INTRODUCING YOUR
RBC UK Pension Portal
Welcome to the RBC UK pension site. Here you'll find important tools as well as information about your RBC UK pension plan.
Fidelity Videos
Fidelity has created 3 videos to show you how to do the following:
Update Your Personal Details
Consolidate a Pension
Nominate Your Beneficiaries
FIDELITY VIRTUAL PENSION CENTRE
Take a tour to learn about RBC's default investment strategy
Fidelity Plan Viewer App
Scan the below code with your phone to download the Fidelity Plan Viewer app. This will allow you to easily access useful pension information from your phone.
Supporting your pension journey
We have invited Lemonade Reward and Fidelity to run a series of webinars to help you maximise your pension:
Pension basics webinar
In this webinar, you'll learn all about the basics of how pensions work and important information regarding your RBC UK pension.
Presented by Lemonade Reward
Fidelity Webinars
Our online presentations help members understand their finances and how to plan for the future. We seek to inform, entertain and educate on a variety of topics. You’ll find a full list of upcoming live events as well as on-demand webinars
SELF-ASSESSMENT TOOLS
Here are some tools to help you plan for a better retirement.
Pension Allowances
This tool allows you to assess whether you are likely to be hit by the Pension Allowance Rules.
Pension Forecast
This tool allows you to forecast what your current pension provisions will provide you in retirement.
The cost of any additional services detailed in Lemonade’s Pension Forecast tool will be borne by you, the employee.
Pension Basics Webinar Now Live
We are pleased to launch our latest pensions webinar, which has been delivered by Lemonade Reward. During this webinar, we cover the below topics:
Understanding your pension | Salary Sacrifice | Maximise your pension | Pension freedoms
Please Note: The video shows income tax figures prior to the 2022 Autumn Statement.
From April 2023 the threshold for the higher rate of tax (45%) will fall from £150,000 to £125,140.
PENSION NEWS & LEGISLATION
Spring Budget Update 2023 - The effect on pensions
Jeremy Hunt’s primary focus with his Spring Budget is to encourage Britain back to work. Around 7 million working aged adults are classed as “economically inactive”. Of these, more than a million people have taken early retirement.
To address this issue and to stop pension limits “from acting as a barrier to remaining in work”, the Chancellor announced increases to pension allowances and abolished the Lifetime Allowance.
Pensions Lifetime Allowance abolished
Following conversations with senior doctors in the NHS and other experienced professionals, the pensions Lifetime Allowance (LTA) has been abolished.
The LTA is the maximum amount of tax-efficient pension savings you can accrue in your lifetime and includes the total value of your pensions, including your contributions, your employer’s contributions from your workplace pension, tax relief, and investment returns.
From 6 April 2023, there will be no limit on the amount of tax-efficient pension savings you can accrue.
Pensions Annual Allowance increased
The Chancellor announced that the Annual Allowance will increase from £40,000 to £60,000 from 6 April 2023.
The Annual Allowance is the amount that you can save into your pension each tax year (6 April to 5 April) while still being able to benefit from tax relief. In the 2023/24 tax year, this will now be £60,000.
Money Purchase Annual Allowance to increase
Another useful incentive to encourage experienced people to return to work, the Chancellor announced an increase to the Money Purchase Annual Allowance (MPAA).
The MPAA limits the amount of money you can save tax-efficiently into your pension after you have started drawing flexibly from your defined contribution pension savings.
The MPAA will increase from £4,000 to £10,000 from 6 April 2023.
Tapered Annual Allowance to increase
From 6 April 2023, the minimum Tapered Annual Allowance will increase from £4,000 to £10,000. The adjusted income threshold for the Tapered Annual Allowance will also be increased from £240,000 to £260,000 from 6 April 2023.
These announcements have increased the amount people can put aside for their pensions
In abolishing the LTA and increasing the Annual Allowance, MPAA, and Tapered Annual Allowance the Government has increased the amount people can put aside for their pensions each year and save over their lifetime, all while minimising tax. The hope is that this will also dissuade people from retiring early.