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

Keep in touchPension 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 protectionWe 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 changeRemember 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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2015Members’ 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

−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32

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Freedom and ChoiceFollowing 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 (Back) - 1 - Perfecting - 20/08/2015 - 16:26:16 - Magenta 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 - Yellow

−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32

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Changes to tax relief: Annual Allowance The Government imposes a limit on the amount of pension savings you can make in a year and still receive tax relief. This is called the Annual Allowance and from April 2015, this was reduced to £40,000. If the increase in the value of your pension savings is higher than this limit, you will have to pay tax on the excess at your marginal rate. In calculating the limit for any year, you may add on any unused allowance from the previous three years (provided you were a member of a pension scheme in those years).

Pension increases With the exception of pension increases that are guaranteed as specified in the Rules or which are statutory, pension increases from the Scheme are paid at the discretion of the Trustee Directors in consultation with the Bank. This year, once again, the decision was made not to grant discretionary increases to pensions in payment. This position will be kept under review while the Bank continues to return to full strength and taking into account the ongoing funding position.

State pensions New legislation allows for the introduction of a single-tier State pension, which will replace the basic State pension and the additional State pension (S2P, previously known as SERPS) from 2016.

The Act also provides for a new type of voluntary National Insurance contribution, called Class 3A. This will allow pensioners who reach State pension age before 6 April 2016 to top-up their additional State pension. The State pension age will also be increased from 66 to 67 between 2026 and 2028.


Pension news

Lifetime AllowanceAs well as the limit on the amount of tax-free pension savings you can make in a year, there is also a limit on the total amount of pension value you can build up in a lifetime. From April 2015, this is £1.25m and the Government has announced plans to reduce this to £1m from April 2016. It is your responsibility to check your pension arrangements and to establish if you have a tax liability. If you believe your pension savings might be affected by either the Annual Allowance or the Lifetime Allowance, we suggest you use the tools available at www.gov.uk and that you take independent financial advice.

Michael McKavanagh (Chairman)

John Burns* John Hart*

Michelle Hutchinson Robert Irvine Ken Kennedy

* Trustees nominated by the membership

Sean Murphy Jaynette Stirling* John Turkington

Your Trustee Board

This newsletter is available in large print, Braille or audio on request from Pension Services.

ContentsFinancial highlights 4

Investment report 6

Funding report 8

Pension news 10

Keep in touch 12



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32



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Recovery PlanAs there was a deficit at 31 December 2012, the Trustee Board and Bank had to agree a plan to remove the deficit, called a Recovery Plan. The plan requires the Bank to pay contributions of £38.6m per annum commencing on 1 April 2014 for a period of five years and four months (six years and seven months from the valuation date). The Bank contributions increase annually in line with inflation (measured by the Retail Prices index) on 1 January each year, with the initial increase on 1 January 2015.

Scheme expenses are also funded separately by the Bank.

Payments to Ulster Bank LimitedThere have not been any payments to the Bank out of Scheme funds in the last 12 months.

Intervention by the Pensions RegulatorThe Pensions Regulator can impose fines, change trustees, give directions on working out its liabilities, or impose a Schedule of Contributions. We are pleased to say that it has not needed to use its powers in this way for the Ulster Bank Pension Scheme.

Alternative valuation basisAs part of the triennial valuation, which is a requirement of the Pensions Regulator, the Scheme’s Actuary also estimates the funding position of the Scheme if it were to secure all member benefits by purchasing insurance policies. At 31 December 2012 this cost was estimated at £1,094m, representing a shortfall relative to the assets in the Scheme of £445m. The fact that we monitor this position does not imply that there is any intention on the part of either the Bank or the Trustee Board to wind up the Scheme.


Scheme financesThe following table shows the payments into and out of the Scheme over the 12 months ended 31 December 2014.

The Scheme’s Annual Report and Accounts for the year ended 31 December 2014 have been audited by Deloitte LLP, who have confirmed that they show a true and fair view of the Scheme’s financial transactions over the period.

We have summarised the Report and Accounts here to make it easy for you to read, but you can ask to see the full version if you want to. Just contact Pension Services to request a copy. Their contact details are on the back page.

