adequate to fund pension scheme liabilities. Church Pension Group Services Corporation. This guides and underpins everything we do. Pension fund administering authorities must prepare and publish an annual report on or before 1 December after the end of each scheme year. 2019 Annual Report The Church Pension Group: A Stable Presence 30 2018 Annual Report Passionate About Our Purpose 36 2017 Annual Report Reflecting on the Past. Capital adequacy: The PRA transitional CET1 ratio decreased by 610 basis points to 17.4% mainly due to increased RWAs resulting from the RFTS. Legal tussles seem unending for big banks. 1/17/2019 2:34 PM. read the troubleshooting steps or report your issue. An acceleration of certain previously committed The Fund needs to have enough assets to pay the benefits promised to all members. THE ROYAL BANK OF SCOTLAND GROUP PENSION FUND CONTENTS YEAR ENDED 31 DECEMBER 2019 Contents Page Trustee and advisers 1 Trustee's report 5 Actuarial certifications of schedule of contributions 34 Summary of contributions 38 Independent auditor's statement about contributions 40 Independent auditor's report 41 Fund account 44 Statement of net assets (available for benefits) 45 Go to Our purpose in action Overview Message from our Director of Sustainable Banking Stakeholder engagement Our materiality assessment ESG ratings and benchmarks Awards and recognition Turbo boost your credit chances and get your free Experian credit report. The corporation is run by an independent board and reports to Parliament through the Secretary of State . Protecting and restoring our natural world can make a substantial contribution to both climate change mitigation and adaptation. Welcome to the RBS Group, Irish & Offshore defined benefit pension schemes Trustee website. Version: 17/04/2018 12:45 17 April 2018 The Royal Bank of Scotland Group plc MoU with Pension Trustee on ring-fencing. 32, 3rd Floor Maker Chamber - III Nariman Point Mumbai . 7802 0 obj <>/Filter/FlateDecode/ID[<95C3603D06F562A702376D16C4C102C8><212866F4599555478E21BC068F0D81E3>]/Index[7796 15]/Info 7795 0 R/Length 51/Prev 853902/Root 7797 0 R/Size 7811/Type/XRef/W[1 2 1]>>stream the Main scheme of the RBS Group Pension Fund to address the historical funding weakness of the pension scheme, recognising a pre-tax 2.0 billion contribution against reserves. The main section of The Royal Bank of Scotland group pension fund is by far the largest. Annual Report 2014; Annual Report 2013; Annual Report 2012; Corporate Office: SBI Pension Funds Pvt. A more than 600m (711m) reallocation of assets from equities to alternatives by the 25bn pension fund for the Royal Bank of Scotland Group has seen mandates by two asset managers terminated. Your homepage - NatWest Group Pension Fund The objective is to increase the effectiveness and efficiency of the domain by virtualising it. Find out more about our credit ratings and issuance across the group including Green, Social and Sustainable bonds. The RBS fund's rules allow all members who retire early at the request of their employer to receive a pension based on accrued service with no discount applied for early retirement. List of SBIPFPL Group Companies and their Sponsors; Charges to avail D-Remit Facility . Feb 27, 22 (Updated: Sep 12, 22) . Pension Fund Report and Accounts 2021 2022 (PDF 4MB) %PDF-1.4 % Annual and Sustainability report (ESEF, zip), 18 MB. The bank made a 4.2bn contribution to the fund in March 2016, which was estimated to have bumped up the funding ratio to 99% as at the end of 2016, according to the fund's latest annual report. If youre a customer, media, or an investor, use these details to contact us directly. The actuarial deficit in the RBS Group pension schemes - as determined by the most recent triennial valuations - has increased, requiring the RBS Group to increase its current and future cash contributions to the schemes. RBS Group Pension Fund The Fund is one of the largest pension schemes in the UK and the Trustee keeps the financial health of the Fund under regular review. . The value of the pension for deputy group chief executive Pell was 582,000 pounds at the end of December, according to the part-nationalised bank's annual report, up from 517,000 pounds at the end of 2008. Ltd. No. The scheme year in the LGPS runs from 1 April to 31 March. Your homepage - NatWest Group Pension Fund Commenting on the developments, Ewen Stevenson, Chief Financial Officer (CFO), said; "We are pleased to have reached this MoU with the Trustee of the Main Scheme of the RBS Group Pension Fund. over 200 million of collateral to assist in separating the bank's pension from that of the Co-operative Group. A Message from The Church Pension Fund Board of Trustees. May 01, 22 (Updated: Sep 21, 22) What problem are you having with towerswatson.com? The fund was created by RBS as a consequence of its 45 billion Government bailout . 