It's important to understand your pension is a long-term investment so its value can go down as well as up and you could get back less than was paid in.

Laws and tax rules may change in the future. Your own circumstances and where you live in the UK have an impact on tax treatment.

Plan details

You are in the DB Personal Pension Plan which is a Group Personal Pension Flex plan provided by Phoenix Life Limited, trading as Standard Life.

It's important you make informed decisions so you should read the key documents at the bottom of this page.

You can find answers to common questions in our FAQs

Contribution options for this plan

Deutsche Bank will pay 8% of your pensionable salary into this pension plan.

Your pensionable salary is made up of your qualifying earnings, which is defined as your total cash earnings above £6,240 and up to £50,270 per year (for the 2022/2023 tax year).

Your contributions Your employer’s contributions Total contributions
0% 8% 8%

You do not have to make any payments 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 now.

10% Flat Rate Contribution structure

If you are under the age of 30, you can elect to move to a 10% (of your basic salary limited to the Company Earnings Cap) flat rate contribution. The new contribution rate will normally take effect from your next contribution but you should be aware that this decision is irreversible and it will not be possible to revert back to the age related structure at a later date. Prior to making any decision to change to the 10% flat rate contribution rate, please familiarise yourself with the resources available on Deutsche Bank’s HR Connect website to help you make an informed decision, and if appropriate take financial advice from a suitably qualified IFA.

'Flex Down' option

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, subject to maximum limits as per your corporate title and elected core contribution structure. Please visit HR Connect  for further information. Standard Life is not responsible for the content on this website.

Contribution methods

You can stop making contributions at any time time - what you've already paid will remain invested - but you won’t get any previous contributions refunded.

 

How contributions are made

Contributions into your pension plan are made by salary sacrifice through MyFlex. This means contributions are taken from your salary before tax and National Insurance (NI) are calculated. You and your employer pay less NI and you don’t need to reclaim any tax relief from the Government manually. It's important to remember that salary sacrifice through MyFlex 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 through MyFlex could increase your pension contributions or your net take home pay in these documents:

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.

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).[[Allowances extra]]

Investment choices and charges

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Understand how the money in this plan is invested, the options you have and the charges you'll pay.

Go to investment choices
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Important documents

These documents will help you understand how this plan works. It's a good idea to keep or save a copy of each one.

Information about your pension

A guide to the DB Personal Pension Plan and the available investment options, including with-profits.

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.

These forms have been produced by your employer. Standard Life is not responsible for the content.