Pay more, get more

Feed your pension

Finding extra money can be really tough. But paying in even just a little bit more now can have a big impact on your standard of living when you retire. When you take charge of your pension, you're taking control of your future.

1. Don't lose out on extra payments

Being a member of Your DB (UK) DC Pension Plan may give you access to extra money from Deutsche Bank - on top of your salary. If Deutsche Bank pays in to your pension, this is a hugely valuable benefit - and if you're not in the DB (UK) DC Pension Plan, you won't get it.

On top of any money you may receive from Deutsche Bank, you may also get tax benefits from HMRC.

2. Increase your contributions regularly

Another simple way of boosting your pension is to increase the amount you contribute each year. So why not set an annual reminder in your diary to increase your contributions in March for the myFlex year ahead? There are restrictions on when and how you can increase your contributions, so check myFlex for more details.

If you get a pay rise, this might be a good time to think about increasing your contributions too. Regular increases can keep your contributions manageable, in line with inflation and have a big impact on how much you could get back.

Increasing your pension contributions by a small percentage each year could make a big difference. For example, if you start your contributions at £250 a month and increase your contributions by 5%, then the next year you contribute £262.50 a month. Over time, this adds up.

You can use our handy tool to try different contribution amounts and see the effect of increasing your contributions.

3. Put in a one-off contribution

There are advantages to putting a one-off contribution into your pension. For example, if you participate in the 'bonus waiver' exercises run by Deutsche Bank - usually in December each year. It's worth checking that your one-off contribution won't take you over the Government payment limits.

You can elect to make additional contributions into the DB (UK) DC Pension Plan using the myFlex platform (Standard Life are not responsible for the content of this site). The tax and employee National Insurance savings for are the same as for regular contributions.

Additional contributions can be elected once a year in the March enrolment window. You can make changes before the following year’s enrolment window if you experience a certain Life Event.

myFlex can be accessed via HR Online on Deutsche Bank’s intranet or externally at myflex.co.uk (Standard Life are not responsible for the content of this site).

4. Remember, pensions are flexible

Finding extra cash can be difficult. But you can pay more into your pension when you can afford it - and then drop back to a comfortable level when you can't.

 Important information and assumptions

It's important to remember that a pension is normally a long term commitment. As with any investment its value can go down as well as up and may be worth less than what was paid in. Laws and tax rules may change in the future. The information here is based on our understanding in April 2019. Your own circumstances, including where you live in the UK will also have an impact on tax treatment.

Change contributions

 

Keep up to date with your contributions and find out how you can change the amount that you're paying.