58. It comprises 220,000 members and has been closed to new members since 2006. If our customers do well, if our economy does well and if our communities do well, then we all succeed. The Royal Bank of Scotland International Limited, Foreign Exchange & Liquidity Risk Management, How automatic exchange of tax information affects you. Monitoring the Fund's financial health means that over time we can ensure the Fund remains strong. Weve got information on topics such as employing staff and business planning. Chairman's Report The Royal Bank of Scotland Group Pension Fund Page 1 I am pleased to present the Report for The Royal Bank of Scotland Group Pension Fund ("the Fund") for the year ended 31 December 2016*. View our Factbook to see information on strategy, key financials, credit ratings and financial performance. We champion potential; breaking down barriers and building financial confidence so the 19 million people, families and businesses we serve in communities up and down the country can rebuild and thrive. Strategic report and business review. "To eliminate this deficit, RBS will pay annual contributions of 650m from 2014 to 2016 and 450m (indexed . @^2sHp0W40vPr I15'8 4fbnpLX2yljvY,_!Dv@8ZH002, RC1Z I If you are still unable to resolve the login problem, read the troubleshooting steps or report your issue. . Financial review RBS plc Annual Report and Accounts 2021 4 Financial summary Summary income statement for the year ended 31 December 2021 Retail Private Commercial Central items 31 December 31 December Banking Banking Banking & other 2021 2020 Variance m m m m m m m % Net interest income 637 27 642 36 1,342 1,529 (187) (12) Non-interest income 74 74 207 78 433 403 30 7 Strong relationships with millions of customers are at the heart of our workforce. 4 The Royal Bank of Scotland Group Pension Fund | RBS Staff Pension Scheme (First and Second Schedules) Option 1 (retain current normal pension age) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Alternative calculation If you are able to take up another job, or if you have been absent from employment due to The Group also celebrated the 20th anniversary of its international integrated partnership, a unique model which has allowed Mazars to become an influential challenger in the audit, accounting, advisory, tax and legal . Pension Funds Germany. The deficit in RBS Group pension schemes as determined by the most recent triennial valuations has increased, requiring RBS Group to increase its current and future cash contributions to the schemes. We champion potential; breaking down barriers and building financial confidence. Pell, who was previously head of retail banking, is 60 years old and has spent 39 . If you have any existing pensions, select the pension (s) you would like to transfer. a net salary increase of some 4,200 (3 years net of basic rate tax)to the present value of 15163. Our purpose guides and underpins everything we do. View the financial results of NatWest Group and our subsidiaries alongside other presentations to investors. 10/1/2018 12:04 PM. If you adjust the 70,000 to the present value using an inflation rate of 4%, this then equates to a fund of 15163, which gives an income of 600 (606.64, but who's counting). Annual and Sustainability report (ESEF preview, xhtml), 31 MB. Some of the Largest Pension Funds in Germany. Net lending to customers across the UK and RBSI retail and commercial business, excluding UK Government lending schemes RBS said: "In May 2014, the triennial funding valuation of The Royal Bank of Scotland Group Pension Fund was agreed which showed that the value of the liabilities exceeded the value of assets by 5.6bn at 31 March 2013, a ratio of 82%. It enables us to build long-term value, to invest for growth, to make a positive contribution to society and to drive sustainable returns for shareholders. As at 31 December 2015, the pension fund, which has been closed to new members for more than 10 years, had a deficit of 5.9bn. Employees within these entities will be transferred to new sections of the RBS Group Pension Fund that will sit outside of the ring-fence. Exemplary stewardship means taking a disciplined approach to investing and spending, making smart decisions today that protect the financial strength of our pensions and other programs for decades to come. This includes over 150 financial services firms . Group Pension Fund (GPF) RBS Irish & Offshore Schemes I'm a member of the NatWest Group Pension Fund (GPF) If you're a member of the NatWest GPF and are looking for general information and news from the Fund, you can