- MAKING ELECTIONS
- PRODUCT & SUPPLIER QUERIES
- OTHER QUESTIONS
- SPECIAL CIRCUMSTANCES (including divestment of your business and redundancy)
- BORING BUT IMPORTANT POINTS
- What is RBSelect?
It’s the Group’s benefit choice programme. It allows you to elect the insurances and benefits you want – tailoring these to suit your lifestyle and making your money go further.
- What’s my ValueAccount?
Your salary element, benefit funding and pension benefit funding combine to form your fixed pay – or as we describe it at RBS your ValueAccount. Through RBSelect, you can make this go so much further by choosing your preferred mix of cash and discounted or tax free benefits.
- How are the savings made?
Savings are made through a combination of negotiating power and tax and National Insurance/Social Security/Pay Related Social Insurance savings agreed with the different revenue and customs agencies.
- How do I make my elections?
- When can I make my elections?
You can elect your RBSelect preferences:
- Within 90 days of joining the RBS group (choices effective one month later).
- All year round by checking out the options available through RBSelect Anytime. You can change your retirement saving contributions / make additional pension contributions any month of the year now.
- In March 2014 if you are in the Retirement Savings Plan you should review your pension-related insurances of Life, Disability and Dependant’s pension.
- During the Benefits Election Window in August/September (effective from 1 October).
- If you have a Qualifying Lifestyle Event (effective one month later).
During the Benefits Election Window you will be able to review and amend all other benefits (excluding Pension and related options).
- I have a new joiner to my department, how do they make their RBSelect elections?
New employees have 3 months from the date of joining RBS to elect benefits from the selection available to new joiners (indicated by the ‘N’ symbol). After this three month period they will have the same opportunities as other employees. There are also a number of benefits that everyone can elect whenever they want under RBSelect Anytime (indicated by the ‘A’ symbol).
- I've lost my RBSelect PIN, how do I get a new one?
Go to: www.rbspeople.com/yourrewardonline. Provided you have previously answered your security questions you can change your password online. Otherwise you can order a new one. This will take up to 7 working days for this to arrive at your home address.
- What if I change my address?
If you need to change your address, this must be done by the last Wednesday in the month via the My Information section of the HR web pages so that the change takes place for the following month. If your address is not changed in time this is likely to result in products such as wine or shopping vouchers being delivered to your previous address.
- Why can't products be elected at all times of the year?
HM Revenue & Customs have strict regulations that mean changes can only be made once per year on most benefits or when you experience a qualifying lifestyle event.
- What’s the deadline for making elections?
Dates when you can make elections are communicated before specific election windows. You can now make many elections any month of the year. If you do nothing, your current elections will continue for another year. The exception is your Holiday Buy/ Sell choice which will lapse if not actively selected during the Benefits Election Window.
Benefits registered during the Benefits Election window in August/September will start from 1 October.
If you are new to RBSelect then only your core benefits and default retirement savings contributions will be registered. You will have to wait until the next appropriate election window before you can enjoy other RBSelect benefits. Only the choices through RBSelect Anytime will be available to you.
All elections will last for a year, although some benefits may require a longer commitment for example, Bikes for Work and Home Computer.
- Will I get confirmation of my elections?
If you elect via RBSelect online, then you will receive an immediate confirmation of your preferences which you can print out.
Please check this, make sure your payslip matches and keep it safe for future reference.
If you don’t change your preferences within the Benefits Election Window, you will receive a confirmation statement after the end of the window (in October).
- If I make an election, how long am I signed up for?
The benefits you elect during each election window will typically run for 12 months. There are certain exceptions, e.g. when electing a bike or Home Computer you are signing up for a minimum of 36 months. Shopping Vouchers and Charity Lottery are some examples of Anytime elections which can be amended during the year.
You may be able to change certain elections if you have a Qualifying Lifestyle Event. It is important that you check the charge of your choices before registering your preferences.
- Why are the shopping vouchers not available for use at Tesco?
Unfortunately Tesco do not provide discounted vouchers.
- Why can’t all the shopping vouchers be used online?
Retailers who provide us with vouchers specify the conditions of use. Items sold through the internet are often already at a discount from those in store, so further discounts are usually not available. Please check the individual retailers website to see if their vouchers can be used online.
- Why am I limited to spending £1000 on a bike?
This is due to a revenue and customs restriction. In order to receive tax relief on the amount, the primary use for the bike should be to get to and from work. £1000 is the set maximum as this is deemed as sufficient for a bike for this purpose.
- Can I get a discounted gym membership through RBSelect?
Gym discounts can be found through Your Offers at www.rbspeople.com/youroffers/
- Is it possible to get shopping vouchers for online retailers? i.e. Play.com
Online retailers tend not to provide discounted vouchers to employers, so we are unable to provide these. However we do monitor changes in these markets as we work to further enhance and develop the programme.
- What’s the Group’s role?
The choice of benefits is yours. The Group doesn't provide advice on what's right for you because we don't know enough about your circumstances.
RBS is, however, required to authorise your preferences.
The Group will restrict your elections so that your residual cash (the part of your ValueAccount not taken in benefits) will not fall below 30% of your gross ValueAccount.
If your residual cash falls below the state ‘lower earnings limit’, certain state benefits may be affected. If this happens, you will be notified.
- How old can my Child Dependant be?
A child is normally treated as a dependant until the end of the Programme Year in which he or she reaches 21, or 24 whilst in full time education. However some insurers may have slightly different definitions. If you don’t update the full time education status on RBSelect online during the relevant election window then the child will not be covered during the following Scheme Year.
- Does updating Dependant information on the RBSelect site update my Pension Lump Sum Nomination details or automatically add them to other benefits like Private Medical Cover?
