RBS staff pension

stclair

what_would_gandalf_do? wrote: »

I have just started working for Natwest this week and my pension stuff is all sorted and I'm only 19. Don't know why they did'nt let you have it

You can view the current pension details here:

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

If you access the details at work you will be able to view the other links via the intranet.

SanClementePalace

Can anyone help me please! I worked for Nat West many years ago and have just received a projection for my pension. I can take a lump some now early retirement with a reduced pension or wait a further 3 years till I retire. I am in a quandry of what to do, can the early retirement amount of the lump sum (£14,500) go down if I left it for another year or 2. I am so unsure with the euro problems etc.
SCP

jamesd

The amount can't go down. The pension amounts will go up for as long as you delay until you reach the normal pension age for the scheme.

The Euro problems don't affect how much final salary and similar defined benefit schemes pay out.

If you aren't planning to retire immediately it's unlikely to be in your best interest to take any of the pension now.

Bigmoney2

mer-maid wrote: »

Hi I have just read your blog where you mentioned your Natwest pension. I worked for the bank for 6 years. I contacted the pensions department to be told i had to be over 26 to be included in the scheme. Can anyone out there verify this? From my recollection i was told i WAS included. HELPPPPP!

I had the same response from an old royal ins pension were i worked in the late 70's

At that time you couldn't join until aged 21 and I think only entitled to a defered pension after 5yrs service which ties in with age 26.
You were probably refunded your contributions on leaving, although some of these schemes were non contributory so not sure if they paid back anything.

AndyVee

If you are old staff then an alternate number is 0333 200 1017, (the main number requires a staff number which might not work with your old employee id).

Just called them and they were very helpful, also mentioned that they are launching a web portal in the next few months that will allow everyone to see the pension details on line.

wotchew

SanClementePalace wrote: »

Can anyone help me please! I worked for Nat West many years ago and have just received a projection for my pension. I can take a lump some now early retirement with a reduced pension or wait a further 3 years till I retire. I am in a quandry of what to do, can the early retirement amount of the lump sum (£14,500) go down if I left it for another year or 2. I am so unsure with the euro problems etc.
SCP

Please you tell me how you got a projection for your pension. I left nat west in 1997, I have a letter from them showing what my preserved pension will be at 60. Do you have any info regarding a phone number, address or e mail address. Many thanks

jeannie17

I have a 14 year lump of pension contributions with RBS accumulated when I worked for NatWest. After yesterday's RBS profit declaration I am seriously worried about my pension. I could have had it pay out two years ago, but four years ago that option was deferred by the bank (under new law) for five years - this had a huge (negative) effect on my finances. I don't want to lose this pension so I called RBS today on 0333 200 1017 and was told that the pension is a separate legal entity from the bank and was safe. I then called The Pensions Regulator on 0845600 0707 and was told that if a company goes bust the protection offered would be 90% of what the pension would have been. I currently work in local government and on their pensions website they state that their funds are invested with three different investment bodies and that the pension has a "cast iron guarantee". I am considering transferring my RBS pot into the local government scheme, but this will mean I cannot get hold of it until I am 66 instead of 55. Since I am only 3 years from claiming the RBS pension, would this be a bad move? What happens if you opt to receive a pension and then the company goes bust - do your payments stop? I feel I have already had something that I worked for dangled in front of my nose and then snatched away and am afraid of a recurrance.

GhIFA

Never any guarantees, but given the vast amounts of public money that got pumped into RBS back in 2008, I think it would be unlikely they go (are allowed to go) bust.

When you say the option on paying out was deferred, I would suspect this was down to the increase in minimum pension age from 50 to 55, which was legislative rather than being solely down to RBS.

The pension fund is ring-fenced from the operating company, but the worst case scenario should RBS go bust is that it would be taken over by the Pension Protection Fund, which would pay you 90% of the pension you have accrued up to a maximum of just over £34,000 per annum. This would be indexed to increase each year, although possibly not on the same basis, or at the same rate as would be paid by RBS.

If your pension is already in payment when the PPF takes over then you will receive 100% of your pension if you have passed the scheme retirement age (although again, the indexation basis would probably be different). If you have retired before the scheme retirement age, then the 90% limit would apply, unless you have retired on ill-health grounds.

Difficult to say whether you should transfer it, depends on what additional benefit this will give you.

If you want more details on the PPF then look at https://www.pensionprotectionfund.org.uk

xylophone

I am considering transferring my RBS pot into the local government scheme,

http://www.lgps.org.uk/lge/core/page.do?pageId=102341
You have only 12 months from joining the LGPS to opt to transfer pension rights, unless your employer allows you longer

Will you be in time?

If you take your deferred pension at 55, will it be actuarially reduced?

JerryW

I contacted RBS on behalf of my wife, and got the following reply:

I was unable to locate a pension record based on your details.

Unfortunately when you left the Group in 1973 the qualifying criteria for a preserved pension was being age 30 and having 10 years service. As you were not age 30 and only had 8 years service, you did not qualify for a pension.

.. it is pretty much what I expected; but, does anyone know of a way to check this? It does seem a bit harsh.