find it here. We are committed to having a motivated and inclusive workforce who are engaged and passionate about serving customers. The Pension Protection Fund ( PPF) is a public corporation, set up by the Pensions Act 2004. Assets are in million Euro, as of 2019. RBS Pension Trustee Limited (The Royal Bank of Scotland Group Pension Fund) is a Corporate Pension located in London United Kingdom, Europe. CET1 ratio after 3.8bn announced distributions. Manage your pension Existing customers Pensions If you invested in a pension before the 3rd of December 2012, and would like further information about your pension then please find the contact number on this webpage and get in touch with your pension provider. The Directors of RBS Pension Trustee Limited (the Trustee) have pleasure in submitting the report of The Royal Bank of Scotland Group Pension Fund (the Fund) which covers the year ended 31 March 2014. Welcome to the RBS Group, Irish & Offshore defined . Presentations: RBS Aviation Capital Financing and SFAS 13 lease accounting treatment, RBS Private Equity Business and Mezzanine Financing, 2007 RBS Group Divestitures: Angel Training leasing . Report. Key Tasks strategic planning, implementing best practices, supplier rationalization, supplier collaboration, strategic sourcing and negotiation. The latest Values and Ethics report was published in May 2020. . Most Recent Annual Report MOST RECENT 2021 Annual Report Report Locked. Preparing for the Future. Other expenses, excluding OLD and Ulster Bank Rol direct costs Read more about the Annual Reporting 2021. An overview of our business, our 2021 financial and non-financial performance, A detailed review of our corporate governance and remuneration Risk and capital management report A detailed overview of the management of key risks relating to our business operations. Take a look at our recent stories and insights. The Royal Bank of Scotland Group Pension Fund | AA Section: members who are ex Hoare Govett members 5 Option 1 (retain current normal pension age of 60) Scheme Registration Number: 100140634 . Fund members could access their records via their administrator's self-service platform, but feedback was that this wasn't intuitive, and made it difficult for members to find what they wanted, or to get answers to their questions. %%EOF Its easy to get in touch with us. Our ambition is to help all our customers, colleagues, communities, shareholders and suppliers to thrive. The report details the management and financial performance of the pension fund during the year. . NatWest Group Pension Fund (formerly known as The Royal Bank of Scotland Group Pension Fund) Annual Report and Financial Statements for the year ended 31 December 2020 . ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 SCHEME REGISTRATION NUMBER: 100140634 THE ROYAL BANK OF SCOTLAND GROUP PENSION FUND CONTENTS YEAR ENDED 31 DECEMBER 2019 Contents Page Trustee and advisers 1 Trustee's report 5 Actuarial certifications of schedule of contributions 34 Summary of contributions 38 The purpose of the report is to describe how the Fund has been managed during the year and Get instant tax relief on what you pay in - a payment of 100 into your pension turns into 125 (limits apply). Annual and Sustainability Report 2021. With these . Annual Report and Accounts. 7810 0 obj <>stream We then shift focus to People and take a closer look at social . Retirement Fund Annual Reports. The pension had a transfer value of 13.6 million pounds. endstream endobj 7797 0 obj <>/Metadata 184 0 R/OCProperties<>/OCGs[7803 0 R]>>/PageLabels 7787 0 R/PageLayout/OneColumn/Pages 7789 0 R/PieceInfo<>>>/StructTreeRoot 234 0 R/Type/Catalog>> endobj 7798 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/Type/Page>> endobj 7799 0 obj <>stream Final Pensionable Salary The greater of: (a) the yearly rate of Pensionable . The Scheme had a single investment being the investment in preference shares issued by Hedge Capital Investment Group plc (later Limited) (HCIG). RPLR! As set out in the group's 2014 annual report and accounts, the triennial valuation of the main scheme as at 31 March 2013 showed an actuarial deficit of 5.6bn. Group Pension Services Group Human Resources, The Royal Bank of Scotland Group, City Link House, 4 Addiscombe Road, Croydon CR9 5PB Depot 190 Helpline Telephone number: 0808 100 4242 Fax number: 0208256 3081 . The RBS Group Pension Fund Background The RBS Group Pension Fund had a problem! Older/Archived Annual Reports 2020 Annual Report View Annual Report Download 2019 Annual Report View Annual Report Download 2018 Annual Report View Annual Report Download Show 12 older reports Part 10 sets out how investigations are conducted by the Pensions Ombudsman. 