How to opt out of the Fund

There are different reasons why you may consider opting out of the Fund. You may choose to opt out due to tax reasons or you may be considering transferring your Fund benefits to another pension arrangement. Whatever your reason, you can opt out of the Fund at any time. However, it’s a very important and irreversible decision: you would be giving up valuable benefits and would not be allowed to re-join the Fund.

Before you decide, please explore the Opt out information and look on RBSelect. We strongly recommend you take financial advice first, before deciding to opt out of building up future defined benefits in the Fund.

Get advice!

You can find a regulated financial adviser at

Please note, depending on your reason for opting out, the bank will automatically enrol you into its defined contribution pension arrangement in line with government legislation. But you would have the opportunity to opt out again. Read more on RBSelect.

Actions you need to take

Get a quote
To see the value of your Fund benefits built up to date, log on to Your pension record or here and go to Quotes > Get a quote.

Take financial advice
This may take a number of weeks or months so we encourage you to start this process as soon as you can.

Make your decision
If you are sure this is the right decision for you, log on to RBSelect to opt out and become a deferred member in the Fund.

If you are logged into the bank network, you can opt out here. If not, log on here.

The notice period will then begin.

What Willis Towers Watson (WTW)/the bank will do

The bank notifies WTW
After the notice period, the bank will notify WTW of the date from which you cease to build up future defined benefits in the Fund and become a deferred member.

WTW updates Your pension record
Your pension record will also be updated as soon as possible and you can view your updated record one month after your notice period ends.

How long it will take

You’ll need to give at least a month’s notice if you decide to leave the Fund, so it normally won’t happen until the month after next.

For example, if you opt out on 15 April, your last day of active membership will be the 31 May.

If you do change your mind during the notice period, please contact HR to let them know.