If you do not select how your Member Account will be invested your account will be invested in the 'Lifestyle' default investment option as follows:

This is based on the broad assumption that at retirement you could expect to take approximately 25% of your account as a tax free cash sum with the balance being used to provide a pension using income drawdown. The exact proportion available as a cash sum will depend on your salary, the age at which you retire, tax rules at the time you retire and on the investment returns achieved on your Member Account.

If you do not wish to operate the ‘Lifestyle’ investment profile described above then you should complete and return the Investment Allocation Form, provided to you at the same time as the application form to join the Scheme. If you initially choose not to select your investments but at a later date wish to do so, Human Resources will be able to supply you with an Investment Allocation Form.

You may elect to retire before age 60, with the Bank’s consent (provided that you have reached age 55). Where you have elected to retire early and this has been sanctioned by the Trustees, the life-styling strategy detailed above will commence 10 years prior to selected retirement date where possible.