No, therefore (if required) please contact HR People Services on 0808 100 4242 to update the dependants listed against your Pension.
If you want to add dependants to other benefits such as Private Medical Cover, please do this online.
- How can electing through RBSelect help support the environment?
There are a number of benefits that can support the environment, like bikes for work. Look out for the globe image to indicate benefits that could help the environment.
- What other staff benefit choices are there?
YourOffers - www.rbspeople.com/youroffers provides exclusive discounts on all kinds of products and services.
YourBank - www.rbspeople.com/yourbank for exclusive discounts on RBS group banking products.
Your Car - www.rbspeople.com/yourcar for car deals available to you and your immediate family.
Your Shares - www.rbspeople.com/yourshares for information on our all employee share plans.
The business I am in is being divested. Can I take advantage of RBSelect?
RBSelect-eligible employees impacted by divestments can take advantage of the Benefit Election Window, but should be mindful that some benefits, like 'phones and Health Assessments require us to collect 12 monthly RBSelect charges, even where people leave the Group part way through the RBSelect year (October - September). The Bike for Work and the Home Computer benefits require us to collect 36 months of RBSelect charges.
Why are these benefits not currently transferrable when employees leave the RBS Group?
The issues around continuation with another employer are fairly complex. In the first instance, not all employers have benefit choice programmes like RBSelect and therefore do not always have systems and processes in place that would enable continuation. Secondly, because such benefits as phones, bikes or computers remain the property of RBS Group for the 12/36 month life of the benefit, transferring ownership to another organisation is likely to trigger a double taxation issue (VAT) which would increase the charge passed onto employees.
Therefore if you leave the RBS Group before the final RBSelect charge for a benefit, we will charge the outstanding balance due against the final month's ValueAccount.
Why are employees being impacted by divestments therefore not excluded from RBSelect?
Over the past few years the Group has sold a number of businesses. In many cases we have seen the planned date for transfer changed or delayed with the impacted employees remaining part of the Group for a longer than expected period. For this reason we have taken the approach of inviting all employees to participate in RBSelect but have sought to make it clear what arrangements apply when leaving the Group. This ensures that any decision to participate or not is an individual one rather than one taken for individuals by the Group. This means that for example people can take full advantage of a wide range of benefits, including Private Medical Cover, Dental Insurance, discounted wine and discounted Shopping Vouchers right up to the last month of employment.
What if I am being made redundant?
As for RBSelect- eligible employees impacted by divestments, employees being made redundant can take advantage of the Benefit Election Window, but should be mindful that some benefits, like 'phones and Health Assessments require us to collect 12 monthly RBSelect charges, even where people leave the Group part way through the RBSelect year (October - September). The Bike for Work and the Home Computer benefits require us to collect 36 months of RBSelect charges.
What is a qualifying lifestyle event?
Please note: any changes must be made within 30 days of your circumstances changing.
It is a significant change to your life that could affect your choices. Here are some typical examples:
- Promotion that gives you eligibility for a company car.
- Birth or adoption of a child.
- Death of a dependant.
- Relocation - transferring between countries where different benefits apply.
- Relocation, where changing work location or moving house.
- Reduction in working hours to less than 21 hours per week and a change from full-time to part-time.
- Change in salary as a result of long-term disability benefit.
- Returning from maternity leave or additional paternity leave.
- Certain changes to childcare costs.
- Expiry of a company car lease.
A Qualifying Lifestyle Event does not mean you can change all your options. There are restrictions on the benefits you may change depending how your circumstances have changed.
In exceptional circumstances the group may consider approval of some benefit changes. Some examples of these are:
- Significant changes to childcare costs.
Please refer to the Employee’s support pack for specific guidance,relating to benefits during leave.
- ‘Lower Earnings Limit’
If when making your elections your residual cash falls below the state ‘lower earnings limit’(for 2014-15 that is £5,772 a year), certain state benefits may be affected. If this happens, you will be notified.
- Points to note
You’ll find the monthly RBSelect charges for the benefits you have elected in the RBSelect section of your payslip. Please check your payslip on a monthly basis and notify us if any RBSelect charges have not been made for a Benefit you are receiving.
If a charge is not taken, the outstanding amounts will be recovered through payroll in future months or by other means if you are no longer an employee of RBS group.
Some charges for benefits may have changed since you last reviewed your elections. Check RBSelect online for up-to-date information.
Not all charges for the benefits will be shown here at rbspeople.com. Where the charge is personal to you (for example age related), then it is shown on RBSelect online.
Not everybody is eligible for all the benefits. If in doubt, check RBSelect online to confirm eligibility.
Tax reliefs referred to are those applying under current UK legislation, which may change. The availability and value of any tax relief will depend on your individual circumstances.
- I’m leaving the Group. What should I be aware of?
Typically any benefits you elect will be for a 12 month period - although some benefits require a longer term commitment. Please read the leaver arrangements applicable to any benefits you may wish to elect, in particular Private Medical Cover, Health Assessments, Bike for Work, Mobile phone and Company Car.
Please note that if you leave the employment of the RBS group before the final RBSelect charge for a benefit, we will charge you the outstanding balance due against your final month's ValueAccount.
IMPORTANT: This guide contains an overview of RBSelect. It is not intended to be a complete summary of all your benefits (some of which remain outside RBSelect). More details can be found in the documents that govern the schemes. If there are discrepancies between those documents and this guide, the documents shall govern. The Group cannot provide advice regarding your RBSelect preferences. The Group may change the conditions and availability of certain benefits if required for tax or other reasons.
RBS Plc Registered Office Address:
The Royal Bank of Scotland plc
Registered in Scotland no. 90312
36 St. Andrew Square
Edinburgh EH2 2YB
Last updated February 2014