Plan details
You are being offered the opportunity to join the DB (UK) DC Pension Plan - a Master Trust pension plan provided by Phoenix Life Limited, trading as Standard Life.
It's important you make an informed decision so you should read the key documents at the bottom of this page.
And you can find answers to common questions in our FAQs
Standard Life Master Trust Co Ltd is the Trustee for this pension plan and is responsible for looking after members' interests - find out more about the trustee board . Watch the video below from the trustees with top tips about getting the most from your pension.
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How joining this plan will work
Joining as part of your employment contract
Deutsche Bank offers this pension plan as one of the benefits of working there.
Deutsche Bank will let you know when you’ll join the plan - but there may be a waiting period from when you start working before you're enrolled.
What you need to do
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Make sure it's right for you
Paying into a company pension can be a great way to save for the future - especially since your employer pays in too. But you may decide it's not right for you. Once you've joined, you'll have a month to opt out. And you can stop or change your contributions in the future if you need to through myDBPension .
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Decide how much to pay in
It's up to you how much you pay in as long as you meet the minimum amount set by your employer.
Contribution options for this plan
Deutsche Bank will pay 10% of your pensionable salary into this pension plan.
Your contribution options
The DB (UK) DC Pension Plan Member Guide (PDF 727KB) provides further detailed information on contributions.
You can contribute each month through myFlex and can usually pay as much you like up to the Government payment limits.
You can also contribute outside of myFlex, see the Member Guide (PDF 727KB for more information.
You will have the option to give up part (or in some cases all) of your pension contributions from Deutsche Bank in exchange for cash. This is called ‘Flex down’ and is subject to the maximum limits per Corporate Title as illustrated in the table below:
| Corporate Title | Maximum limits for pension contributions that can be exchanged for cash from April 2020* | Cash received in place of Deutsche Bank pension contribution exchanged** (if maximum exchanged) |
|---|---|---|
| Managing Director | 12.5% p.a. | 10.98% p.a. |
| Director | 10% p.a. | 8.79% p.a. |
| Vice President | 10% p.a. | 8.79% p.a. |
| Assistant Vice President | 5% p.a. | 4.39% p.a. |
| Associate | 5% p.a. | 4.39% p.a. |
| Analyst | 5% p.a. | 4.39% p.a. |
| No Corporate Title | 5% p.a. | 4.39% p.a. |
*Percentage of fixed pay up to the Company Earnings Cap, £181,200 for 2022/2023 tax year.
** Cash received is lower than the Deutsche Bank pension contribution that is given up because Deutsche Bank incurs additional National Insurance (NI) costs of 15.05% on cash payments.
Cash rates are shown gross before deduction of employee Income Tax and NI.
Standard Life is not responsible for the content of this table and all enquiries in relation to it should be directed to Deutsche Bank.
The Government has set a minimum amount that usually needs to be paid. The amount Deutsche Bank pays for members meets these minimums and usually exceeds them. To find out what the Government minimums are, visit the gov.uk website.
You do not have to make any contributions into your plan. However, you should think about whether or not paying into the plan will get you the lifestyle you want when you stop working. If you want to, you can change your contributions once you've joined this plan.
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How contributions are made
There are two ways that you can make contributions into your pension plan. Both give you tax benefits but work in different ways. Please speak to Deutsche Bank to find out how your contributions will be taken.
- Salary Sacrifice
This means contributions will be taken from your salary before tax and National Insurance (NI) are calculated. You and your employer may pay less NI and you won't need to reclaim any tax relief from the government manually. It's important to remember that Salary Sacrifice isn't right for everyone. It's a change to your terms of employment and could affect your entitlement to state benefits or your ability to borrow.
You can see examples of how Salary Sacrifice could increase your pension contributions or your net take home pay in these documents: - Salary Deduction
This means your employer will deduct your pension contributions from your salary after National Insurance (NI) has been calculated but before your income tax has been worked out. Because your contributions are taken 'before tax' you won’t need to reclaim any tax relief from the government manually. This is also known as a "net pay arrangement".
You might be able to change the way you make contributions into your pension plan - please speak to Deutsche Bank to find out what your options are.
Increasing your contributions
You can increase your contributions beyond 0% but Deutsche Bank will contribute a maximum of 10%. However, increasing your contributions could still make a big difference to your lifestyle in retirement.
Pension allowances
There's a limit to the amount that can be paid into your pension plans each tax year without paying a tax charge - for most people this is normally 100% of your earnings, capped at £60,000. But in some circumstances it could be lower.
Lifetime allowance
Up until 5 April 2024 the Lifetime Allowance was the maximum amount of pension savings you were allowed to build up during your lifetime and take some of the benefits tax-free.
The limit for the 2023/24 tax year was £1,073,100 but could be higher if you are registered for any form of Lifetime Allowance Protection.
From 6 April 2024 onwards the Lifetime Allowance was replaced with limits on the tax-free benefits instead.
It’s important that you understand how these changes may affect your retirement planning.
Lump Sum Allowance and Lump Sum and Death Benefit Allowance
From 6 April 2024 onwards HMRC have placed limits on the amount of tax-free benefits that can be taken from pension schemes both during your lifetime and on your death.
The standard Lump Sum Allowance is £268,275 and the standard Lump Sum and Death Benefit Allowance is £1,073,100. These allowances reduce each time you take benefits.
If you hold one or more of the Lifetime Allowance Protections given by HMRC then you will be entitled to higher allowances that reflect this.
We’ve created Questions and Answers to help explain the changes and you can visit the HMRC gov.uk/tax-on-your-private-pension.
These allowances aren't an issue for most people, but it's a good idea to check. For more information download our Guide to tax relief, limits and your pension (PDF 359KB).
Opting out
A company pension is one of the most rewarding ways to save for the future. But it's your choice and you can opt out if you want to.
You can't opt out until you join
You can only opt out after you've been enrolled into this plan by your employer. This is a government rule to encourage people to save into their pension plan. You'll be notified once you've been enrolled and will receive details about how to opt out at that point.
If you opt out you can still join later
Government rules may mean that you get auto-enrolled back into your company pension plan in the future. This normally happens every three years, but you can ask your employer if you'd like to join sooner. Though you may have to wait up to 12 months before you can join again.
The downsides of opting out
If you opt out, you won't receive any contributions from your employer. You may also lose some of the tax benefits if you put your money somewhere else.
Investment choices and charges
Important documents
These documents will help you understand how this plan works, so you can decide if it's right for you. It's a good idea to keep or save a copy of each one.
A guide to your pension
A "Welcome" guide to the DB (UK) DC Pension Plan and the available investment options.
Product Information
Read these documents to understand the features of your employer's pension plan in detail.
Useful forms
You can download a form to help manage your plan.