It's important to understand your pension is a long-term investment so its value can go down as well as up and you could get back less than was paid in.
Laws and tax rules may change in the future. Your own circumstances and where you live in the UK have an impact on tax treatment.
Your employer is offering you the opportunity to join the DB Flexible Retirement Plan - a Group Flexible Retirement Plan provided by Standard Life Assurance Limited.
It's important you make an informed decision so you should read the key documents at the bottom of this page.
And you can find answers to common questions in our FAQs
How joining this plan will work
Joining as part of your employment contract
Deutsche Bank offers this pension plan as one of the benefits of working there. You will normally be automatically enrolled into the DB Flexible Retirement Plan, and entitled to benefit from Deutsche Bank's contributions to it, if you're a permanent UK employee aged 25 or over, and not accruing benefits in another Company pension arrangement. Also you must be resident in the UK for UK tax purposes at the time of joining.
Deutsche Bank will let you know when you’ll join the plan - but there may be a waiting period from when you start working before you're enrolled.
What you need to do
Make sure it's right for you
Paying into a company pension can be a great way to save for the future - especially since your employer pays in too. But you may decide it's not right for you. Once you've joined, you'll have a month to opt out. And you can stop or change your contributions in the future if you need to through myDBPension Hub.
Decide how much to pay in
It's up to you how much you pay in as long as you meet the minimum amount set by your employer.
Contribution options for this plan
Deutsche Bank will pay a percentage of your pensionable salary into this pension plan.
The amount that Deutsche Bank will contribute depends on your age and is calculated as a percentage of your basic salary (subject to a Company earnings cap) as follows:
|Your age||Company contribution|
The core Company contribution will not be less than 8% of an employee’s Qualifying Earnings in any pay period in order to provide at least the minimum level of contributions required under the Auto-enrolment legislation during the 2022/23 tax year.
You do not have to make any contributions into your plan. However, you should think about whether or not paying into the plan will get you the lifestyle you want when you stop working. If you want to, you can change your contributions once you've joined this plan.
10% Flat Rate Contribution structure
If you are under the age of 30, you can elect to move to a 10% (of your basic salary limited to the Company Earnings Cap) flat rate contribution. The new contribution rate will normally take effect from your next contribution but you should be aware that this decision is irreversible and it will not be possible to revert back to the age related structure at a later date. Prior to making any decision to change to the 10% flat rate contribution rate, please familiarise yourself with the resources available on Deutsche Bank’s HR Connect website to help you make an informed decision, and if appropriate take financial advice from a suitably qualified IFA.
'Flex Down' option
You will have the option to give up part (or in some cases all) of your pension contributions from Deutsche Bank in exchange for cash, subject to maximum limits as per your corporate title and elected core contribution structure. Please visit HR Connect for further information. Standard Life is not responsible for the content on this website.
How contributions are made
Contributions into your pension plan will be made by salary sacrifice through MyFlex. This means contributions will be taken from your salary before tax and National Insurance (NI) are calculated. You and your employer will pay less NI and you won't need to reclaim any tax relief from the government manually. It's important to remember that salary sacrifice through MyFlex isn't right for everyone. It's a change to your terms of employment and could affect your entitlement to state benefits or your ability to borrow.
You might be able to change the way you make contributions into your pension plan - please speak to Deutsche Bank to find out what your options are.
There's a limit to the amount that can be paid into your pension plans each tax year without paying a tax charge - for most people this is normally 100% of your earnings, capped at £60,000. But in some circumstances it could be lower.
There's also a lifetime allowance on the total value of your UK pensions. It's not a limit though - you can save more if you want to. It is just that any excess over your lifetime allowance will be taxed as earned income under PAYE rules when it comes into payment. At the moment, the lifetime allowance is £1,073,100.
These allowances aren't an issue for most people, but it's a good idea to check. For more information download our Guide to tax relief, limits and your pension (PDF 359KB).
A company pension is one of the most rewarding ways to save for the future. But it's your choice and you can opt out if you want to.
You can't opt out until you join
You can only opt out once you've been enrolled into this plan by your employer. This is a government rule to encourage people to save into their pension plan. You'll be notified once you've been enrolled and will receive details about how to opt out at that point.
If you opt out you can still join later
Government rules may mean that you get auto-enrolled back into your company pension plan in the future. This normally happens every three years, but you can ask your employer if you'd like to join sooner. Though you may have to wait up to 12 months before you can join again.
The downsides of opting out
If you opt out, you won't receive any contributions from your employer. You may also lose some of the tax benefits if you put your money somewhere else.
Investment choices and charges
These documents will help you understand how this plan works, so you can decide if it's right for you. It's a good idea to keep or save a copy of each one.
A guide to your pension
A "Welcome" guide to the DB Flexible Retirement Plan and the available investment options.
Read these documents to understand the features of your employer's pension plan in detail.
You can download a form to help manage your plan.