What happens to your money when you die

Your loved ones will usually get some money from the Fund. The amount they’ll get depends on which part or ‘schedule’ of the Fund you’re in, and whether you’d already started taking your money when you die.

If you’re still working for the bank and building up benefits in the Fund

We’ll pay a pension to your spouse, civil partner, or partner if they qualify. We may also pay a pension for any dependent children. To find out how much money your loved ones could get, check your schedule factsheet.

As well as a pension, we will also pay a lump sum of up to four times your salary to the person or people you choose. To check exactly how much this lump sum would be, take a look at your RBSelect record. And, if you saved any Additional Pension Contributions (APeCs), these will be paid as a tax-free lump sum to anyone you nominate.

You should complete a nomination form to tell us who you’d like to get your lump sum if you die. The final decision is ours, but we’ll always take your wishes into account.

If you’re still working for the bank but have opted out of the Fund

We’ll pay a pension to your spouse, civil partner, or partner if they qualify. We may also pay a pension for any dependent children. To find out how much money your loved ones could get, check your schedule factsheet.

As well as a pension, we may also pay a lump sum to the person or people you choose. To check how much this lump sum might be, take a look at your RBSelect record. And, if you saved any Additional Pension Contributions (APeCs), these will be paid as a tax-free lump sum to anyone you nominate.

You should complete a nomination form to tell us who you’d like to get your lump sum if you die. The final decision is ours, but we’ll always take your wishes into account.

Members who opt out of the Fund but still work at the bank will be enrolled into the bank’s Defined Contribution scheme instead – this is called the Retirement Savings Plan. This Plan might also pay some money to your loved ones when you die. To find out, check your benefit selection confirmation statement in RBSelect.

If you’ve left the bank but not started taking your benefits

We’ll pay a pension to your spouse, civil partner, or partner if they qualify. We may also pay a pension for any dependent children. To find out how much money your loved ones could get, check your schedule factsheet.

As well as a pension, we may pay a lump sum to the person or people you choose. To check whether you might be entitled to a lump sum, take a look at your schedule factsheet. If you saved any Additional Pension Contributions (APeCs), these will be also be paid as a tax-free lump sum to the people you choose.

You should complete a nomination form to tell us who you’d like to get your lump sum if you die. The final decision is ours, but we’ll always take your wishes into account.

If you’ve started taking your benefits

We’ll pay a pension to your spouse, civil partner, or partner if they qualify. We may also pay a pension for any dependent children.

If you die within five years of retiring, we’ll also pay out a lump sum to the person or people you choose. If you saved any Additional Pension Contributions (APeCs), these will also be paid as a tax-free lump sum to anyone you nominate.

You should complete a nomination form to tell us who you’d like to get your lump sum if you die. The final decision is ours, but we’ll always take your wishes into account.

To find out how much your loved ones could get as a pension or a lump sum, check your schedule factsheet.

Tell us who you’d like your money to go to when you die

This helps to make sure we give your pension money to the right person.

If your circumstances change – for example, you get married or have children – you might want to change who your money goes to. So if you’ve already given us some names, it’s a good idea to make sure you’re still happy with who you’ve chosen.

Tell us who you’d like your money to go to 

In the vast majority of cases, your pension money goes to the people you’ve listed. But, while the Trustees will always consider your wishes, they’re not bound by them.