Claiming back an RBS pension!!!!

there_are_no_names_left

Hello, I was wondering if anyone could inform my regarding any options with the RBS staff pension. I worked for RBS for around 3 years between 2005 and 2008 and at the time RBS enforced a pension scheme that you had to pay into if you wanted to or not, due to this my wages were lower than others in the same sector, I understand RBS have now stopped this! I am considering leaving the country and wondered would there be any way I could look to claim this back as I didn’t want to pay into at at time and the money would be really handy, sop in short is it possible to do this and how would I go about it?

Thanks

Stargazer57

No, it isn't possible. You have a deferred pension that will be payable from normal retirement age. My deferred pensions have been amongst my best performing investments - I expect yours will be too, so sit back knowing that a small part of your retirement needs will be funded!

It hasn't been possible for companies to force employees to join pension schemes since 1988. What is possible is that Employers can say they won't pay the money they would have put into a pension scheme to you in any other form. If you have wanted to negotiate a different package the time to try this would have been when they hired you. Now it is too late.

McKneff

You cannot access your pension, under present legislation, till you are 55 and then you could only get 25% lump sum. The rest is for annuity to pay you a pension.

Even if you could access it, you would only be able to get the amount of the pot, less the employers contributios, less tax, less NI.

You would have had the choice to go into the pension scheme. You got all this free money from your employer over the 3 years, it was a wise choice and you will be pleasantly surprised what it will grow into by the time you can access it.

there_are_no_names_left

Thank you, so when im older how do I go about claiming this do I just contact RBS when im old enough and hope they have a record of me?

dunstonh

there_are_no_names_left wrote: »

Thank you, so when im older how do I go about claiming this do I just contact RBS when im old enough and hope they have a record of me?

There is no "hope" involved. You keep them informed of your change of addresses and they contact you closer to scheme retirement age.