Welcome, financial adviser

Your frequently-asked topics…

Tax-free cash

On retiring, members can usually swap up to 25% of the value of their expected pension for tax-free cash. We work out how much cash they can get for each pound of pension income by applying a commutation factor.

Early and late retirement

Most members can also take their benefits earlier or later than their NPA, but there are some instances where they may not be allowed to; for example, if retiring early means a member’s pension falls below their Guaranteed Minimum Pension.

Does the Fund offer partial transfers?

If a member is eligible to transfer out they also usually have the option to transfer just part of their pension. This option was introduced by the Trustee from 1 April 2019.

Death benefits post-retirement for dependants

The Trustee exercises its discretion on how this benefit is paid. We may pay a lump sum to beneficiaries, if the member dies within 5 years of first starting to take their pension.

Accessing a member’s schedules

For more specific information, members will need to tell you which Fund Schedule applies to them. If they don’t know, they can log into their pension record to find out – once they log in and navigate to Resources > Fund documents, their specific one will be listed there. If they are not able to log in, please contact us for more guidance.

Helping members of the Fund

To be able to give members specific advice, they will need to tell you which Fund Schedule applies to them. If they don’t know, they can log into their pension record to find out.

Member in a hurry?

Logging into their pension record is the quickest way for all members to:

  1. Get up to speed on pension basics – with documents and videos

  2. Update personal details, including phone number and email address, in My Details

  3. Update their spouse and/or dependant information – in My Details

  4. Nominate or change their beneficiaries in My Nominations

  5. Check their Fund Schedule by finding it in My Resources

  6. Get different types of quotes by going to My Future > Get a quote

  7. Check the value of their pension against the Lifetime Allowance by requesting an LTA quote, in My Future > Get a quote

  8. See what switching from NPA 60 to NPA 65 means for their pension, by reading NPA 60 guide

  9. Change any Additional Pension Contribution (APeC) investment choices in My Benefits > APeC investments (if your member is still working at the bank)

IMPORTANT: The Trustee has strongly advised members never to share their personal secure log-in details with anyone else, including their IFA.

What should I bear in mind?

Actuarial factors shown on this site are current, but like most DB schemes they are reviewed from time to time, so might change in the future.

This site is a summary of what’s in the Trust Deed and Rules so if there’s a difference between the two, the Trust Deed and Rules apply.

Contact us

  • Use our contact form: If you have a query, please use our online contact centre form. We will do our best to resolve queries received before 3 pm on the same day they are received. Please be advised that complex technical queries may take longer to resolve. This service is available between 9am-5pm Monday to Friday (excluding English Public Holidays).

  • If your question cannot be answered using the above form (for example, a query regarding Letter of Authority [LOA's]; Transfer Forms, or Retirement Forms) please send us an email: GPFpensions@willistowerswatson.com

    Your email should include the last 4 digits of your client’s National Insurance number, the postcode that we hold on our files, and their Month of Birth. In addition, you will need to include their NatWest staff or payroll number and their dates of service (if you know these).