Are you ready to plan your future?

The Royal Bank Invest Pension is designed to help you plan for your future by investing for your retirement in a tax-efficient way.

Your money is looked after by a team of experienced investment managers at Coutts and co. Embark provides and operates your pension. 

If you are employed, you should consider whether it would be better for you to join your employer’s pension scheme if you haven’t done so already.

Only you can make contributions to your Royal Bank Invest Pension. Employers and other third parties are not permitted to make contributions.

You must be over the age of 18 and under the age of 75 and be a UK resident for tax purposes. You cannot make contributions if you are a US citizen or US Green Card holder.

You will currently pay fees and charges for your Royal Bank Invest Pension as follows. Please note, these could change and be higher in the future. 

Fund ongoing charge is capped at 0.40% a year 

This charge is taken directly from the fund by the Manager. It is made up of an annual management charge averaged out over the year and taken on a daily basis, and other expenses relating to the underlying investments that are taken when they arise. 

Platform fee up to 0.15% a year 

Royal Bank of Scotland takes a quarter of this fee directly from your pension fund four times a year, based on the average value of your investments over the relevant quarter: 31 March, 30 June, 30 September, and 31 December. 

Royal Bank of Scotland pays Embark Services Limited a fee to operate the Royal Bank Invest Pension. You don’t pay Embark Services Limited any additional fee in relation to the administration of your pension. 

Data accurate as of November 2022. Rates may change.

Your investments would be protected even if Royal Bank failed. The underlying assets within each of the Personal Portfolio Funds available through Royal Bank Invest are held separately from Royal Bank by an independent company called a depositary, which is authorised by the Prudential Regulation Authority (PRA) and dual-regulated by the PRA and Financial Conduct Authority. 

This company, the Bank of New York Mellon (International) London Branch, keeps the Personal Portfolio Funds’ underlying assets safe and holds them separately from its own. 

Additionally, the Personal Portfolio Funds are based in the UK and so are covered by the UK Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 per person.

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You can’t withdraw money from a pension until you are 55. This is expected to increase to 57 from 2028. There are also limits on how you can withdraw money from a pension. 

Royal Bank Invest Pension doesn't currently offer these withdrawal options, but we are working on a solution.  In the meantime, you will only be able to transfer your pot to another scheme.

Yes you can, but please consider any special features or conditions with your current pension before doing so.

Special features your pension might have which you'll lose if you transfer it to us include:

• Guaranteed annuity rates
• Waiver of premium benefit 
• Guaranteed rates of return or income in retirement
• Tax free cash over 25%
• Access to your pension pot before age 55

Conditions that might reduce your transfer amount:

• You're invested in a with profits fund and a 'market value reduction' is applied before the transfer
• Your pension provider makes a charge for the transfer

What happens if I die before the age of 75?

If you die before age 75, the value of your pension investments may be paid to your beneficiaries as a lump sum. The benefits will normally be tax-free as long as they are paid within two years of your death.

If the total value of all of your pension pots, including the Royal Bank Invest Personal Pension Account, exceeds your Lifetime Allowance, your beneficiaries may have to pay an additional tax charge.

What happens if I die after age 75?

If you die after age 75, the value of your pension can still be passed to your beneficiaries. This will be subject to income tax, and you will need to refer to the relevant bandings and charges for the applicable tax year.