The Rolls-Royce Retirement Savings Trust
Helping you to save for your long-term future.
The Rolls-Royce Retirement Savings Trust (RRRST) is a tax-efficient way to save for the
long term.
In return for locking away your money until your minimum retirement age*, the
Government gives you tax relief on both the money you pay in, and the investment
returns you make. Under current legislation, once you reach the minimum retirement age*, 25% can be taken as tax-free cash with the rest being taxable.
Retirement savings schemes were traditionally designed to pay you a set amount of income
each month when you decided to retire. But the concept of retirement is changing; you might choose to keep working when you reach later life and may have other sources
of income. All of which means that you might not need to take income in the same way that previous generations did.
You now have much more flexibility when using the money saved in your
retirement savings scheme, so although you need to keep it locked away for a while, when
you do want to access it, you'll have options such as taking it all as cash,
taking money out as and when you need it (this is called drawdown), or taking it in the traditional way as a regular income.
Rolls-Royce is required by law to provide you with a retirement savings scheme and to enrol you in it within three months. It also has to make a minimum contribution of 3%.
We use the RRRST to auto-enrol our new UK employees, which is also the scheme for our existing UK employees too. You start by paying 3% and Rolls-Royce will pay 6%. We don't want you to, but you can choose to opt out once you've been auto-enrolled. If you do this, you should be aware that we'll have to re-enrol you every three years. This is because it's really important to save
for your long-term future, and the Government wants to make sure that everyone
is saving something.
The RRRST is a Defined Contribution (DC) scheme that's designed to help you to save for your long-term future. This is a type of scheme where you pay in, the Company pays in, and all of the money is invested until it's time to access it. As a member, you also get Group Life Assurance cover of six times your pensionable pay and are covered by our Group Income Protection arrangement.
The RRRST is administered for us by Aviva.
How do I find out more and join the Savings Trust?
You can find out everything you need to know about the scheme at the Rolls-Royce Retirement Savings Trust website. But before you do this, please read the following:
If you are a new employee you will automatically be included in the Trust within three months of commencing your employment. We'll be in touch shortly after your employment starts to explain things in more detail. This will include details of how you can join the RRRST straight away. Information about opting out will be provided once you have been auto-enrolled, as you can't opt-out in advance of this.
If you've just started at Rolls-Royce and want to join now, you can do this in the Rolls-Royce TotalReward portal.
If you're on the Rolls-Royce network,
click here for single sign-on access to TotalReward. If
you need to log-in using your TotalReward username and password
click here.
To ensure fair processing under the General Data Protection Regulations (GDPR), we need to let you know that when you become a member of the Savings Trust, we'll need to share your personal data with Aviva, who are the administrator of the RRRST. This is essential for them to be able to set you up as a member. You should also take a look at the Trustee's Privacy Notice, which you can view or download here.
As a member of the RRRST, you'll be covered by the Company’s Group Income Protection (GIP) arrangement. This provides an income in the event that you are unable to work due to illness or injury.
Detailed information about this arrangement can be found here or on the Savings Trust website.
If you have any questions about the Savings Trust, please contact us.
* The UK's minimum retirement age is currently 55 years of age. This will increase to 57 years of age from 6 April 2028. If you joined the Savings Trust before 4 October 2021, your minimum retirement age of 55 is protected as long as you don't access your retirement savings while remaining in employment with Rolls-Royce.