Lost my RBS Pension

boyrobot

I left RBS in 2010 after less than 2 years of contributing into the retirement savings plan (even though I had been an employee for about 3 years. I had signed up to the scheme a bit late)
I was told that I was to expect a letter that would allow me to transfer the money but as I moved flat just after leaving RBS, I didn't think much of it. I didn't particularly want to transfer and was ok leaving the money in the Retirement Savings Plan, especially as it was only my 2nd job since graduating.

All contributions were made through salary sacrifice so are marked as Employer (ER) Contributions on all payslips.

When I contacted the pension administrators recently, L&G (RBS no longer manages them), they told me, sure enough, that they had no record of my pension.

Considering all these circumstances (I left RBS 7 years ago, the pensions have all been transferred to L&G), I guess that money has definitely gone back to RBS?

It was never made clear to me that if I didn't transfer, I would lose all my pension contributions (which apparently weren't really "mine" since they were made through salary sacrifice) and I never saw any correspondence suggesting that.

atush

Do you have old payslips?

xylophone

http://www.thisismoney.co.uk/money/pensions/article-4880506/Reckitt-backs-dispute-pension-letters.html

boyrobot

Yes, I saw that article when googling about losing a pension.

My situation is actually quite similar but I left 7 years ago. The pension group never contacted me even after they acknowledged my change of address by mail (however I discovered recently that the change of address never took effect in their systems). Before returning the funds to the trust, I would have assumed that they would have at least actively contacted me.

On paper, I am clearly responsible and should have known the rules but 1) This was my first pension scheme and I certainly wasn't the least active in informing myself about HR schemes and rules 2) RBS clearly was having issues contacting employees since they didn't even update their systems properly despite me actively telling them of my new address 3) The RBS Pension group changed its phone numbers/e-mails/contact details repeatedly in what appeared to be an attempt in avoiding being contacted. Eventually the administration was handed over to 2 new pension administration companies. 4) Since 2015, companies are not allowed to do what RBS has apparently done here and recover the employer contributions. These are employer contributions but I hardly received any salary increase in 3 years and was instead offered increases to my benefit fund which was used for the pension through "salary sacrifice". 5) Contributions were made for 1 year 11 months.
On paper, I understand the rules. Morally, in terms of contacting employees and making them aware of the rules, I don't see them having done their job.

mrccjp

Hi boyrobot, did you get anywhere ? I am in the same situatio as yours. It was my first pension contribution, switched jobs in less than 2 yrs. Its been 6 yrs now and I have now realised about the pension contribution. The letter I received said that I can transfer the pension in 3 months, but never said what will happen if I don't tranfer. Can you pass me the contact details of current pension administrators ? Please let let me know if you find a way. Thanks.