Financial highlightsOpening asset value at 1 January 2014

£735,898,250

Money into the Scheme:

- employer contributions 40,514,393- member contributions 1,069,793- member transfers in 56,526- net investment returns 137,484,890Sub-total 179,125,602

Money out of the Scheme:

- benefit payments 19,249,394- member transfers out 689,746- expenses 561,378

Sub-total 20,500,518

Closing asset value at 31 December 2014 894,523,334



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32



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MembershipThe following chart shows the Scheme’s membership figures at the end of 2014.

PENSIONER/DEPENDANT MEMBERS

1,118TOTAL MEMBERS = 4,660

ACTIVE MEMBERS

1,519DEFERRED MEMBERS

2,023



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32



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Investment report

The Trustee is responsible for setting and managing the investment strategy of the Scheme. They have set up an Investment Review Committee that focuses on investment matters with the support of its investment adviser, RBS Investment Executive Limited.

In the last two years the number of investment managers has been reduced to simplify the investment strategy. The Trustee also set up a liability hedging programme to strengthen their ability to manage risk, as liability hedging offsets changes in liability value caused by unexpected movements in interest rates and inflation.

During 2014 the equity allocation was reduced by £100m. Credit was increased by £50m and the remaining £50m was moved to the liability hedging portfolio. Within the alternatives asset class, ‘regulated utilities’ was added as a new asset class. In addition the liability hedge ratios were increased.

The benefits of the Trustee’s dynamic approach to monitoring and managing the investment risk are also starting to show in the Scheme’s performance. In 2014 liability hedging added £103m to performance as long term interest rates fell.

The actual asset allocation in place at 31 December 2014 is shown on the next page.

The Scheme assets returned 18.7% in the year ended 31 December 2014.

The performance of the Scheme’s assets to 31 December 2014

is shown below:

1 year 3 years 5 years

18.7

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9.7



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32



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Investment report

The Trustee is responsible for setting and managing the investment strategy of the Scheme. They have set up an Investment Review Committee that focuses on investment matters with the support of its investment adviser, RBS Investment Executive Limited.

In the last two years the number of investment managers has been reduced to simplify the investment strategy. The Trustee also set up a liability hedging programme to strengthen their ability to manage risk, as liability hedging offsets changes in liability value caused by unexpected movements in interest rates and inflation.

During 2014 the equity allocation was reduced by £100m. Credit was increased by £50m and the remaining £50m was moved to the liability hedging portfolio. Within the alternatives asset class, ‘regulated utilities’ was added as a new asset class. In addition the liability hedge ratios were increased.

The benefits of the Trustee’s dynamic approach to monitoring and managing the investment risk are also starting to show in the Scheme’s performance. In 2014 liability hedging added £103m to performance as long term interest rates fell.

The actual asset allocation in place at 31 December 2014 is shown on the next page.

The Scheme assets returned 18.7% in the year ended 31 December 2014.

The performance of the Scheme’s assets to 31 December 2014

is shown below:

1 year 3 years 5 years

18.7

12.0

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(% p

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9.7


Quoted equity – UK 5%

Quoted equity – Europe ex UK 3%

Quoted equity – N. America 11%

Quoted equity – Japan 2%

Quoted equity – Asia ex Japan 1%

Quoted equity – Emerging markets 3%

Credit – Investment grade 24%

Credit – Emerging markets 1%

UK property 3%

Other property 2%

Reinsurance 2%

Emerging market bonds 1%

Regulated utilities 2%

Gilts, index linked Gilts and swaps 34%

Cash and liquidity 6%

TOTAL 100%

2014


This chart shows how the Scheme’s assets (excluding AVC assets) were split at the end of 2014. The aim of diversifying across asset classes is to provide a portfolio which can generate more consistent returns.

Split of assets


−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32



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MembershipThe following chart shows the Scheme’s membership figures at the end of 2014.