3. Most computers will open PDF documents automatically, but you may need to download Adobe Reader. The Trustee has kept under review relevant legal and regulatory developments affecting the Fund. Royal Bank of Scotland has reached its limit for free report views. 2021 Report of the Directors financial statements (PDF, 9 MB) 2020 Report of the Directors financial statements (PDF, 2 MB) 2019 Report of the Directors financial statements (PDF, 1 MB) 2018 Report of the Directors financial statements (PDF, 1 MB) Find top links about Willis Towers Watson Rbs Pension Login along with social links, FAQs, and more. How do we drive growth and support the financial lives of our personal, business and corporate customers? . We acknowledge the importance of climate change not only in our own operations, but in the lives of all our customers and wider society. However, as a starting point, RBS's annual report states that the majority of UK-based directors are members of the RBS Group Pension Fund (RBS fund). Royal Bank Of Scotland Group Plc (RBS) SEC Filing 20-F Annual report for the fiscal year ending Tuesday, December 31, 2019. Part 4 of the Act is about the annual increase of pension in payment for a final salary pension. 2018. Our purpose-led business strives to put the needs of people and planet at the heart of everything we do. 15.9% proforma FSCA Annual Reports. Wireless Telecom Group Inc (WTT) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022 Building a purpose-led bank to champion potential. According to its latest annual report for the year to 31 March 2014, the fund outperformed its strategic benchmark by 313m. To do this, we are building a bank that is safe, simple and smart. If you want to view your benefits, update your information or run a retirement quote, login to your pension record. Choose your risk level and review fund projections Five ready-made funds to match your retirement goals and investment style. It enables us to build long-term value, to invest for growth, to make a positive contribution to society and to drive sustainable returns for shareholders. Trustee consent required. . Read about our purpose in action and view our recent disclosures on environmental, social and governance issues. hbbd``b` eLLr .H 15.9% proforma for regulatory impacts on 1st January 2022 Part 9 sets out the rules when dealing with the modification and winding up of a scheme. Find all media contacts and resources from NatWest Group. Royal Bank Of Scotland Group Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes: . As a relationship bank for a digital world, we are helping to break down barriers that hold back our customers and we are helping to build their financial confidence. View which hedge funds, pension / retirement funds, endowments, banks and . 4 The Royal Bank of Scotland Group Pension Fund | RBS Staff Pension Scheme (First and Second Schedules) Option 1 (retain current normal pension age) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Alternative calculation If you are able to take up another job, or if you have been absent from employment due to TRUSTEE'S REPORT It enables us to build long-term value, to invest for growth, to make a positive contribution to society and to drive sustainable returns for shareholders. 0 Through our brilliant banking brands. Annual Report 2021; Annual Report 2020; Extract of the Annual Return For FY 2019-20; . I am pleased to report that the value of the net assets increased during the year by 0.5 billion, to 26.2 billion at 31 March 2014. The Royal Bank of Scotland Group Pension Fund's in-house investment team has added an extra 1.1bn to the scheme's total value over the last four years, latest figures have shown. Current Assets for The Royal Bank of Scotland Group Pension Fund is $78,197,368,400 and SWFI has 7 periods of historical assets, 2 personal contacts available for CSV Export. 4. We are a relationship bank for a digital world. 5 The Royal Bank of Scotland Group Pension Fund | NWB Retirement Benefits Scheme Option 1 (retain current normal pension age of 60) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Lump sum payable on death Who will receive The lump sum is payable to one or more of your relatives, financial dependants or nominees View our prior annual reviews and financial statements. The 2022 AIMSE Annual Conference seeks to examine the first of 2 Ps in sustainability. Denotes cash investment spend, the related income statement expense is included in Other expenses. Planet - by exploring the challenges of biodiversity loss, the impact of climate change on future capital allocations and the race to get in line with ESG reporting posed by regulators. RBS is one of the 237 companies to have publicly committed to support the TCFD. A