Save on thousands of products and services through valuable everyday discounts and stay informed of exclusive sales, retailing events, local and national promotions. The Fund is an occupational pension scheme and is governed by the Trust Deed and Rules which set out the full terms on which the Fund is governed, and the terms on which benefits are provided and contributions are paid. The Royal Bank of Scotland Group Pension Fund NatWest Market Pension Fund (Secretarial and Clerical Employees) This schedule compares the benefits you are currently entitled to with those you will be entitled to under the new schedule. You can also watch a short video about pension scams in our Video Hub. Retirement between current normal pension age and 65. Your Passport or Driving licence number (we use this information to validate your name, address and other personal information supplied by you against appropriate third party databases and will lead to a … the total amount will be divided among Qualifying Children as the Trustee decides. The Trustee determines the amount which would be payable after considering actuarial advice. Before normal pension age: 50% of your Standard Pension (based on your Final Pensionable Salary at death) but Pensionable Service will be calculated as if you had stayed in service to your normal pension age. This will be increased to reflect the fact that it is being paid after your current normal pension age, or date of change (if later). Spouse’s Pension on Death after retirement. The Trustee can in exceptional circumstances (e.g. AA Pensions. Alternately, a pension may in certain circumstances be paid to a dependant or Qualifying Partner. This will be reduced to reflect the fact it is being paid before age 65. Unite, Britain’s biggest union, has described RBS’s planned cuts to its pension scheme as a ‘body blow’ to its 60,000 staff. They reflect the percentage increase in your Salary Element over the prior year, subject to an annual limit of 2%, or if less, the increase in the Consumer Price Index over the 12 months to the previous 30 September. Any pension payable to the spouse/registered civil partner or Qualifying Partner of a female member will be calculated by reference to Pensionable Service from 17 May 1990. 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. RBS is to cap increases in the pensions of more than 60,000 long-serving workers just months after awarding former boss Sir Fred Goodwin a massive £17million pension package. You should read this document if you transferred to the Royal Bank of Scotland Staff Pension Scheme on 1 October 1985 and elected to remain on similar terms as your previous scheme and subsequently joined the Fund on 5 April 2002. The Royal Bank of Scotland (RBS) is to pay £3.5 billion into its main defined benefit (DB) pension scheme in order to prepare for ring-fencing legislation effective in January 2026.. Years and complete months of Pensionable Service while you are a member of the Fund. The higher 20% RBS elect charge means that you will build up benefits with a Normal Pension Age of 60. Also please be extremely vigilant about potential pension scams. Retirement between age 60 and 65 (no consent required). This means that even if workers get a larger pay increase or promotion, … Can I transfer just part of my benefits out of the Fund? 14 October 2013 at 2:56PM edited 30 November -1 at 12:00AM in Pensions, Annuities & Retirement Planning. The pension will be reduced if you married/entered into the civil partnership after the earlier of (a) leaving service and (b) reaching Normal Pension Age and within 6 months of your death (and the Trustee can pay the balance to another of your financial dependants). Discretionary increases: The Trustee regularly reviews pensions in payment and can provide a greater increase (subject to certain limits). The Trustee receives evidence from a registered medical practitioner that you are (and will continue to be) incapable of carrying on your occupation because of physical or mental impairment. From 1 June 2017: 0.5% of Contribution Salary; an additional 1/60 for each extra year of Pensionable Service (plus proportionate months); or. ADVERTISEMENT This will be reduced to reflect the fact it is being paid before age 65. Do you have five minutes to take part in a survey? This will be increased to reflect the fact it is being paid after age 65. Varies (although generally 60) – confirmed to individuals and shown on annual benefit statement. … This means your own child, a child who you adopt, a stepchild (by virtue of marriage), any child who would have qualified under the RBS Staff Pension Scheme (First and Second Schedules) and any child who is dependent on you who the Trustee decides to include. Pensionable Service calculated as if you stayed in service to 65. Trustee discretion whether Pensionable Service will be calculated as if you had stayed in service to age 60. Plus, if you have paid additional pension contributions to the Fund, a refund of those contributions. RBS head of human resources Neil Roden said: "The rising cost of pension provision is an issue for RBS and for all companies at this time. In RBS this accrual is normally 1/60th, but there are some exceptions. There is no alternative to full incapacity pension. an actuarial increase to reflect the fact it is being paid after age 60. I am not in a Scheme and would like to join Click here Accessibility. 14 October 2013 at 2:56PM edited 30 November -1 at 12:00AM in Pensions, Annuities & Retirement Planning. You can also watch several short videos about transferring out in our Video Hub. The Bank and the Trustees operate the Fund in accordance with the Trust Deed and Rules, including the Fund power of amendment and the power to wind up the Fund. The Trustee can allow a person entitled to a Spouse’s Pension or a Qualifying Child to exchange their pension for a lump sum. If you leave no surviving spouse/registered civil partner the Trustee will treat any Qualifying Partner as your spouse. Any changes are marked by a coloured row. Any changes are marked by a coloured row. The pension is calculated as the pension you are receiving when you die and does not include any allowance for increases after your death. The pension will be calculated in the same way as at your Standard Pension (based on your Final Pensionable Salary) but Pensionable Service may be calculated as if you had stayed in service to Normal Pension Age. If there is more than one child, the total amount will be divided among Qualifying Children as the Trustee decides. Pension is converted to a lump sum on a basis determined by the Fund actuary. It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. Thousands of staff facing redundancy at the Royal Bank of Scotland are entitled to a full pension at 50 – like their disgraced former boss Sir Fred ‘The Shred’ Goodwin. After normal pension age: 50% of the pension you would have received if you had retired immediately before your death (ignoring any State Pension Adjustment). Special rules apply to members who joined prior to 1 February 1977 and have completed at least 10 years of Pensionable Service. The banking organisation has confirmed a memorandum of understanding agreement with the trustees of its RBS Group Pension Fund. KenGen Staff Retirement Benefits Scheme. You can find out more about how to spot a pension scam here. The Trustee may apply a State Pension Adjustment to pre-1 January 2002 Pensionable Service. If you owe money to a member of the RBS Group arising from your fraud or crime, the Bank is entitled to reduce your pension to take account of this. The Trustee determines the amount which would be payable after considering actuarial advice. 4 The Royal Bank of Scotland Group Pension Fund | RBS Staff Pension Scheme (First and Second Schedules) Option 1 (retain current normal pension age) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Alternative calculation If you are able to take up another job, or if you have been absent from employment due to Spouse’s Pension on Death in deferment (after leaving service but before retirement). The benefits you receive from the Fund will depend upon which schedule of the Trust Deed and Rules governs your benefits. This schedule compares the benefits of a member who has retained a Retiring Age of 60 (Option 1) with those of a member who has elected to switch to the Retiring Age 65 schedule (Option 2). 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