Transferring out

Take your benefits out of the Fund and invest them in a different arrangement

You might decide you want to leave the NatWest Group Pension Fund and transfer part or all of your Fund benefits to a different scheme. This could give you more freedom and flexibility over the amount of cash and annual income you receive. For example, you could invest the money in a private scheme, where your benefits would depend on investment returns.

Transferring to another scheme could leave you worse off. You’ll be giving up a guaranteed income for life which may increase in payment as well as valuable benefits for your loved ones when you die in exchange for a set amount of money that could run out. If your benefits are worth more than £30,000 you’ll need to talk to an authorised independent financial adviser. You can find a financial adviser regulated to provide pension transfer advice at

Before you decide to transfer out, read our 10 things to think about first. You can also run retirement and transfer quotes as well as explore the effects of partial transfers on Your Pension Record > Quotes.

If you do decide to transfer out, whilst working for the Bank, you’ll need to opt out of the Fund first. Opting out can take up to two months to complete.

Find out more about opting out  How to opt out of the Fund