Guy's Story
Guy is 58 and a proud grandfather. He has recently re-married and he and his wife have time and money for luxury holidays. He has taken up golf and enjoys eating out & drinking wine.
Over the course of the last year, Guy increased his Total Reward through RBS elect as follows:
| "High street" price | Annual cost to Guy | His extra value | |
|---|---|---|---|
| Supermarket Vouchers | £1,800 | £1,692 | £108 |
| High Street Vouchers | £2,000 | £1,840 | £160 |
| Private Medical Cover | £1,351 | £644 | £707 |
| Critical Illness Insurance | £450 | £223 | £227 |
| Life Assurance-Spouse/Partner | £238 | £118 | £120 |
| Total | £5,839 | £4,517 | £1,322 |
Guy is now looking to take his whole family (now ten) for a great ballooning experience. In addition to the elections he made the previous year, Guy intends to take vouchers to spend on a Red Letter experience at RBS elect renewal time. This will give Guy an additional saving of £156 and further increase the extra value he has received by tailoring his pay & benefits package to £1,478.
Guy's total reward...
Here we detail the elements which help to make up Guy's Total Reward for this year. Whilst Guy is eligible to participate in the Group's company car scheme, he has chosen not to do so but instead receive the benefit funding. As you can see, his total package from the Group is actually worth over 45% more than his ValueAccount (salary & benefit funding in lieu of e.g company car, private medical cover) alone.
These fixed items form the basis of Guy's package:
| Salary | £48,000 |
| Benefit Funding (Can be used along with salary for Retirement Savings Plan, other RBS elect benefits or taken as cash) | £12,000 |
| ValueAccount | £60,000 |
These items are variable.
By receiving an individual bonus reflecting Guy's performance, the following payment was added to his total reward.
| Bonus/Incentive payments | £3,840 |
The added value of some of the rewards Guy has chosen may not be obvious until he has taken a closer look at the value of tax and other savings.
| RBS elect choices | £1,322 |
| Total | £65,162 |
Note: The actual extra value would depend on your personal situation in terms of tax and National Insurance. The "High street" prices are based on a conservative estimate of comparable products available outside RBS elect. Where these prices are impacted by age or location we have based our calculations on someone aged 35, living on mainland UK but outside London, therefore the actual extra value could be different to the figures shown above. We regularly review the cost of the benefits we offer through RBS elect to make sure our employees have access to highly competitive prices.
-
-
-
-
FAQs
- Who should I call if we have a general enquiry?
-
We want to put you in touch with the right person to help you, so please have a look at the various sections on the Contact Us page.
- What is the registered address of the RBS Group head office?
-
The registered address is The Royal Bank of Scotland plc, Registered in Scotland No 90312. Registered Office: 36 St Andrew Square, Edinburgh, United Kingdom, EH2 2YB.
