Around this time of year we would usually be writing to you to let you know about the next ShareSave offer for colleagues in ROI. However, we’re disappointed to be telling you that we’re not able to offer ShareSave to you this year. We’re keen to let you know the reasons behind the withdrawal of this benefit for colleagues; it’s both a strategic and a practical decision.
We take a fresh look each year to decide if we can run ShareSave and how it will work. We’ve needed to think carefully about how the phased withdrawal of Ulster Bank has impacted on the benefits we are able to offer to colleagues. A ShareSave offer to colleagues who are exiting the Group is not likely to deliver our share plan policy objectives of encouraging engagement, retention, medium term savings, wealth creation and shareholder alignment, and therefore as a principle we don’t consider it appropriate to make an offer to ShareSave offer to ROI colleagues.
The Ulster Bank withdrawal from ROI impacts the continued operation of ShareSave both for the Group and also other companies. To offer ShareSave in the ROI, it is a requirement to have an Irish savings carrier which can safely hold the funds saved by colleagues. At present, Ulster Bank is the only ROI savings carrier and it ceased writing new ShareSave business in Q1 2020. Without a savings carrier, this means that from a practical perspective there is no way for us to support a new ShareSave offer in ROI.
We’re doing everything we can to try to maintain the ShareSave plans that colleagues currently participate in. At present, there is no change and your deductions will continue to be taken from your salary every month. If you stay in ShareSave until the end of your savings period and you’re still employed by the Group, you’ll be able to exercise your option as normal, If you have to leave the plan early due to redundancy, you’ll be offered an opportunity to exercise your option to purchase Group shares at a discount, or take your savings back in cash.
You can choose to leave ShareSave at any time. Simply access the Equate Plus portal and check that your bank details are up to date. Then scroll down to the ShareSave tile and select which ShareSave accounts you wish to close. Your savings will be returned directly to your bank account.
You can join ShareSave via EquatePlus, however ShareSave 2020 is now closed. Look out for announcements on future ShareSave offers.
Our Share Plan Administrator, Computershare, hold an account for you, which is accessed via the EquatePlus portal. You can access EquatePlus from the NatWest Group network here.
If you’re not on the NatWest Group network, you can access your account via www.equateplus.com. You’ll need your User ID, which you’ll find in your ShareSave joiner email. If you’ve not received your User ID, contact Computershare on +44 (0)370 702 0109. You can also use the online chat function on EquatePlus.
Once you've accessed EquatePlus, follow the on-screen instructions to set your new password and complete the account setup.
You can also download the free EquateMobile app after you’ve completed the account setup, just search ‘EquateMobile’ in the App or Play Store. This is a quick and easy way of managing your share plans at a time that suits you.
An option is the opportunity to buy a set number of NatWest Group shares at the end of your savings period at a price that's fixed shortly before you start saving. If the NatWest Group share price at the end of the savings period is higher than the option price, you could use the money you save to take up your option and then sell your NatWest Group shares for more than you pay for them.
The Group has to set a maximum number of shares it can use for any ShareSave offer it makes. This means that the offer could be oversubscribed if too many applications are received. If this happens, we’ll need to ‘scale back’ each application. This means we’d reduce everyone’s savings on a proportional basis so that everyone who wants to join can. We'll only know this after the application deadline has passed and once we have received the total number of applications. It will not be possible to advise in advance of the application deadline if a scale back will be necessary. Your Option Certificate, which will be sent to you in advance of your first payment, will confirm whether a scale back was applied, what your actual monthly contribution will be and the maximum number of shares that you'll be entitled to under this ShareSave scheme.
Joining ShareSave and the exercise of your ShareSave option are not transactions that are subject to the Personal Account Dealing Policy. However, if you choose to sell your shares at the end of the 3-year saving period, you will need to consider the Personal Account Dealing Policy.
No, the amount is fixed when you start saving and cannot be changed after the offer period closes.
Yes, you can stop saving into your current ShareSave contracts at any time and take back all the money you have saved. But remember, once you cancel, you can't re-enter the same ShareSave contract. You can cancel your existing contracts via the EquatePlus website or by contacting the Computershare Helpline on +44 (0) 370 702 0109. Cancelling a previous contract does not stop you from joining a new ShareSave offer.
Yes. You can take a break from saving for whatever reason and suspend your ShareSave contributions for a maximum of six months. However, if you miss more than six payments you will lose your right to buy your NatWest Group shares at the option price. Suspending your contributions will also delay when the savings plan finishes as you will need to catch up on any missed payments.
