Forum Home» Pensions, Annuities & Retirement Planning

Guidance on RBS Group Ex Staff Pension - Need Help

New Post Advanced Search

Guidance on RBS Group Ex Staff Pension - Need Help

3 replies 6.3K views
KnighttraderKnighttrader Forumite
23 posts
After moving work and homes several times I just remembered that I have a RBS Ex Staff Pension. I contributed to the final salary pension for a few years and when I asked for a valuation I was told it had a value of over £10K.

I had some questions and would be obliged if anyone could help me.

1. Shall I just leave it there?

2. Can I transfer the Final Salary Pension anywhere?

3. Is it possible to transfer final salary pensions at all?

4. Are there any other options I could consider?

As always thanks in advance, really love this forum and it has helped me so much in the past.. Long live MSE Forum.

Replies

  • dunstonhdunstonh Forumite
    102.1K posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    I contributed to the final salary pension for a few years and when I asked for a valuation I was told it had a value of over £10K.

    The defined benefit scheme doesnt work on the basis of value. It is a range of defined benefits. The only time a value comes into play is if you transfer it out.
    1. Shall I just leave it there?

    In most cases, the answer to that would be yes.
    2. Can I transfer the Final Salary Pension anywhere?

    Only if you can get an IFA to sign off on the transfer
    3. Is it possible to transfer final salary pensions at all?

    it is via an IFA (unless it is to another defined benefit scheme)
    4. Are there any other options I could consider?

    Statiscally, leaving it where it is likely to be the most correct answer.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thanks for the response.

    The statement that I got of Benefits and Cash Equivalent Transfer Value was the following

    Protected Rights £10882.76
    Transfer value £10882.76

    You mention that in most cases it is advisable to leave it where it is, on what occasion would I be advised to move it?

    The pension is a chapter 2 part 4 final salary pension. The GMP valuation is fixed rate and the total pension is £772.85 per annum

    Thank you in advance.
  • edited 14 October 2013 at 5:30PM
    xylophonexylophone Forumite
    34.7K posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    edited 14 October 2013 at 5:30PM
    http://www.lawontheweb.co.uk/Article_Directory/Pensions_Law/Stop_in_the_name_of_pension_law
    Pension Scheme Act 1993
    The Pension Scheme Act 1993 deals with occupational pension schemes and personal pensions.
    Part 3 of the Pension Scheme Act deals with certification of pension schemes and the effects on a member’s state scheme rights. Part 3 also deals with issues of contracting out.
    Part 4 of the Act relates to the protection for early leavers and the preservation of benefits under occupational pension schemes. This is a further advancement of the Social Security Act 1973. Chapter 2 of part 4 deals with the revaluations of deferred pensions and chapter 3 is about the protection of increases in the guaranteed minimum pension resulting in the banning of anti franking. Section 94 of chapter 4 regards the calculation of the cash equivalent transfer value.
    Part 4 of the Act is about the annual increase of pension in payment for a final salary pension. Part 9 sets out the rules when dealing with the modification and winding up of a scheme. Part 10 sets out how investigations are conducted by the Pensions Ombudsman.

    http://www.rbselect.rbspeople.com/uk/assets/2013-03-21/SIP_Dec_2012.pdf

    See page 2 of the above - were you contracted out on a protected rights basis?

    Do you have a booklet or schedule that is specific to your part of the Scheme?

    Something like this http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php
This discussion has been closed.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support