Are you looking to waive your right to a bridging pension option and receive your deferred severance payment? Or pay some of your severance payment into the Rolls-Royce Retirement Savings Trust (RRRST) as an Additional Voluntary Contribution (AVC)? Here's what you need to do.

Depending on whether or not you are eligible for a Bridging Pension option on leaving the Company, there are two different ways of proceeding, so make sure you pick the correct one.

Eligible for a Bridging Pension option but want to pay an AVC to the RRRST using your deferred severance payment?

To do this, you have to give up your right to a Bridging Pension option by completing our Bridging Pension waiver. By clicking on the button below, you can apply to give up this option and have your deferred severance payment made to you at the next available payroll date. As part of this process, you'll also be given the option to pay some or all of this payment as an AVC. 

When you tell us that you want to give up your right to a Bridging Pension Option, we'll remove this option from the Your Choices at Retirement page and you can make your retirement selection. Please don't complete the waiver before we have made your pension options available on the Your Choices at Retirement page of this website.

Not eligible for a Bridging Pension option but want to pay an AVC to the RRRST using your deferred severance payment?

Please complete our online form (click on the link below). This must always be completed by the 10th of the month in which your severance payment is due to be paid. Any deduction requested using this form will be in addition to any other AVC payment you're currently paying. 

Launch the non-bridging pension AVC request form

Missed the deadline? Don't worry...

If you've missed the deadline, you can still make an AVC payment to Aviva but you'll have to do this directly. Please Contact Us confirming that you would like to do this and we will put you in touch with the Aviva team that will organise this for you. It will be your responsibility to claim back any tax-relief from HM Revenue and Customs.

Alternatively, you may be able to make a payment to your own pension policy but you will need to discuss this directly with your financial adviser. Again, you will be responsible for claiming back any tax-relief due from HMRC.

Check your AVC won't exceed the Government's limit

As you'll be aware, the Government provides tax-relief to encourage pension saving, but it's not unlimited. You can find out about their Annual Allowance limit and check how you're doing against it by following this link to our Annual Allowance and Lifetime Allowance page.

Use the Total Reward Portal for all other AVC payments

The methods detailed above are only for making an AVC from your severance payment. All other payments should be arranged through the Total Reward Portal. This includes one-off payments from your regular salary - just remember to go back in when the Total Reward Portal window re-opens the following month to change it back to your usual rate.

To access Total Reward when you're on the Rolls-Royce network, click here for single sign-on access. If you need to log-in using your Total Reward username and password click here.

Finally...

If you want to understand more about redundancy payments and tax, click here to read an article from the Money & Pensions Service, who are an arm's-length body, sponsored by the Department for Work and Pensions.

It's important to understand that this article is not a recommendation or suggestion that this is the right thing for you to do. You should always seek independent financial advice when making decisions about your pension, which is not something our team can provide.