RBS Pension Info? Anyone?

saver861

A relative has been discussing her RBS Pension and her options.

Basically she is 61 and currently has been off ill for eight months. She has been advised not to return to work by the cardiologist - so its not broken toenail issue.

She has worked there for about 18 years - part-time 60% - and does not have a much of a pension. She seems to think she has to retire at 63 anyway as being the rules of the sector!! Equally she has no clue whether she can get ill-health retirement or what the benefits are.

Anybody aware of the scheme or any similar experience.

I've had a browse but if any one has any links to the scheme documents etc it would be useful.

Thanks in advance for any info.

mgdavid

10 seconds with google gives
http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php
there's a hotlink on that page to a .pdf of the booklet.

If you need Scheme details beyond this you probably will be best to phone and request a copy.

xylophone

http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php

http://www.rbselect.rbspeople.com/assets/V3%20Classic%20Booklet.pdf
Is this what is required?

What is her scheme pension age? Is it 60 or 65?

There is information in the booklet about ill health retirement.

She will draw her state pension under the new arrangements -see

https://www.gov.uk/new-state-pension/overview

If she will not be able to work on health grounds she may wish to investigate the question of NI credits.

https://www.gov.uk/national-insurance-credits/overview

She should obtain a state pension statement.

https://www.gov.uk/state-pension-statement

saver861

mgdavid wrote: »

10 seconds with google gives
http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php
there's a hotlink on that page to a .pdf of the booklet.

Yes already had that thanks ... but I can't see the link to the pdf booklet ... where is it?

xylophone

Click on second link in my post above assuming this is her section of the scheme.

saver861

xylophone wrote: »

http://www.rbselect.rbspeople.com/uk/4.2.final-salary-pension-plan.php

http://www.rbselect.rbspeople.com/assets/V3%20Classic%20Booklet.pdf
Is this what is required?

Yuppers ... that's a starting point have a read. Cheers.

xylophone wrote: »

What is her scheme pension age? Is it 60 or 65?

Well thats what I can't work out - she seems to be certain she 'has' to retire at 63. I don't know where she is getting this from - my understanding was that compulsory retirement dates were no longer.

xylophone wrote: »

She will draw her state pension under the new arrangements -see

https://www.gov.uk/new-state-pension/overview

She is in Ireland so these rules wont apply.

kidmugsy

saver861 wrote: »

She is in Ireland so these rules wont apply.

Now you tell us.

saver861

kidmugsy wrote: »

Now you tell us.

The occupational pension scheme and benefits will be the same. The state pension access etc will be different. I'm trying to ascertain the occupational options for her.

---

So from what I can gather from the PDF:

It states most staff have a normal retirement age of 60 but for some staff this different. I'm guessing some staff roles are redefined for normal retirement age - hence why hers is 63. Would that be right?


It seems staff were given an option in 2012 to keep their retirement age at 60 or move it to 65. 5% fee for keeping it at 60.
However, as hers is 63 I'm not sure how that complicates matters or whether she had an option? Anybody know whether these particular employees had an option?

I've not done any calculations on the benefits of either option but it seems if they stayed on option 1, i.e. keeping their retirement age at 60 they could carry on working but each year is just an additional pension year.

If they moved to option 2, i.e. retirement age of 65, then their years up to 60 are enhanced and the years after 60 are standard pension years. Have I got this right?

Ill health seems to be the same regardless: From what I can see, if they have been off ill for over 5 years they can apply for an ill health termination and have their pension boosted to retirement age, if agreed.

If they ask for ill health prior to this 5 years, (as she will be doing) then if agreed, the pension would be based on service to that date without enhancement. So at 61, with 18 years service, she would get the full 18 years pension without actuarial reduction based on ill health. Have I got that right?

Thanks in advance for anyone able to steer me on these queries.

xylophone

Irish State Pension
http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/older_and_retired_people/state_pension_contributory.html

Would this lady not be best advised to contact the Administrator of the RBS Scheme to obtain definitive advice on her situation?

saver861

xylophone wrote: »

Would this lady not be best advised to contact the Administrator of the RBS Scheme to obtain definitive advice on her situation?

Yes thats what I am telling her to do. She is trying to get some background information on what her entitlements are etc before approaching the provider.

As she is off on ill health and maybe trying to get an ill health retirement she is hesitant at this stage before she makes her decision. Plus she is not savvy on pensions etc so its basically trying to give her a little bit of help on the sort of information she should be looking for from the administrator.

It may be some people on here are in the same scheme, or have had experience with getting ill health retirement etc. from the scheme, so from that perspective its a little bit of research.

Thus any pointers appreciated.