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102206 Ulster Bank NI Pensions Newsletter Text Proof · PDF file 102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - SECOND GRIP (Back)

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  • Keep in touch Pension Services provide pension administration services on behalf of the Trustee Board. The team provides dedicated services for all members of the Bank’s various pension schemes, including payment of benefits, provision of quotes and projections, sending out scheme communications, and answering any questions you may have about your benefits.

    Data protection We hold information about you in order to provide your pension benefits (such as pensions, lump sums, death benefits), which may include information obtained from third parties. This information may be shared with: • Companies within the Royal Bank of Scotland Group (please

    contact us if you do not want us to share your information with these companies);

    • Other third parties who assist us in administering your benefits (e.g. updating personal data, calculating and paying benefits);

    • Those where we have your permission to do so; and • Those where we are required to do so by law. If you want a copy of the

    information we hold about you, please contact us. The use of personal data is regulated under the Data Protection Act, which places certain responsibilities on those who exercise control over the data (known as “data controllers” under the Data Protection Act). Data Controllers would include the Trustee Directors of the Scheme, and in certain circumstances, professional advisers to the Scheme. These may include the Scheme actuary and Towers Watson, who have provided further details at http://www.towerswatson.com/personal-data.

    Write to us: RBS Pension Services, City Link House, 4 Addiscombe Road, Croydon CR9 5PB (Depot Code 190)

    Call us: Active members: UK – 0808 100 4242

    International – +44 208 535 1842 Deferred members and pensioners: 020 7649 9499

    Contact us via: Active members: click Contact HR on any HR page on intouch

    Deferred members and pensioners: email [email protected]

    Tell us if your details change Remember to let us know if your address changes. A current address makes it easier for us to tell you about developments in the Plan and also to pay your benefits without delay. You should review and, if necessary, update your Nomination Form if your marital status changes or you become a parent. This form lets the Trustee Directors know how you would like to see any benefits paid out in the event of your death.

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    2015 Members’ Newsletter

    Ulster Bank Pension Scheme

    102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - FIRST GRIP (Front) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Black102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - FIRST GRIP (Front) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Cyan102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - FIRST GRIP (Front) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Magenta102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - FIRST GRIP (Front) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Yellow

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  • Freedom and Choice Following the major shake-up of the UK pensions industry in 2014, people now have much more flexibility and choice in how they can use their retirement savings, particularly those people with defined contribution (DC) benefits – for example, if you have paid Additional Voluntary Contributions and have not yet drawn them out of the Scheme or used them to buy an annuity – and also people with small pensions/pension pots.

    Current pensioners who are receiving a pension from the Scheme are not affected, unless you have benefits elsewhere that you have not yet drawn. Under the new changes from April 2015, no one will have to buy an annuity with their defined contribution savings.

    The Government has also said that anyone wishing to transfer defined benefits (such as the majority of benefits provided by the Scheme) into a DC arrangement (so that they can be paid with greater flexibility and choice) should first receive impartial, regulated advice. If you wish to speak to an independent financial adviser, especially if you are close to retiring, you can find a local adviser on this website: www.moneyadviceservice.org.uk.

    For anyone with defined contribution choices at retirement, the Government has also introduced a free and impartial service called Pension Wise: www.pensionwise.gov.uk.

    Members’ newsletter 2015 11

    As usual, there is a summary of the Scheme’s Annual Report and Accounts, which shows how your pension savings are being managed, alongside a review of the Trustee Board’s investment strategy.

    Our article on page 6 explains some changes that have been made to the way the Scheme’s assets are invested and also tells you how those investments have performed over the last year.

    You can read more about the latest pension news on pages 10 and 11, where we’ve included details from the 2015 Budget speech, in which the Chancellor announced major changes to the rules that apply to pension freedoms and choice.

    Prior to the next full valuation of the Scheme, which is due after 31 December 2015, we have included the latest funding update. I am pleased to report that the Scheme has reached a funding level of 95%. The Trustee Directors and the Bank continue to work

    Welcome to the 2015 Newsletter for members of the Ulster Bank Pension Scheme. This booklet contains information about the progress of your Scheme, together with a news update about pensions.

    together to ensure the security of your pension benefits. The updated position as at 31 December 2014 is shown in more detail on page 8.

    I hope that you find this report helpful and that it gives you a good understanding of the Scheme and current pension issues.

    Michael McKavanagh Chairman of the Trustee Board

    The Chairman’s message

    Find out more about the new rules giving you greater freedom and choice with your pension savings.

    Members’ newsletter 20152

    102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - SECOND GRIP (Back) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Black 102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - SECOND GRIP (Back) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Cyan 102206 - ULSTER BANK LIMITED - Ulster Bank NI Pensions Newsletter - Sheet 1 - Printed on 102205 - SECOND GRIP (

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