See what you would get at retirement
You only retire from the Fund once, so the process of retiring – the many choices you need to make and steps you need to take – may surprise you.
For example, did you know it can take up to 6 months to retire? Make sure you give yourself enough time, especially if you have your heart set on a certain date.
Use the retirement timeline and understand what needs to be done and when, to be sure you can retire exactly when you want to.
Nominate a beneficiary
It’s important that you tell us who you’d like your money to go to when you die. This will help to make sure we give your pension money to the right person.
If your circumstances change – for example, you get married or have children – you might want to change who your money goes to. So if you’ve already given us some names, it’s a good idea to make sure you’re still happy with who you’ve chosen from time to time.
Update your details
We sometimes need to send you important information about your Fund benefits by email or by post. That’s why it’s important to update your personal details if you move house, get married or form a civil partnership, get divorced – or experience any other change in circumstance. Most importantly, if you leave the bank, remember to provide us with a personal email address. While you’re there, why not check we have your mobile phone number?
Get financial advice
Your Fund benefits could be an important part of your future finances. So, before you make any big decisions like transferring out or retiring, you may want to speak with an Independent Financial Adviser.
If you are over age 55, have left the Fund and are thinking about transferring, you can take advantage of the competitive charges with Liverpool Victoria Financial Advice Services Limited (LVFAS) that the Trustee has arranged.
Let us know a member has died
We are sorry for your loss and will endeavour to help you as quickly and efficiently as we can. Depending on whether the member was still working at the bank, you will need to contact either the bank or the pension administrator.
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.
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. Find out what actions the Fund is taking to correct this.
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.