helpful reference of acronyms and words used in our reports, View our latest disclosures on Environmental, Social & Governance issues, In addition to these reports above, find subsidiary company announcements, quarterly disclosures and historic results. The Fund is one of the largest pension schemes in the UK and the Trustee Board keeps the financial Our financial statements and related notes. Read our recent company announcements and search the archive for historic filings. and encourage SME customers to transfer their accounts from RBS Group. The Royal Bank of Scotland International (Holdings) Limited is a wholly owned subsidiary of NatWest Group plc. 2014-2015 was a remarkable year for Mazars, with an outstanding 15.9% growth and a 1.25 Bn turnover, proving its robustness and resilience in a fast-transforming world. As a relationship bank for a digital world, we are helping to break down barriers that hold back our customers and we are helping to build their financial confidence. Download; Facebook. In its annual report , covering the financial year to 31 March, the RBS Group Pension Fund said it reduced its equity investments to 8.6bn . We are a relationship bank for a digital world. The value of your benefits depends broadly on how long you work/previously worked with the bank and the salary that counts towards your pension when you stop work. hU[O0O#H+T+5mDTo;Cabi*yH9M%H21}$4(NTq}*(\VmfVK >cYyW=K{?~!C*rK)9"tO4X(+/b+s?)$;.Zxi6pkv6TX?z*l . Pension Bauer, Nuremberg: See traveler reviews, candid photos, and great deals for Pension Bauer, ranked #20 of 53 B&Bs / inns in Nuremberg and rated 3 of 5 at Tripadvisor. Registrar of Pension Funds Annual Report 2017. We used a number of providers in the past, so please select the appropriate option below. You'll find information on recent results including company announcements, annual reports, Excel financial supplements and webcasts on the NatWest Group results centre. Annual trade execution report (top 5 execution venues) MiFID II (the Markets in Financial Instruments Directive) and associated delegated regulations require that investment firms publish an annual execution report. 2. Clerical Medical Investment Group Limited, PAF Corporate Licence Holders - Listed Alphabetically PDF Created: 03 09 2020, Scottish Widows Financial Services Holdings Annual Report, The Clerical Medical with Profits Fund Principles and Practices of Financial Management (PPFM), Kames Capital Investment Company (Ireland) Plc, Our 2021/22 Plans and Budget Consultation, Hbos Final Salary Pension Scheme Scheme Benefits Summary, FOS 2021/1: Fees Manual (Financial Ombudsman Service Case Fees, Chapter 5 Financial Ombudsman Service Funding, Report of the Independent Expert on the Proposed Scheme to Transfer A, Rathbone Ethical Bond Fund Interim Report for the Half Year Ended 31 March 2019, The Royal Bank of Scotland Group Pension Fund Annual, Investor's Guide Clerical Medical Group Pension Funds, The Clerical Medical Staff Superannuation Fund SCHEME, Scottish Widows Group Limited Annual Report, Financial Ombudsman Service Case Fees 2015/16) Instrument 2015, Financial Ombudsman Service Case Fees 2020/2021) Instrument 2020 (No, Leitfaden Zu Pools Mit Garantiertem Wertzuwachs. RBS Group is an Procurement Service Provider to supplement internal procurement departments. RBS Group Pension Fund The Fund is one of the largest pension schemes in the UK and the Trustee keeps the financial health of the Fund under regular review. Find out more about how we do that. 2021 Report of the Directors financial statements (PDF, 9 MB), 2020 Report of the Directors financial statements (PDF, 2 MB), 2019 Report of the Directors financial statements (PDF, 1 MB), 2018 Report of the Directors financial statements (PDF, 1 MB), 2017 Report of the Directors financial statements (PDF, 5 MB), 2016 Report of the Directors financial statements (PDF, 3 MB), 2015 Report of the Directors financial statements (PDF, 1 MB), 2014 Report of the Directors financial statement (PDF, 1 MB), 2013 Report of the Directors financial statement (PDF, 2 MB). RBS said: "In May 2014, the triennial funding valuation of The Royal Bank of Scotland Group Pension Fund was agreed which showed that the value of the liabilities exceeded the value of assets by . Manage your shareholding online or view information on shareholder meetings, the share price and dividends declared. Take a look at our reports and policies. Beta module, to be released in Q1 of 2022 as a closed-user group for investment professionals. The CPF Board has been busy over the past year studying pension parity, monitoring the financial strength of CPG's pension and other programs, engaging in wonderful conversations with Church leadership, doing transformative work on diversity, equity, and inclusion as a board, and . age of 55 access to their pension funds by way of a loan. 7796 0 obj <> endobj The annual limit will form part of the Rules of the new schedule. Home. Digital Annual and Sustainability Report 2021. 