Pension & Protection Healthcare Lifestyle. RBSelect. Guide to benefits For employees in Jersey, Guernsey and Isle of Man

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1 Pension & Protection Healthcare Lifestyle RBSelect Guide to benefits For employees in Jersey, Guernsey and Isle of Man

2 Contents Click on the section buttons to navigate directly to the desired section. Welcome to RBSelect An introduction, an explaination of how it works and everything else you need to know 3 Pension & Protection 6 Retirement Savings Plan Savings for your retirement are you saving enough? 7 Final Salary Pension Plan Existing members can change Normal Retirement Date or opt to join the Retirement Savings Plan. 7 Additional Pension Contribution Top up your retirement savings if you are in a Final Salary Pension Plan. 8 Disability Cover Income if you re too ill to work 9 Life Cover Tax-free lump sum if you die 9 Life Assurance Spouse/Partner Financial help when you need it most 9 Critical Illness Insurance Tax-free lump sum following diagnosis of eligible critical illness 10 Personal Accident Insurance Worldwide accident insurance cover 10 Healthcare 11 Private Medical Cover 4 levels of cover for treatment of eligible acute illnesses and injuries 12 Dental Insurance 3 Levels of cover 12 Health Assessment 3 levels of assessment for you to choose 12 Lifestyle 13 Holiday Buy Buy up to 5 days holiday for Electronic Childcare Vouchers Savings on the first 243 a month 14 Bike For Work Save money and spread the cost over 3 years 14 Company Car Hassle free motoring for eligible employees 14 RBSelect Card Up to 10% discount from a range of leading retailers 15 Shopping Vouchers Up to 7.5% discount at specific retailers 15 Key Contacts Useful phone numbers and web page links 16 Look out for the key button in the navigation bar to remind yourself of the key throughout the guide. 2 New Joiner Anytime

3 Welcome to RBSelect RBSelect is the banks flexible benefits programme which helps you to make the most of your income. During the Annual Election Window you have the opportunity to make your pension elections and choose from a wide range of important insurances and products. All designed to make your life easier and save you money. The Annual Election Window this year is from 9am on 1 September 2015 to 5pm on 30 September If you re a New Joiner during this time you will also have the opportunity to make Annual Election options. Many Lifestyle and Pension options can also be elected or changed throughout the year, look for the Anytime icons. If you re a New Joiner look out for the handshake icon and boxes like the one below which provides specific information for New Joiners. Look out for the key button in the navigation bar to remind yourself of the key throughout the guide. There are three categories within RBSelect: Pension & Protection Healthcare Lifestyle Each category offers a range of benefits to help you take care of yourself and your dependants whilst saving you money. The following pages give you an overview of each benefit and are there to help you decide which benefits might be right for you. New Joiners If you re a New Joiner you have the chance to make your Pension elections and choose from a wide range of important insurances and products during your New Joiner window. Just look for the New Joiner icon to see if the benefit is available to you. 3

4 An explanation of how RBSelect works Your pay is made up of a number of elements, including your ValueAccount and any performance award. Your ValueAccount is the sum of your salary, your benefit funding and your pension funding. For most people it s easier to think about ValueAccount as your fixed pay. And the great thing is it s up to you how you want to use it. In fact you can use up to 70% of your total ValueAccount towards RBSelect benefits including your pension. Salary The money that gets paid into your bank account every month Benefit funding Money paid with your salary so you can elect the benefit you want + + This is your ValueAccount. It s up to you how you want to use it. By electing the benefits you want, you re telling us how to deliver your pay. Any amount of your ValueAccount not exchanged for benefits or pension contributions is paid to you each month through the payroll. Your salary is only part of your pay, the diagram on the left shows how your pay is made up. Pension funding Money paid with your salary to help you save for retirement Performance award Awards given to eligible employees to recognise our highest performers + = your pay 4

5 What do I need to know When can I make my elections? How do I use RBSelectOnline? Annual Election Window You can make your elections online between: 9am on 1 September 2015 and 5pm on 30 September Anytime Elections Many Lifestyle and Pension options can also be elected or changed throughout the year. Look for the Anytime icons. On the RBSelectOnline home page you can: i Find out more information Get further information on the range of benefits available without having to log in, you simply need to click on LearnMore. Log-in If you re ready to make your elections all you need to log in is your employee ID and your password. How do I make my elections? 1 Add/Remove and then confirm your dependants information New Joiners You re given 90 days to make your elections when you first join. If you re a New Joiner your password will be sent to your address* *If you don t have a work address this will be posted to you Elect your benefits Confirm your elections and print your Confirmation Statement. Forgotten password? If you ve forgotten your password and have previously set up some security questions, you ll be able to re-set it online. If not, you ll be able to re-order one and it ll be sent to your address* If you do experience any problems please contact HR People Services on

