How much do RBS pay into pensions?

broonie30

Finding it hard to get a definite answer but as a potential employee (currently deciding between RBS and another job) I wanted to know about their pension.

How much do RBS pay into pension plans? For example if an employee pays in 1% do they do the same or is it up to the employee to nominate to take it from their value account?

Thanks

xylophone

http://www.moneymarketing.co.uk/rbs-sees-40-opt-out-of-auto-enrolment/1055056.article

http://www.rbselect.rbspeople.com/uk/index.php

http://www.scotsman.com/business/pay-shock-at-rbs-in-pensions-shake-up-1-1368789

The above may be worth a look.

broonie30

Thanks for this, I had not come across these articles except the rbselect one.

It looks like the pension contributions are basically up to the employee to decide and RBS put nothing in but instead are offering their contribution as part of salary and its up to the employee to use it as pension or take it as cash.

Please correct me if I'm wrong.

Not the best deal from my point of view.

PeacefulWaters

broonie30 wrote: »

Thanks for this, I had not come across these articles except the rbselect one.

It looks like the pension contributions are basically up to the employee to decide and RBS put nothing in but instead are offering their contribution as part of salary and its up to the employee to use it as pension or take it as cash.

Please correct me if I'm wrong.

Not the best deal from my point of view.

I read it as saying 15%. But you can take the cash if you wish.

15% sounds decent to me.

xylophone

As far as I can see, each employee has a basic salary and a 15% of salary additional amount.

Under the auto enrolment DC Scheme, the bank takes a percentage of this additional amount and pays it into a DC pension scheme- this percentage will rise to 8%.

The employee has a choice about what to do with the percentage that remains, pay into pension/use as salary/buy benefits etc?