When you can take benefits

Take your full benefits at your Normal Pension Age

Group Pension Fund members can take their benefits at their normal pension age (NPA). But not everyone has the same NPA. This is because, over the years, pension schemes from different companies that are now part of the bank have merged. If you aren’t sure what your NPA is, log into your pension record through RBSelect Online to find out.

Take your pension later and build up more benefits

If you keep working beyond your NPA you might be allowed to continue building up benefits in the scheme until you reach your maximum pensionable service. The value of your benefits may increase to reflect the fact that you’re taking them later.

Or, you can keep working beyond your NPA but stop building up benefits by opting out of the Fund. You’ll become a deferred member of the Fund. When you do decide to take your pension, you’ll have the same options on how to take your benefits as any other member. You’ll be able to transfer the value of your deferred benefits out of the Fund at any time. Log in to RBSelect for more information on this option.

Stop working but take your benefits later on

You might be able to stop working at your NPA, but delay taking your benefits. If you do this, the value of your benefits may increase to reflect the fact that you’re taking them later.

Take your benefits early

Your pension will be worked out based on your final pensionable salary and how long you’ve been an active member of the Fund. So if you take your pension early, it will be lower than if you had remained an active member of the Fund until your NPA. Your pension will also be reduced to take account of the fact that you will be receiving it for longer. The earliest you can take your benefits is age 55, unless you are retiring because of ill health.

Take your benefits early if you have to stop work because of your health

If you’ve been off work for a long time (usually five years and six months) because of ill health, or you’re getting long-term disability payments that have run out, you may be able to get your benefits early. How much you get will depend on your circumstances, and we’d ask you to go to a medical assessment for which we’ll pay. Your pension might not be reduced in the same way as it would be if you were in good health.

Take your extra contributions (APeCs) at the same time or later

Some members choose to save up a separate pot of money in the Fund, to give themselves more options. These savings are Additional Pension Contributions (APeCs). You can use your APeCs savings as soon as you start taking your main Fund benefits, as long as you are at least 55. Or you can leave them till later if you want to, to give them a chance to grow some more.