Joining – how it works

Joining the DB (UK) DC Pension Plan

You will normally be automatically enrolled into the DB (UK) DC Pension Plan, and entitled to benefit from Deutsche Bank's contributions to it, if you're 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.

That means you’ll normally benefit from contributions from Deutsche Bank and valuable tax benefits from HMRC - so it’s not just you putting money towards your retirement.

Deutsche Bank will confirm when you will be automatically enrolled, and the date on which you will start to receive contributions.

Investments can go down as well as up and you may get back less than you 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 also have an impact on tax treatment.

This illustration shows you how things can add up. It assumes that both you and your employer are paying in. 'Your payment' will also include basic rate tax relief, where applicable.

What do you have to do?

1. Read the Important documents section on this page

These documents, along with this website, will help you understand the DB (UK) DC Pension Plan and what you need to do.

Ensure you read the Member Guide - as this gives you information on the main features, benefits and risks of the DB (UK) DC Pension Plan. If you need help making any decisions about the DB (UK) DC Pension Plan, you should seek financial advice.

You also have a few choices to make in the first month after you join the company pension as shown below.

2. Decide how much to pay

When you become a member, you don't have to contribute. Deutsche Bank will contribute on your behalf. See the DB (UK) DC Pension Plan Member Guide for details of how much Deutsche Bank will contribute. However you can choose to Flex up (make additional payments) if you want to.

Paying a small amount more now could have a big impact on your future. Remember, you’ll get tax benefits on any payments you make.

You can use the retirement planner to try different payment amounts and see the effects of making small changes to your payments.

Find out more about your payment options

3. Choose where you want your money to be invested

When you become a member of the pension scheme, your money will automatically go into a low-involvement investment option. Unless you pick another option, this is where your money will stay invested.

This investment option is a lifestyle profile, which means that as you get closer to retirement, it will gradually and automatically move your money into funds which aim to prepare your pension for retirement. Your retirement date will be set for age 65 when you join - but you can change this later by contacting Standard Life.

If this is the right choice for you, then you don't have to do anything - your money will stay invested in this option until you retire. But if you don't think it's the right investment for you, you can choose a different option.

Find out more about your investment options

4. Make sure staying in the DB (UK) DC Pension Plan is right for you

Once you become a member you have a month to decide if you want to stay in the DB (UK) DC Pension Plan or opt out.

It's important to think carefully before opting out, as it would mean you’d lose out on extra payments from Deutsche Bank, as well as tax benefits from HMRC.

If you think you have a tax protection (such as Enhanced or Fixed protection) - you should assume you will lose it unless you opt-out within one month of becoming a member. Please take immediate action to establish your position. Once you have lost a tax protection, you cannot get it back. It's recommended that you speak to a financial adviser before you decide what to do. There is likely to be a charge for this.

Find out more about opting out

Important documents

To help you make an informed decision we've provided you with important information that you should read. You should print or save copies of these documents for future reference.

Read this guide for more information about the DB (UK) DC Pension Plan.

Member guide (PDF, 727KB)

This document provides more details about the Standard Life Master Trust.

Member outline (PDF, 264KB)

The appropriate summary document (to your membership class) is to be read along with the Member outline document.

Plan summary – class A members (PDF, 260KB)

The appropriate summary document (to your membership class) is to be read along with the Member outline document.

Plan summary – class B members (PDF, 266KB)

Read this guide for more information on the different ways you can pay into your pension, and the tax benefits and tax charges which can apply.

Information about tax relief, limits and your pension (PDF, 99KB)

Complete this form to nominate lump sum death benefit payments.

Payment of lump sum death benefit (PDF, 87KB)

This form is used to request for the scheme to pay the Annual Allowance Charge.

Annual Allowance Charge form (PDF, 90KB)