If you want to suspend your payments, you’ll need to complete the ShareSave Payroll Instruction – payment suspension form (you can also find this on the ShareSave page on the intranet) to make sure that your salary deductions are suspended.
We’ll get in touch in early December to tell you that your Option Certificate is available to view online. The certificate will confirm how much you’re saving every month, how long you’re saving for, the option price and the maximum number of shares you’d be entitled to buy at that option price.
We’ll write to you at the end of your savings period to let you know the choices available to you. This will include details on how to buy NatWest Group shares.
Yes they are. Your savings, which are held by us during your savings period, are your own and are covered by either the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme, or the Depositor Guarantee Scheme (DGS), the Irish deposit protection scheme. These schemes can pay compensation to depositors if a bank is unable to meet its financial obligations. Your eligible deposits are protected up to a total of £85,000 (UK) or €100,000 (Ireland). For further information please refer to the FSCS website www.fscs.org.uk and the DGS website www.depositguarantee.ie
Your monthly contributions are taken from your salary after tax. ShareSave is approved by the Office of the Revenue Commissioners and has certain tax benefits. There no income tax to pay on your savings and there is no income tax at the end of the savings period.
The bonus rate on Irish ShareSave schemes is currently set by the Office of the Revenue Commissioners at 0.0%, so there will be no bonus payable on the 2020 contract.
You will be liable to pay the Universal Social Charge (USC) and Pay Related Social Insurance (PRSI) on the exercise of your ShareSave option. The liability is calculated on the gain between the option price you pay and the market value of the NatWest Group shares you buy.
There may be Capital Gains Tax to pay if you sell the NatWest Group shares, although this will depend on your own circumstances.
If, during your three-year savings contract, you:
Computershare will write to you with details of your choices.
As a guide, you'll be able to:
If you resign or leave for any other reason not covered above, your option will end and you will not be able to buy NatWest Group shares at the option price. You can, however, continue to save until the end of the savings contract or you can immediately take your savings out of ShareSave. In the event of your death, your personal representatives may either buy a reduced number of NatWest Group shares with your built-up savings within 12 months of your death or take out your savings in cash.
This document contains only some information relating to the NatWest Group plc 2017 Irish ShareSave Plan (the 'Plan').
Your participation, or right to participate, in the Plan is governed by the Plan rules and does not affect, or form part of, your contract of employment. These rules include specific provisions limiting your rights under the Plan. You will not have any rights to compensation or damages for any loss of rights, benefits or prospective benefits under the Plan as a consequence of the termination of your employment.
There is no guarantee that the Plan will be operated in future years, or, if it is operated, that you will be selected for participation in it. NatWest Group plc (‘NatWest’ or ‘the Group’) may amend, suspend or terminate all or any part of the Plan at any time, but may only do so in accordance with the Plan rules.
References in this document to any taxation consequences are those generally applying at the time of publication. They are provided for guidance only. Tax legislation may change in the future. The actual taxation consequences and the availability (and value) of any tax relief will depend on your own individual circumstances.
In the event of any conflict between this document and the Plan rules or any applicable legislation, the Plan rules and legislation will take precedence.
The maximum aggregate number of NatWest Group shares being offered under NatWest Group plc 2017 ShareSave Plan, NatWest Group plc 2017 Irish ShareSave Plan and NatWest Group plc International ShareSave Plan on this occasion will not exceed 40 million shares and the minimum number is nil. The NatWest Group shares to be used under this offer may be existing shares or new issue shares.
Further information on NatWest Group and details of the rights attaching to the NatWest Group shares can be found in the Investor Relations section of the Group's website at NatWest.com. Certain information is provided in this document in order for this offer and any subsequent admission of NatWest Group shares to trading to fall within Article 4.1(e) and Article 4.2(f) of the Prospectus Directive (2003/71/EC) which exempt NatWest Group from producing a prospectus under that directive.
US taxpayers who are considering participating in ShareSave should be aware that they may incur unexpected tax liabilities under US tax rules relating to ‘deferred compensation’. US taxpayers are strongly advised to seek their own tax advice from a suitably qualified independent US tax adviser before they decide to participate in the Plan.
No information in this document should be taken as providing any investment or financial advice or as a recommendation to buy, sell or hold shares in NatWest Group. The value of NatWest Group shares and any income from them can fall as well as rise and an investor might not receive back the full amount invested in NatWest Group shares.
If you are in any doubt as to what action you should take and/or the financial or taxation implications of any decisions you might make, you are strongly recommended to seek independent professional advice.
NatWest Group plc
Registered in Scotland No 45551
Registered Office: 36 St Andrew Square
Edinburgh
EH2 2YB