Good news: the Fund continues to be in good shape
We’ve completed this year’s financial health check of the Fund and our Summary Funding Statement shows it’s fit and well. The funding level is strong and your benefits remain financially secure.
Requests for personal information
If you receive a request from the Fund administrator, WTW, to complete and return a Personal Details Form, please respond as soon as you can. This is a genuine request from the Trustee of the NatWest Group Pension Fund who regularly reviews the data held on administration records to ensure it is complete and accurate.
The Trustee, in partnership with the Bank, is responsible for ensuring the Fund is financially secure and able to pay benefits that are due to all members in the future. To enable the Trustee to accurately manage funding and risk management, it is required to verify that the data it holds about members is complete and accurate. The Trustee’s Privacy Notice sets out the kinds of personal data it holds, how that data is used, who the Trustee shares it with and your rights.
If your circumstances change in future, that’s fine. You can update your personal details in your pension record by logging in with your User ID and password.
If you are one of the members who recently received a Marital Status Write Out letter with a missing pre-paid envelope, an apology letter dated 28th January with a pre-paid envelope has now been issued. We sincerely apologise for the omission of a pre-paid envelope to return your response.
For more information, please read the FAQs.
If you have already returned the information then no further action is required.
The Fund has appointed two new Trustee Directors
We’re pleased to announce the appointment of Caroline Rainbird and Matt Waymark to the Fund’s Trustee Board.
Good news: you can now retire online in 25 minutes! What will you do with the extra time?
When the time is right, you can retire online. It’s quick and easy, and completely paper free!
Understanding the pension projections in your APeCs statement
The assumptions used to calculate what your Additional Pension Contributions could be worth when you retire have changed.
The Lifetime Allowance has been abolished
Following last year’s Autumn Statement, the government confirmed that the Lifetime Allowance would be abolished on 6 April 2024. This means there is no longer a tax limit on the amount of pension benefits you can build up over your lifetime.
Join the Trustee Board: apply now to be the Fund’s next Trustee Director
Do you want to be involved in running the Fund? The Trustee is inviting applications from members to serve as one of the Fund’s next Trustee Directors for an initial term of four years.
Request for information
If you have received a request from WTW on behalf of the Trustee of the NatWest Group Pension Fund to complete and return a Personal Details Form, we confirm that this is a genuine request from the Trustee who are undertaking a review of the data held on the administration records to ensure it is accurate and up-to date.
Pension allowance changes from 6 April 2023
In this year’s Spring Budget, the Chancellor announced significant changes to pension allowance limits. This means you can now save more towards your retirement, before facing any extra tax charges.
Take care of your financial wellbeing
Feeling in control of your money is important for your financial wellbeing and your mental health.
Here are some tips for managing your financial wellbeing.
Top five tips for managing the rising cost of living
The rising cost of living is affecting people across the country. But the helpful news is there are plenty of ways to spend wisely and make your savings last longer. Take a closer look at your spending habits and see where you can save.
Trustee Response to Current Market Volatility
The Trustee are actively monitoring the current developments and the impact of the movement in gilt yields on our liability hedging portfolio. The Fund is holding sufficient collateral and cash for current market levels and the robust risk management of the Fund has negated any need to sell assets to meet collateral calls to date. The Fund remains in surplus and funding levels have improved since the last valuation.
NatWest Pension Trustee Limited Net Zero Commitment
We support the Paris Agreement and strongly urge governments to implement the actions that are needed to achieve the goals of the accord, with utmost urgency.
How GMP equalisation could affect your pension
Some members of the Fund have a Guaranteed Minimum Pension (GMP) as part of their Fund pension, which is calculated differently for males and females. This can cause males and females to receive different pension amounts.
The minimum pension age is increasing
In 2028, the youngest age you can retire will change from 55 to 57.