6 Pension & Protection A range of options to help you plan for the future and protect yourself and your dependants. 6

7 What are my pension options? Retirement Savings Plan Please Note: New Joiners are automatically enrolled as a member of the Retirements Savings Plan. The Retirement Savings Plan lets you contribute a percentage of your ValueAccount into an account held in your name. You can change the amount you contribute each month and you choose the funds to invest in. When it s time to take your money out you ll have some choices. You can take some or all of your savings as a one-off cash sum and if you do, part of your cash sum is tax free. If you want a regular income in retirement you can do this by buying what s known as an annuity a financial product that provides an income for life. How your savings are invested The RSP offers two Lifestyle Options aimed at those who want a regular income in retirement or who aim to take their savings as cash. We also offer a range of self select funds letting you choose where your money is invested. You can make your investment choices via RBSelectOnline. Final Salary Pension Plan Please Note: This plan is closed to New Joiners If you joined the bank before 1 October 2006 and haven t opted out, you re likely to be a member of a Final Salary Pension Plan. If you want, you can make selected changes to your pension. If you previously elected to keep your Normal Pension Age of 60 you can make a one-off election to change this to a Normal Pension Age of 65 and pay the lower RBSelect charge. You can also opt out of your Final Salary Pension Plan in which case you ll be enrolled in to the Retirement Savings Plan with a default contribution at 10% of ValueAccount. New Joiners If you re a New Joiner you ll have been automatically enrolled as a member of the Retirement Savings Plan at the default level of 10% of ValueAccount. The Final Salary Pension Plan is not available to New Joiners. 7

8 What are my pension options? Additional Pension Contributions (APeCs) If you re a member of a Final Salary Pension Plan, you can top up your retirement savings through APeCs. You choose the funds to invest in and you can increase or decrease your APeCs each month. When it s time to take your money out you can take some or all of your savings as cash and if you do, part of the total value of your pension is tax free. You can also use some or all of your APeC savings to secure an additional income for life by buying an annuity. How much should you save? It is important that you consider your own personal financial circumstances but with RBSelect we offer you the opportunity and flexibility to save for the future. If you re a member of the Final Salary Pension Plan you can top up your retirement savings through APeCs On joining RBS or opting out of a Final Salary Pension Plan we now automatically set your Retirement Savings Plan contribution rate at 10% of your ValueAccount, but you can change this up or down if you wish. You ll be able to see the actual monetary amount of your contribution when you log onto RBSelect Online. You should regularly review your contribution rates in line with your own personal retirement goals. Where to go for more information? For more information on your pension, more details on how it works and to make any changes to your default elections: If you want more information on how much is enough in retirement, how much you ll need to save and other help: The second half of this section covers your Protection Options. Click to the next page to see how you can protect yourself and your dependants. 8

9 Providing for you and your dependants It s important to know that your loved ones would be financially provided for in the event of your illness or death. Through RBSelect you can choose various levels of protection to cover these circumstances and provide peace of mind. If you re a member of the Final Salary Pension Plan, your membership includes Long Term Disability Cover as well as Life Cover. If you re in the Retirement Savings Plan, you have to have a minimum level of Disability and Life cover, which you re charged for. Disability Cover Available to Retirement Savings Plan members, this can provide you with a replacement income if you re unable to continue to work through illness or injury. The minimum level of cover is 50% of your ValueAccount for up to 5 years and there are different options that you can elect online. New Joiners Disability Cover: You ll be automatically enrolled into the default cover which will provide you with an income of 50% of your ValueAccount payable until State Pension Age (SPA), as long as you meet the insurer s eligibility conditions. Please Note: If you elect a level of Disability Cover which is more than the minimum level, the monthly RBSelect charge depends on your age at 30 September You do have the option to increase the amount of cover to a maximum of 75% of your ValueAccount. The length of cover can also be reduced to a maximum of 5 years rather than up to SPA. Life Cover Available to Retirement Savings Plan members, this will pay a tax-free lump sum to your chosen beneficiaries if you die whilst in employment with the bank. Your beneficiary might be a partner, child, relative or friend. For cover at 3X your ValueAccount, the RBSelect charge is 0.12% of your monthly ValueAccount. Life Assurance Spouse/Partner As an employee of the bank you have some level of life cover. This provides financial support to your beneficiaries or dependants if you die in service. However, for many families the contribution made by a spouse or partner, whether working or not, is vital to the balance of their family budget. Spouse/Partner Life Assurance offers you the chance to obtain cover for your spouse or partner in amounts of 25,000 up to 250,000. The monthly charge you pay varies depending on the age of your spouse/ partner and the level of cover you choose. This benefit is available to all employees, whether you re in the Final Salary Pension Plan or the Retirement Savings Plan. You can be confident that you ll get financial help when you need it most for a reasonable monthly RBSelect charge (the charge is relevant to your spouse/partner s age at 30 September 2015). Life Cover: you ll be be automatically enrolled to 3X ValueAccount. 9

