Frequently asked questions

If you want to change who your retirement savings should be paid to in the event of your death, you can do that by filling in a Nomination of Beneficiary form.

You can change your investment options within the Plan by logging into Manage Your Account. You will need to access NatWest Group Benefits to change the amount you are contributing into your savings.

If your company pension plan allows, you can update your details online by logging in to Manage Your Account and select ‘Manage your details’ from the profile icon at the top of the page. 

Alternatively you can Get in touch with us. If you haven’t done so already, you may also wish to inform your employer.

If you’re not registered for Manage Your Account, it’s quick and easy to do and allows you to manage your savings online.

It’s important to make sure you’re invested in a way that reflects your views and goals.

You can find out more about how our investment management business considers environmental, social and governance factors in its investment process; all with the aim of helping your savings grow and supporting better outcomes for society and the planet on our Environment, Social and Governance Hub.

The Trustees may have set your Target Retirement Age for you, for example to age 65, but you can change it to a different age. The earliest you can choose is normally your 55th birthday.

Your Target Retirement Age is used for illustration purposes (estimating how much you'll get when you come to take your retirement savings), and is also used in conjunction with a lifestyle investment option. It is therefore important that your Target Retirement Age reflects your plans.

If at any time you'd like to change your Target Retirement Age all you need to do is complete the online form or get in touch with us.

You can use your savings in a variety of ways once you have reached the age 55. It is an account that you contribute to monthly to from your ValueAccount. You can choose your own funds/Lifestyles to invest into or choose to stay in the Default Investment. Find out more about your Investment choices.

Retirement may seem like a long way off, but everyone needs money for when they stop working, so saving in the Plan is important.

The State Pension will only provide for your most basic needs, so the Plan offers you a flexible and affordable way to possibly increase the amount that is available to you when you reach Target Retirement Age.

You’re never too young to start saving for your retirement. By starting as early as you can you’ll spread the cost over a longer period, your savings have longer to grow and you can look forward to a higher amount of savings than if you’d started later.

This is the limit set by HMRC that you and the bank can pay into a pension arrangement without incurring a tax charge and it applies to all your pension arrangements, not just the Plan. For most people it is £60,000 in the 2024/2025 tax year. For those with earnings of over £110,000 a year and when pension contributions are added which take this above £170,000 a year, the annual allowance may reduce below £60,000 but not less than £10,000.

For further information about this and information on carrying forward unused annual allowance, please go to hmrc.gov.uk/pensionschemes. If you think this may affect you please contact the Plan Helpline on 0345 072 0266 for further details of the options available to help you.

When you access your pension, you can usually take up to 25% of it as a tax-free lump sum.

Your ‘Lump Sum Allowance’ is the maximum amount of money you can take as tax-free lump sums from all the pensions you have. While you can still take out money over this allowance, you will need to pay income tax on it.

If you’ve flexibly accessed your benefits, the Money Purchase Annual Allowance (MPAA) is the amount that can be paid in one year to your money purchase arrangements without a tax charge applying. For the 2024/2025 tax year the MPAA is £10,000.

You may have the opportunity to pay more into your savings plan by increasing your monthly contributions or by making a one off lump sum payment. Please speak to the bank for more information.