PENSIONER/DEPENDANT MEMBERS

1,118TOTAL MEMBERS = 4,660

ACTIVE MEMBERS

1,519DEFERRED MEMBERS

2,023


Every year, the Trustee Directors are required to send you an annual Summary Funding Statement to keep you fully informed about the financial health of the Scheme.This statement provides information relating to the Scheme as at 31 December 2014, as well as prior year information that you would have seen previously.

The table below compares the results of the 31 December 2012 valuation on the statutory ongoing basis (required every three years) with the estimated funding position on the same basis at 31 December 2013 and 31 December 2014.

The funding shortfall at 31 December 2014 compared to the shortfall at 31 December 2013 has increased by approximately

£34.2m from £14.4m to £48.6m. Whilst the assets have increased from £731.9m to £890.1m as a result of contributions to the Scheme (see Recovery Plan section) and strong investment performance, the liabilities have increased by more from £746.3m to £938.7m. The primary reason for this is not adverse Scheme experience but changes in financial assumptions, including long term interest rates and inflation, which are used in valuing the liabilities. You may be aware that long term interest rates fell significantly during 2014 and this pushes up the value of liabilities.

* Asset values at 31 December 2013 and 2014 have been updated to reflect the Trustee Annual Report and Accounts.

Note that the formal valuation at 31 December 2012 is based on the Scheme’s membership at that date. The estimates at 31 December 2013 and 31 December 2014 are based on broad analysis of membership experience - these figures will not be as accurate as a full formal valuation.


Funding report

Formal valuation as at 31 December 2012

Estimated position as at 31 December 2013

Estimated position as at 31 December 2014

The value of the Scheme’s liabilities £812.0m £746.3m £938.7m

The value of the Scheme’s assets* £648.8m £731.9m £890.1m

Leading to a (shortfall)/surplus of (£163.2m) (£14.4m) (£48.6m)

Ongoing funding level 80% 98% 95%


−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32



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Recovery PlanAs there was a deficit at 31 December 2012, the Trustee Board and Bank had to agree a plan to remove the deficit, called a Recovery Plan. The plan requires the Bank to pay contributions of £38.6m per annum commencing on 1 April 2014 for a period of five years and four months (six years and seven months from the valuation date). The Bank contributions increase annually in line with inflation (measured by the Retail Prices index) on 1 January each year, with the initial increase on 1 January 2015.

Scheme expenses are also funded separately by the Bank.

Payments to Ulster Bank LimitedThere have not been any payments to the Bank out of Scheme funds in the last 12 months.

Intervention by the Pensions RegulatorThe Pensions Regulator can impose fines, change trustees, give directions on working out its liabilities, or impose a Schedule of Contributions. We are pleased to say that it has not needed to use its powers in this way for the Ulster Bank Pension Scheme.

Alternative valuation basisAs part of the triennial valuation, which is a requirement of the Pensions Regulator, the Scheme’s Actuary also estimates the funding position of the Scheme if it were to secure all member benefits by purchasing insurance policies. At 31 December 2012 this cost was estimated at £1,094m, representing a shortfall relative to the assets in the Scheme of £445m. The fact that we monitor this position does not imply that there is any intention on the part of either the Bank or the Trustee Board to wind up the Scheme.


Scheme financesThe following table shows the payments into and out of the Scheme over the 12 months ended 31 December 2014.

The Scheme’s Annual Report and Accounts for the year ended 31 December 2014 have been audited by Deloitte LLP, who have confirmed that they show a true and fair view of the Scheme’s financial transactions over the period.

We have summarised the Report and Accounts here to make it easy for you to read, but you can ask to see the full version if you want to. Just contact Pension Services to request a copy. Their contact details are on the back page.

Financial highlightsOpening asset value at 1 January 2014

£735,898,250

Money into the Scheme:

- employer contributions 40,514,393- member contributions 1,069,793- member transfers in 56,526- net investment returns 137,484,890Sub-total 179,125,602

Money out of the Scheme:

- benefit payments 19,249,394- member transfers out 689,746- expenses 561,378

Sub-total 20,500,518

Closing asset value at 31 December 2014 894,523,334



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32



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Changes to tax relief: Annual Allowance The Government imposes a limit on the amount of pension savings you can make in a year and still receive tax relief. This is called the Annual Allowance and from April 2015, this was reduced to £40,000. If the increase in the value of your pension savings is higher than this limit, you will have to pay tax on the excess at your marginal rate. In calculating the limit for any year, you may add on any unused allowance from the previous three years (provided you were a member of a pension scheme in those years).

