News update
Get up to speed with all the latest developments in the Savings Trust and the wider world of pensions, including legislative updates.
We’ve joined Employee Hub!
Employee Hub is Rolls-Royce’s one-stop online helpdesk for current employees, and we’ve added 15 support articles to help you manage your Savings Trust membership. If you can’t find what you’re looking for, you can raise a service request in Employee Hub that comes straight through to us so we can take any necessary action.
Our articles cover everything from getting started as a member to taking your benefits, with links to factsheets and other resources.
You can also provide direct feedback on all the articles, which helps us to identify where we’re not helping you so we can fill in the gaps.
You can access Employee Hub from the Engine Room homepage. Just head to the Toolbox and search Employee Hub to log in, password free.
Employee Hub is not available if you’re no longer working at Rolls-Royce. But you can contact the Aviva administration team for help with your membership – their contact details can be found in the ‘Help & Support’ section of this Trustee newsletter. Of course, if you no longer work at Rolls-Royce and need to contact the Trustee, you can do so by emailing [email protected]
Aviva & MyWorkplace
The Savings Trust is administered for us by Aviva. As well as a dedicated team that you can speak to, Aviva make day-to-day engagement simple through the MyWorkplace app and website.
Current employees can access MyWorkplace easily through the TotalReward Portal. Just head to the Engine Room and search TotalReward in the Toolbox to log in, password free. Once you’ve logged in, choose Aviva (RRRST) from the Quick Links menu.
If you don’t work at Rolls-Royce, you can log in (or register for access) here. For help with registration, take a look at our guide.
MyWorkplace is divided into five sections to make it easier to find what you need. Here’s what you’ll find in each of them.
Overview
See what’s going into your Savings Trust account and get an overview of how your investments are performing. You can also access the Retirement Forecaster and find educational content about planning for retirement.
About this pension
Review and amend your retirement age, nominate beneficiaries for death benefits and dive deeper into your account, with links to your full transaction history and much more. You can access any documents that Aviva send to you here, like your annual benefit statement and any transaction confirmations.
Funds and investments
See the details of where your money is invested, with values updated daily and interactive past performance charts. From this section, you can also make changes to your investments at any time.
Transfer into this pension
Find out how to transfer any other retirement savings into the Savings Trust and where you can get help with making this decision.
Support
Get support from the Aviva chatbot and other third-party websites. If that doesn’t help, you can see contact details for the Aviva team, too.
TotalReward Portal
The TotalReward Portal is the home of Reward and Pension Benefits for current Rolls-Royce employees.
If you’re looking to review and make changes to the contributions that you make to the Savings Trust, you can do this through the TotalReward Portal. For help with making changes to your regular contributions, check out our guide.
The portal has a short period each month where you can’t make changes – usually between the 10th and the 19th of each month. This is while our payroll colleagues are working to get your salary payment ready, so come back later if the portal is closed for amendments.
Sometimes, you might want to make a one-off contribution from a bonus or non-pensionable salary payment. To find out how to do this, just go to Employee Hub and search ‘contributions’.
You can also check your Life Assurance and Income Protection cover in the Benefits section of the TotalReward Portal. And because of the Savings Trust’s partnership with Aviva, you’re eligible to sign up to Aviva’s DigiCare+Workplace service. This provides you with a free health check, access to medical advice through the Digital GP service, and more.
Check out all the benefits open to you as a Rolls-Royce employee by following the TotalReward Portal link from the Engine Room homepage.
Nominate a beneficiary for death benefits
It’s something many of us understandably put off, but it only takes a couple of minutes to tell us who you’d want to benefit if you die before taking your savings in the Trust. When this happens, our team and the Trustee have to decide who will receive the death benefits, and it’s much easier for everyone if you’ve nominated a beneficiary.
Because the Trust also provides life cover*, this can be quite a lot of money, as you can see in this graphic.
Median employee salary
Core life cover level*
Average fund value
Death benefit for current employee
*For current Rolls-Royce employees only
Your death benefits are paid outside of your Estate, and in most cases, that keeps this money free from tax. It also means that if we have a clear instruction from you, we can get it paid to your beneficiaries quickly and separate from any Estate settlement.
Please nominate a beneficiary today. It only takes a couple of minutes in your MyWorkplace account – just go to the ‘About this pension’ section to do it.
Goodbye Lifetime Allowance, hello Lump Sum Allowance
The Government introduced some big changes on 6 April 2024 that affect tax-free cash lump sums.
The Lump Sum Allowance (LSA) came into force on 6 April 2024, replacing the Lifetime Allowance (LTA) which was abolished at the same time.
The LTA was a restriction on the amount of retirement benefits you could receive in your lifetime without having to pay an additional tax charge. This has been replaced by the LSA, which caps the amount of tax-free cash that you can take.
The LSA is currently £268,275 and is not expected to change.
You can usually take up to 25% of the value of your retirement benefits as tax-free cash, but only up to the level of the LSA.
Lump Sum and Death Benefit Allowance
At the same time, the Lump Sum and Death Benefit Allowance (LSDBA) also came into play. The LSDBA is a lifetime cap of £1,073,100 on the amount of tax-free cash that can be paid either to, or in respect of you. The key difference is that this also includes any lump sum benefits that are payable after your death.
Our factsheet gives more detail and some examples of how both of these allowances work in practice.
Minimum Retirement Age
From 6 April 2028, the Government is amending the age at which you can start to receive retirement benefits from 55 to 57 years of age. However, the minimum retirement age of 55 will be protected for some members.
If you joined the Savings Trust on or before 3 November 2021, your minimum retirement age of 55 will be protected, but if you joined from 4 November 2021, it’ll rise to 57 years of age from 6 April 2028.
There’s more about this change in our Bizesize Brief but it’s worth bearing in mind these points:
You can’t take retirement benefits from the Savings Trust while you’re still working at Rolls-Royce.
If you transfer benefits out of the scheme, you may lose your protected minimum retirement age. Please check with the scheme you intend to transfer to.
If you transfer in benefits, these will have the same minimum retirement age as your existing Savings Trust benefits.