If you leave no surviving spouse, or registered civil partner, the Trustee will treat any Qualifying Partner as your spouse. If you invested in PPS since November 2009 you hold Multi-Asset Funds which automatically rebalance assets and funds periodically. HR People Services: 0808 100 4242 Disability Cover For all enquires please call HR People Services. Availability. 4 times your basic salary (or salary element of ValueAccount) at date of death. This will be increased to reflect the fact it is being paid after age 65. Discover the successes and experiences of real-life customers. Nationwide Pension Fund. However, the child must be under 18 (or under age 23 and in full-time education or training). 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 Bank and the Trustee may (but need not) agree to pay a greater amount. Open to NatWest account holders registered for online banking. Can I transfer just part of my benefits out of the Fund? 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. The long term asset mix is made up of 65% Bonds, 35% Equities. You can write to Aviva at;  Change category. 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. Converted on a basis determined by the Fund actuary. 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). Pension before current normal pension age but after age 55 (Bank consent 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. Workplace pension scheme. thank you in advance Highest average of Pensionable Salary in any 12-month period in the last ten years before you leave Pensionable Service. Its current policy is to do so in cases of Voluntary Redundancy (this policy is subject to change and could be withdrawn in future). What happens if you opt out or stop working for RBS (‘leaving service’)? PO Box 902 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 What happens to my Fund benefits if I get divorced. Pension after age 65 (Trustee consent required). I work at the bank and am building up benefits in the Fund. You can also watch a short video about pension scams in our Video Hub. The Schedule Factsheet summarises and describes the benefits payable from the Fund under the relevant Schedule. Do you have five minutes to take part in a survey? Portfolio Funds. active member | These two parts of pension are your ‘Standard 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. 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. After four decades of loyal service at NatWest, Patricia Harvey believed she had built up a good pension. 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). This will be reduced to reflect the fact that it is being paid before age 65. 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). 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. 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). This long term asset mix is made up of 80% Bonds, 18% Equity and 2% Cash. Spouse’s Pension on death after retirement. Revaluation to current normal pension age. Pension at current normal pension age (no consent required). 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. Between April 2026 and April 2028, the age will rise from 66 to 67. Saturday  8.30 am - 5 pm This will be increased to reflect the fact it is being paid after your current normal pension age. Calls may be recorded. Pensionable service calculated as if you stayed in service to current normal pension age. 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. Increases in Pensionable Salary are made only on 1 April each year. Surrey RH1 1YX. If the State Pension Adjustment has already been applied to your pension, then this will be calculated as if it had not. PO BOX 545. Calls may be recorded. 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. The maximum amount is generally 25% of the value of your pension and this is converted to a lump sum. 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. The changes to normal pension age do not affect its application (i.e. Three or more Qualifying Children – total amount: 50% of your Pension (100% if there is no Qualifying Spouse). 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). Converted on a basis agreed between the Bank and the Trustee after considering actuarial advice. 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. 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). 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). A type talk service is available for customers with hearing and speech impairments. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. Find pension contact details – GOV.UK. Edinburgh Also please be extremely vigilant about potential pension scams. Latest COVID-19 news. This is the Pensionable Salary that you are informed of annually. 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. 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. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. Any changes are marked by a coloured row. Trustee consent required. A type talk service is available for customers with hearing and speech impairments. 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). This will generally be reduced to reflect the fact that it is being paid before age 65. This will normally be reduced to reflect the fact it is being paid before age 65. 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). 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). You can find the specific name of your pension policy in your contract note or your most recent statement. This is a pension scheme an employer offers to its employees. 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). gpfpensions@willistowerswatson.com. an actuarial increase to reflect the fact it is being paid after current pension age. 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 generally be increased to reflect the fact that it is being paid after your current normal pension age. 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. 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