Pension increases With the exception of pension increases that are guaranteed as specified in the Rules or which are statutory, pension increases from the Scheme are paid at the discretion of the Trustee Directors in consultation with the Bank. This year, once again, the decision was made not to grant discretionary increases to pensions in payment. This position will be kept under review while the Bank continues to return to full strength and taking into account the ongoing funding position.

State pensions New legislation allows for the introduction of a single-tier State pension, which will replace the basic State pension and the additional State pension (S2P, previously known as SERPS) from 2016.

The Act also provides for a new type of voluntary National Insurance contribution, called Class 3A. This will allow pensioners who reach State pension age before 6 April 2016 to top-up their additional State pension. The State pension age will also be increased from 66 to 67 between 2026 and 2028.


Pension news

Lifetime AllowanceAs well as the limit on the amount of tax-free pension savings you can make in a year, there is also a limit on the total amount of pension value you can build up in a lifetime. From April 2015, this is £1.25m and the Government has announced plans to reduce this to £1m from April 2016. It is your responsibility to check your pension arrangements and to establish if you have a tax liability. If you believe your pension savings might be affected by either the Annual Allowance or the Lifetime Allowance, we suggest you use the tools available at www.gov.uk and that you take independent financial advice.

Michael McKavanagh (Chairman)

John Burns* John Hart*

Michelle Hutchinson Robert Irvine Ken Kennedy

* Trustees nominated by the membership

Sean Murphy Jaynette Stirling* John Turkington

Your Trustee Board

This newsletter is available in large print, Braille or audio on request from Pension Services.

ContentsFinancial highlights 4

Investment report 6

Funding report 8

Pension news 10

Keep in touch 12



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32



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Freedom and ChoiceFollowing 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.


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.



−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−−2−−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−−4−−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−−6−−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−−8−−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−−10−−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−−12−−−−−−−−−−−−− B = ... −−−−−−−−−−−−−14−−−−−−−−−−−−− C = ... −−−−−−−−−−−−−16−−−−−−−−−−−−− M = ... −−−−−−−−−−−−−18−−−−−−−−−−−−− Y = ... −−−−−−−−−−−−−20−−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−−22−−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−−24−−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−−26−−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−−28−−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−−30−−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−−32



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Keep in touchPension 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 protectionWe 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 changeRemember 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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2015Members’ Newsletter

Ulster Bank Pension Scheme


−−−−−−−−−−−−−−− 1 −−−−−−−−−−−−−−− 2 −−−−−−−−−−−−−−− 3 −−−−−−−−−−−−−−− 4 −−−−−−−−−−−−−−− 5 −−−−−−−−−−−−−−− 6 −−−−−−−−−−−−−−− 7 −−−−−−−−−−−−−−− 8 −−−−−−−−−−−−−−− 9 −−−−−−−−−−−−−−− 10 −−−−−−−−−−−−−−− 11 −−−−−−−−−−−−−−− 12 −−−−−−−−−−−−− B = ... −−−−−−−−−−−−− 14 −−−−−−−−−−−−− C = ... −−−−−−−−−−−−− 16 −−−−−−−−−−−−− M = ... −−−−−−−−−−−−− 18 −−−−−−−−−−−−− Y = ... −−−−−−−−−−−−− 20 −−−−−−−−−−−−−−− 21 −−−−−−−−−−−−−−− 22 −−−−−−−−−−−−−−− 23 −−−−−−−−−−−−−−− 24 −−−−−−−−−−−−−−− 25 −−−−−−−−−−−−−−− 26 −−−−−−−−−−−−−−− 27 −−−−−−−−−−−−−−− 28 −−−−−−−−−−−−−−− 29 −−−−−−−−−−−−−−− 30 −−−−−−−−−−−−−−− 31 −−−−−−−−−−−−−−− 32



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