- Joining the pension
Get the most from your pension
- Use the tools
- Boost your pension
- Approaching retirement
- Contribution options
- Your investment options
- Things to know about investing
- What are the charges?
- Check or change your investments
- Common questions
Things to consider
You’ll lose out on extra money
A company pension is a valuable benefit, and it can make sense to stay opted in. But you'll be given a month to decide if you want to stay in or opt out.
Remember, if you decide to opt out you’ll miss out on the extra money from Deutsche Bank and tax benefits from HMRC.
You might be automatically enrolled
Because of changes made by the Government to help everyone save for retirement, employers have to provide pensions for their employees. If you opt out, Deutsche Bank might have to automatically enrol you back into the DB Flexible Retirement Plan at some point in the future.
You can change your mind
You might decide that staying opted in isn’t the best option for you right now, but if you change your mind you can choose to rejoin the DB Flexible Retirement Plan.
You might be automatically enrolled
If you opt out, Deutsche Bank might have to automatically enrol you back into the DB Flexible Retirement Plan. And if you can say yes to these questions, then you’ll be eligible for automatic enrolment.
- Are you aged between 22 and state pension age? For someone retiring today, state pension age is already over 66, and it's due to rise even higher in the future.
- Do you earn more than £10,000 a year before tax?
- Do you usually work in the UK?
If you want to know more about automatic enrolment, you'll find more details on the gov.uk website.
When will this happen?
Roughly every three years, all employers have to assess their employees and join all eligible employees to the company pension. You can ask Deutsche Bank for details about when this will happen.
If you're still eligible when this assessment happens, you’ll be automatically enrolled. You won’t need to do anything and Deutsche Bank will contact you with more details about the DB Flexible Retirement Plan.
What if you're not eligible?
If you don’t meet the eligibility requirements Deutsche Bank will continue to assess you for automatic enrolment. If anything changes, for example, you start to earn more than £10,000 a year, you could be automatically enrolled.
Rejoining the company pension
If you decide to opt out, it doesn’t mean you can’t start saving again in the future.
And, you don’t have to wait to be automatically enrolled - you can ask to rejoin at any time. You may have to wait up to 12 months before you can join again, so ask Deutsche Bank for more information.
Rejoining the DB Flexible Retirement Plan means you can start building up your savings. Plus you’ll get extra payments from your employer and valuable tax benefits from the Government.
Do you earn less than £6,396 a year?
If you’re earning less than £6,396 a year (£520 a month or £120 per week) when you decide to re-join, you can ask Deutsche Bank to join you to a pension to help you save for retirement.
You'll receive tax benefits from the Government on any payments you make, but you may not get extra payments from Deutsche Bank.
You'll have a month to opt out
When you become a member of the DB Flexible Retirement Plan, Standard Life will contact you to confirm your membership and plan number. They'll also send you information about accessing online servicing.
If you don't want to join the DB Flexible Retirement Plan (for example if you have a form of HMRC protection such as 'Enhanced Protection', 'any version of Fixed Protection' you should contact your HR representative at Deutsche Bank, ideally before commencing employment with them and certainly no later than the first month of employment.
If you decide to opt out after discussing the practical aspects with Deutsche Bank, you'll also need to let Standard Life know you'd like to opt out of the plan. You can opt out in the first thirty days of joining join the DB Flexible Retirement Plan using online servicing (or over the phone on 0345 272 8837). Call charges will vary.
Please note that if you have a form of HMRC protection other than 'Individual Protection' and don't opt out within the first thirty days of joining the DB Flexible Retirement Plan, your protected status will be lost and you could incur significant additional tax charges on retirement as a result. It is your responsibility to take all appropriate steps to maintain your HMRC protection.