How to give yourself more money

There are two ways you can give yourself a higher level of pension income. You can save Additional Pension Contributions (APeCs), or start taking your income later.

1. Save Additional Pension Contributions (APeCs)

As long as you’re still working for the bank, you can choose to build up a separate pot of money to use when you take your pension. This is called saving Additional Pension Contributions (APeCs).

With APeCs, you choose:

  • The amount you save
  • Where the money will be invested
  • How to take the money when you come to use it

You can change how much you’re saving at any time through RBSelect. You can also take a break from saving APeCs if you need to.

Find out more about saving APeCs 

2. Start taking your income later

Members usually start taking their pension income when they reach their Normal Pension Age (NPA), which, in most cases, is either 60 or 65.

If you want to, you can carry on working past your NPA. If you do, you might get more pension income. How much extra you’ll get as a result depends on your NPA, as well as the schedule of the Fund you’re in, and how long you’ll have been a member of the Fund when you start taking your money.

If your NPA is 65

You may get a higher level of pension income if you start taking it later than 65.

When you come to take your money, it may be increased by an ‘additional late retirement increase factor’. This factor is set by the bank and the Trustee, and will be based on actuarial advice.

The option to change your NPA to 65 was introduced in 2012, and only applied to pension benefits that you built up from then onwards. This means that many members with an NPA of 65 will also have some pension benefits that they built up with an NPA of 60. Their pension with an NPA of 60 will increase from their 60th birthday until the date they come to take their money.

Check your schedule factsheet for more details 

In most cases, the maximum pensionable service you can build up with an NPA of 65 is 45 years.

If your NPA is 60

You might be able to get a higher level of pension income if you start taking it later than 60. But it depends on which schedule of the Fund you’re in.

Check your schedule factsheet for more details 

In most cases, the maximum pensionable service you can build up before NPA 60 is 40 years. Once you turn 60, you may be able to build up another 5 years of service.

If your NPA is 60 but you plan to carry on working for the bank to at least 65, you might want to change your NPA to 65. That way, you’ll get a higher level of pension income. Read the NPA 60 guide for more details.

Changing your Normal Pension Age is an important decision. It’s a good idea to speak to a financial adviser to help you understand your options.

Change your retirement age