10 Protecting yourself and your dependants Critical Illness Insurance Critical Illness Insurance gives you peace of mind should you or your partner be diagnosed with one of a number of specified critical illnesses. With receipt of a lump sum payment you could for example, ease the burden of family bills, or help with the cost of specialist equipment or transport. With a choice of Silver or Gold cover, and the option of self or self & spouse/partner you can choose a level of cover in amounts of 25,000 up to 250,000 (or 4X your ValueAccount, whichever is less). Your children are automatically covered as part of this policy. For full details of cover, illnesses and eligibility criteria see the product summary pages on RBSelectOnline. For a small monthly charge Critical Illness Insurance could offer you the financial help you need to let you focus on what s most important. Please Note: If you and your spouse/partner work for RBS, you must each elect cover in your own right, as employees Personal Accident Insurance With Personal Accident Insurance you have peace of mind that you re covered 365 days a year if you were to have an accident resulting in personal injury. You can choose either Self (includes your own children) or Self and Partner and your monthly premiums are charged per 25,000 of cover, up to 500,000. This insurance policy pays a tax-free lump sum which could help give you additional financial support when you need it most. For full details of cover and costs see the product summary pages on RBSelectOnline. Please Note: Children are automatically covered under Self Only 10

11 Healthcare Bringing you a range of options to help maintain a healthy lifestyle. 11

12 The range of healthcare options Private Medical Cover With RBSelect you can access private medical care for you and your family at competitive rates. There are four levels of cover, with our entry level, Bronze, being available from as little as 24 per month. Private Medical Cover offers you quick access to treatment for acute illnesses and injuries, including access to Fast Track Physio; so if you suffer from back, neck, muscle or joint pain you can access prompt treatment without the need for a GP referral and no excess to pay if only physio treatment is required. For a superior level of cover, our fourth level, Platinum, offers an upgraded version of Private Medical Cover, with access to worldwide private medical treatment and care. The policy also provides a level of dental cover, the use of Private GPs and access to private facilities for routine pregnancy and childbirth. Please Note: For manager level or above, Silver cover is a core benefit. This means you can opt out of cover, but the monthly charge will still apply. Health Assessment Regular health checks do much more than just help to detect illness. It s an opportunity to review all aspects of your health fitness and lifestyle and can even help spot many preventable diseases, like some cancers and heart disease, before they become more serious. This is an annual benefit and can only be elected during the Annual Election Window. There are three levels of assessment and for more information click the link below: Please Note: If you have an Executive contract, Health Assessment is elected as a default. You can change this or opt out at the Annual Election Window. Dental Insurance The cost of dental treatment can often be as painful as the treatment itself. But with RBSelect Dental Insurance you can claim back the cost of any necessary dental treatment, from routine check-ups and scaling s through to more major work like crowns, bridges and dentures. As well as saving you money on one off treatments Dental Insurance is a great way to encourage you to make regular visits to the dentist to help maintain healthy teeth and gums. You can choose from three levels of cover designed to reimburse you for as much of your costs as possible. 12

