RBS staff pension

xylophone

Are you male or female? Have you reached State Pension Age?

JFB56

Hi Xylophone
Thank you for such a quick response, yes I am now 60 so due works pension, but not due state pension for a few years. You have brought up a question I presumed about my pension increasing if left it so I will go back to the Pensions Dept and ask if not obviously it would be stupid to leave it. I am female.
Many thanks JFB

xylophone

Have you obtained a New State Pension Statement?

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

kidmugsy

LouBlue wrote: »

I was rubbish with money at that age

In which case, thank God you didn't work for a bank.

woolly_wombat

JerryW wrote: »

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.

Would be interesting to see some stats on the RBS workforce profile back in those days!

I'm guessing that the vast majority of lower-paid workers were women who left the workforce before the 'age of 30 and having 10 years service'.

How convenient for RBS.

PensionTech

Would be interesting to see some stats on the RBS workforce profile back in those days!

I'm guessing that the vast majority of lower-paid workers were women who left the workforce before the 'age of 30 and having 10 years service'.

How convenient for RBS.

Well, to be fair to RBS, the legislative framework for preserved pensions was much looser then and many schemes just did whatever they were required to do and no more. And even if a preserved pension had been granted, it would likely have been pretty rubbish for the same reason - no GMP, no revaluation in deferment, quite probably no increase in payment either. It's only been since the late 80s and 90s that pension provision and protection has really been underpinned by legislation in a big way - and many employers with a DB scheme in deficit might tell you that it went too far the other way.

poppy99_2

I have looked into taking my pension at 55 and have just been advised that as I'm taking it early they will take a 5% reduction approx for each early year. Surely this is wrong because I can take my pension at 55 anyway as the rules state I can and so does government legislation.

Andy_L

poppy99 wrote: »

I have looked into taking my pension at 55 and have just been advised that as I'm taking it early they will take a 5% reduction approx for each early year. Surely this is wrong because I can take my pension at 55 anyway as the rules state I can and so does government legislation.

Your scheme rules will state there is a reduction for taking it early which government legislation has not over ridden. Unless you are in one of the few schems which allows it (e.g. pol8ce, military or fire) and the administrations have c0cked up

xylophone

I have looked into taking my pension at 55 and have just been advised that as I'm taking it early they will take a 5% reduction approx for each early year. Surely this is wrong because I can take my pension at 55 anyway as the rules state I can and so does government legislation.

You have a defined benefit pension - these were designed to come into payment at scheme pension age when full benefits are paid without actuarial reduction.

Some schemes permit benefits to be taken earlier but will apply the actuarial reduction because the pension is expected to be in payment for longer.

Your scheme booklet should have details.

https://worksmart.org.uk/pension-advice/workplace-pensions/all-about-retirement/can-i-take-early-retirement

PeacefulWaters

poppy99 wrote: »

I have looked into taking my pension at 55 and have just been advised that as I'm taking it early they will take a 5% reduction approx for each early year. Surely this is wrong because I can take my pension at 55 anyway as the rules state I can

Those same rules include the actuarial reduction.

and so does government legislation.

It doesn't state what they have to pay though, does it?

Welcome to the forum by the way.

Do you have any AVC pot or other form of income that might give you an alternative to drawing your RBS pension?