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Join
Welcome to the NatWest Group Retirement Savings Plan – you’re off to a great start. We think saving for your future is important and being a member of the Plan is one of your most valuable workplace benefits.
How the plan works
The way the Plan works is simple. You have an individual account in the Plan and pay in contributions each month. These are invested to help them grow over time. Then, when you want to retire, you can use your savings flexibly to provide a retirement income in the way that suits you best. If you want to, you can take up to 25% of your savings as a tax-free lump sum (capped at £268,275) and use the rest to fund your retirement.
Contributions
When you join the Plan, the bank automatically pays 8% of your ValueAccount directly into the Plan for you each month. This is a good way to save because you don’t need to remember to pay your contributions – and because you don’t pay tax on money going into your pension plan, it doesn’t cost as much as you think.
If things change
The money saved in your pension account is yours. If you leave the bank, you can keep your savings in the Plan until you’re ready to take them. Otherwise, you can transfer them to another pension arrangement, for example, with your new employer or into a personal pension plan.
If you’re over age 55 when you leave the bank, the other option is to take your savings and retire.
If you die before you take your Plan savings, they’ll be paid to your beneficiaries as a lump sum.
To help the Trustees pay the right people, it’s important that you let us know who you’d like them to consider as your beneficiaries. You can do this by logging in via Manage Your Account and completing a nomination of beneficiary.
Please make sure you check your nomination of beneficiaries every couple of years to confirm that it’s still up to date. You can make changes at any time – and you should update it if your circumstances change, for example, if you get married or divorced, enter or leave a civil partnership, or have a child. The Trustees aren’t bound by your choice, but they’ll take your nominated beneficiaries into account when making their decision.
Admin essentials checklist
Now you’re a member of the Plan, here’s a list of things to do to make sure your account information is complete and up to date – or watch our Get your ducks in a row video.
Even if retirement’s a long way off, it’s not too soon to choose a target retirement date. It will help you focus your saving and could even help save you money. You’re not tied in to this date and can change your mind at any time.
You can pick any date from age 55, although the government is raising this to age 57 after April 2028.
Choosing a target retirement age is important, especially if you’re using the lifestyle investment option (the default), because we use it to help us manage your investments. When you’re a long way from retirement, your savings are invested to help them grow, then when you get closer to retiring, your savings are automatically moved into less risky investments to help protect their value. You can choose your target retirement age by logging in via Manage Your Account.
None of us likes to think about it, but if the worst happened, who’d get the money you’ve built up in your account? Making sure we know who’s important to you is important to us. If you haven’t chosen a beneficiary yet, you can do it now by logging in via Manage Your Account.
Make sure you reconfirm your nomination every two years or update it if your circumstances change. You might get married or divorced, enter or leave a civil partnership, or have child, and it’s good to make sure the people you’ve told us about are the right ones.
How much money you have for your retirement depends on how much you save while you’re working. It’s pretty straightforward – the more you save into the Plan, the bigger your pension pot will be when you get to retirement. Adding a little extra along the way is a great way to boost your pension – and because you’ll make tax savings too, it doesn’t cost as much as you might think.
Why not sign up for the bank’s Save More Tomorrow plan – the easy way to save a little bit more. You can automatically increase your contributions by 1% or 2% each year. Make your Save More Tomorrow choice in the NatWest Group Benefits Hub. You can also change your contributions at any time via the NatWest Group Benefits Hub.
When you join the Plan, you can use your bank email address, but it’s always a good idea to let us have your personal email address too.
Most of our communications are digital, so if you leave the bank, we won’t be able to tell you about your money in the Plan unless we’ve got a personal email for you. But you don’t need to wait until you leave – you can add or change your personal email by logging in via Manage Your Account.
(Monday to Friday, 8.30am to 7pm)