13 Lifestyle Work out how much you could save with the great deals we ve negotiated on your behalf. 13

14 The range of lifestyle options Holiday Buy Here you have the chance to buy extra time off to improve your work/life balance or for a special occasion next year. This is an annual benefit and can only be elected during the Annual Election Window. You ll need your line manager s agreement before electing and if you buy any hours, these will have to be used during 1 January to 31 December Company Car If you re eligible for a company car you can choose from a wide range of makes and models with the RBSelect Company Car scheme. Easy monthly payments are a great way to help you manage your finances. You can plan for fixed cost motoring with fully comprehensive insurance, servicing and maintenance, replacement tyres, unlimited mileage and roadside assistance all included in one easy monthly charge. Electronic Childcare Vouchers If you re paying for childcare, make sure you don t miss out on our discounted Childcare Voucher scheme. You can save up to 290 a year on your childcare costs and pay for a range of childcare from nurseries and child-minders through to after-school care and breakfast clubs. The bank pays 10% of the cost of the Childcare Vouchers you choose to elect, up to 243 each month. Bike for Work If you re thinking of buying a bike as a way to get fit, do your bit for the environment and help with the morning commute then why not save money at the same time. Our partner Halfords can provide a wide range of makes and models and the savings are significant. Bike for work offers you the chance to get a 15% discount on a bike, charged across 36 easy monthly payments. The bike is owned by the bank for the length of the agreement. See LearnMore for options available after 36 months. 14

15 The range of lifestyle options RBSelect Card The RBSelect Card is a pre-paid debit card with great discounts of up to 10% at over 50 high street retailers. Just decide on the amount you re likely to spend each month and save money every time you pay with your RBSelect Card in a wide range of retailers. You might just want to load up enough to save 4% on your groceries at Co-op, or save 6% on the cost of bigger spend items such as furniture or electricals. There s a wide range of retailers to suit everyone. The discounts you receive are added onto your card balance as credit, around the 18th of the following month, so you ll really see your savings add up. For example, if you spend on average 150 a week on groceries and use your RBSelect Card to pay for them you ll bank a saving of 300 over a year. That s 2 weeks worth of free groceries! Shopping Vouchers/Gift Cards RBSelect Shopping Vouchers for specific stores are a simple way to make savings on food, clothing and a whole lot more and you can elect these instead of or in addition to the RBSelect Card. Decide which retailers you want to buy vouchers for and how much you want to spend and make your elections on line each month. You ll be sent Shopping Vouchers for that amount and can use them at your own convenience. Most retailers will send you a reloadable gift card rather than a paper voucher. You ve got the flexibility to keep the same elections in place on an on going basis or change the value and mix of your vouchers each month with savings up to 7.5%. Remember: The RBSelect Card and Shopping Vouchers are both Anytime benefits so you can make savings all year round! 15

16 Key Contacts 16

17 Key Contacts Pension & Protection Lifestyle All Pensions Contact HR People Services for all Pension related queries Disability Cover for all enquires please call HR People Services Life Cover for all enquires please call HR People Services HR People Services: HR People Services: HR People Services: Electronic Childcare Vouchers for enquiries please call Edenred Bike For Work for enquiries please call Halfords Company Car for enquiries please call Hitachi Capital Vehicle Solutions Shopping Vouchers for all enquires please call HR People Services Edenred: Halfords: Hitachi: HR People Services: Life Assurance Spouse/Partner Only for general queries about membership or underwriting progress call Friends Life. In the event of a claim call Friends Life. You will need to request a Notice of death of an employee s spouse/partner claim form Friends Life Enquiries: Friends Life Claims: Critical Illness for all enquires please call HR People Services Personal Accident Insurance for all enquiries relating to Personal Accident Insurance please call AIG Europe. To use the Personal Accident Insurance Health Portal please call This provides access to 24 hour, 7 days a week remote nursing services, providing the ability to interact with fully trained nurses located in the United Kingdom through SMS text messaging and video mobile. Health & Wellbeing AIG Europe: Personal Accident Insurance Health Portal Card Supplier Marks & Spencer Balance Checking marksandspencer.com (requires registration) IVR Balance printed on receipt Sainsbury s John Lewis RBSelect Card for all enquiries please call Grass Roots sainsburys.co.uk (requires registration) In-store Balance printed on receipt johnlewis.com/gift-card In-store Grass Roots: Private Medical Covers Bronze, Silver and Gold levels for claims or Fast Track Physio please call Aviva. Platinum level for all claims or enquires please call Bupa Dental Cover for all enquiries please call NDP Health Assessments for all enquiries please call Nuffield Aviva: Bupa: NDP: Nuffield: