Managing your Plan savings

Managing your retirement savings might not be something you need to do every day, but there are a few things you should try and review on a regular basis.

• Are you paying enough?
  
  Even if you can only afford to have a little bit more of your ValueAccount put into the Plan, any extra will help you build up your Plan savings.
  
  To change your contributions simply go to NatWest Group Benefits.
  
  Active RSP members can also make one off contributions to the Plan. Please contact the helpline on 0345 072 0266 to arrange this. Please note that you will be responsible for reclaiming tax relief due from HMRC in relation to one-off contributions that you pay to the Plan. A National Insurance saving applies to contributions via RBSelect only.
  
  
• Are your investments right for you?
  
  How your retirement savings are invested can make a big difference to your savings, so it’s important to make sure where you’re invested in a way that reflects your circumstance and goals.
  
  Log into Manage Your Account to review your current investments.
  

  We offer a variety of pension funds with varying levels of responsible investing approaches incorporated. You can find out more detail on responsible investing and the types of funds available on our ESG Hub.

• Look after your loved ones
  
  If you want to nominate or change who your pension savings should be paid to in the event of your death, you can do that by simply logging in to Manage Your Account and click on Nominate Beneficiaries to let the Trustees know your wishes to help ensure the death benefits are settled without delay.
  
  
• Think about your Target Retirement Age
  
  Your Target Retirement Age is automatically set to 65 by the Trustees. You can change it at any time, by completing the online form.
  
  If you're over 65 when you join the Plan, your Target Retirement Age will be set as your current age plus 5 years.

Annual Benefit Statement

Your benefit statement will also be available every year. You can view it on Manage Your Account, and we’ll let you know when it’s available.

Your statement will provide you with:

• the current value of your savings in the Plan at 30 September each year details of the fund(s) it is invested in the amount of annuity your projected savings could buy at your Target Retirement Age
• the transfer value if you were to move your savings to another scheme
• total payments the bank has made into the Plan on your behalf during the previous 12 months
• any payments you’ve made directly from your bank into the Plan
• charges applied in the last 12 months