumstances, be paid to a dependant or a Qualifying Partner. 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. Two Qualifying Children – total amount: 35% of your Pension (70% if there is no Qualifying Spouse). EH16 5BU. Changes in interest rates or the credit rating of companies issuing such bonds can affect the Fund performance and any income paid. If you die leaving a surviving legal spouse or registered civil partner, a pension will normally be paid to them. HR People Services: 0808 100 4242 The increase in an index agreed between the Bank and Trustee (currently Retail Price Index); and. NatWest has been plunged into a row over transgender rights and the role of big companies in political debates. Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement as ‘current normal pension age’. Availability. 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. PO Box 902 It also means the funds do not automatically rebalance. NatWest Markets Section Members (ex-RBS Staff Pension Scheme (First and Second Schedule) members) This schedule compares the benefits of a member who has retained a Retiring Age of 60 (Option 1) with those of a member who has elected to switch to the Retiring Age 65 schedule (Option 2). Pension between current normal pension age and 65. 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). 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. 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. Converted on a basis determined by the Fund actuary. Surrey RH1 1YX. 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. Discover the successes and experiences of real-life customers. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. 1/60 x Final Pensionable Salary x Pensionable Service (subject to maximums described above). 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. What happens if you opt out or stop working for RBS (‘leaving service’)? 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. This long term asset mix is made up of 80% Bonds, 18% Equity and 2% Cash. These two parts of pension are your ‘Standard Pension’. 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 changes to normal pension age do not affect its application (i.e. 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. Transfer until a year before your current normal pension age. 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. You can find the specific name of your pension policy in your contract note or your most recent statement. Glassdoor is your resource for information about Natwest benefits and perks. Select the appropriate option below Trustee to obtain this confirmation if your transfer value exceeds £30,000 service ( subject an... Up any employment with any employer in certain circumstances, be paid to a child s!: 35 % of your pension policy in your contract note or your recent... Adjustment is ignored in calculating the spouse ’ s pension can be paid to a Qualifying partner as spouse... ; Aviva, PO Box 902 15 Dalkeith Road Edinburgh EH16 5BU ( no consent required ) retiring within... Is not the age at which you have to take part in a?! 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