35 2016 Annual Report A Commitment to Serve 32 2015 Annual Report Serving a Changing Church 31 2014 Annual Report Advocates For Your Wellbeing 32 2013 Annual Report 1st Jan 20223. value of pension scheme assets may not be adequate to fund pension scheme liabilities. This includes the disclosure of the firm's top five execution venues for each class of financial instrument. An acceleration of certain previously committed 1. Check out the wide range of financial products and services we offer. Twitter. The CPF Board has been busy over the past year studying pension parity, monitoring the financial strength of CPGs pension and other programs, engaging in wonderful conversations with Church leadership, doing transformative work on diversity, equity, and inclusion as a board, and overseeing CPGs efforts to support the Church. q/ We are building a simple, safe & more customer focused bank. | April 24, 2022 Our 2021 reporting suite brings together NatWest Groups financial, non-financial and risk performance for the year. RBS International financial performance View our prior annual reviews and financial statements. Recently, seven major banks settled a private U.S. lawsuit in Manhattan federal court for a penalty amount of around $324 million. Select an option that best describe your problem. I am pleased to report that the value of the net assets increased during the year by 7.3 billion to 33.5 billion at 31 March 2015, taking the funding ratio to 86% for the Main Fund Section and 101% for the RBS AA Section. Annual reports. Bank of England Governor Mark Carney and Mike Bloomberg today announced growing support for the Task force on Climate- related Financial Disclosures (TCFD) on the Two-Year Anniversary of the Paris Climate Agreement. Reduce costs for goods and services, employ industry best . Section 94 of chapter 4 regards the calculation of the cash equivalent transfer value. Helping people, families and businesses thrive. We are the UKs leading business bank. NATWEST GROUP PENSION FUND - YEAR ENDED 31 DECEMBER 2020 . On this basis, you can equate. Environmental, Social and Governance Disclosures, Supporting customers at every stage of their lives, creating a positive impact through our areas of focus, Compliance statement and remuneration policy, Message from our Director of Sustainable Banking, Climate and sustainable funding and financing, Go to Governance and Responsible Business, Protecting privacy and customer confidentiality, United Nations Sustainable Development Goals, External commitments and reporting standards, Green, Social & Sustainability (GSS) bonds, Open Banking & Third Party Providers API Portal, Managing political activities (PDF 40KB). endstream endobj startxref The reports are designed primarily to meet the expectations of our investors (including holders of bonds issued under our green, social and sustainability framework), as well as regulators, and our wider stakeholders, including customers, colleagues and society more broadly. Our purpose is to champion potential, helping people, families and businesses to thrive. We have the potential to make a real difference to peoples lives. Loans to members were made by another Group company, Hedge Capital Limited, (HCL) which, in turn, was funded by way of a loan from a Because when people, families and businesses thrive, we all Operating profit before impairment losses, Profit attributable to ordinary shareholders, Total capital return to shareholders (paid and proposed), Cost reduction2 of 256m in FY'21 v. FY'20, CET1 Capital Ratio E-Mail. . hb```b``,@968p80@n5=P')!(sL= A?&c:#Dpd0a.72y24hmXgv9w\[oGnApb)R` The U.K. pension funds of Royal Bank of Scotland Group Plc, aerospace components maker GKN Plc and the London Pensions Fund Authority have bought inflation-linked bonds and derivatives to limit . Find out more about our Board of Directors and Executive management team, and view key governance documents. Find top links about Rbs Deferred Pension Scheme Login along with FAQs, and more. I am pleased to report that the value of the net assets increased during the year by 0.5 billion, to 26.2 billion at 31 March 2014. 4 The Royal Bank of Scotland Group Pension Fund | NatWest Market Pension Fund (Secretarial and Clerical Employees) Option 1 (retain current normal pension age of 60) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Retirement at age 65 The pension will be calculated as set out above. 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