What is Auto Enrolment?
To help you save for your future, the UK government has legislation that is aimed at helping you to save more for your retirement, this means that 8% of your ValueAccount will be put into the RSP each month starting from 1 October 2021.
What are my options?
If you are happy to keep your pension contribution at 8% from October, you don't need to do anything. If you would like to increase to more than 8%, you can do this by logging into RBSelectOnline and increasing your percentage, and this can be done anytime. Changes made in October will be effective in November.
If you want to reduce or stop your 8% Auto Enrolment contribution, the quick switch option has now closed, however you can still change your contribution by visiting RBSelectOnline.
What happens next?
If you reduce or stop your contribution by 19 October, we'll refund you the difference on 29 October and an additional payslip will be available. If you make a change from 20-31 October, your refund will be reflected in your November pay.