SupaJT Posted September 28, 2019 Share Posted September 28, 2019 My partner previously worked at RBS, when she left she received a letter from their Pensions department stating that she had three months to transfer her pension fund to a new provider or she would "Lose all rights to any benefits from the plan". She went back to uni so didn't have a pension for this to be transferred to, and is now past the three month period. So far RBS have been unhelpful, I'm not sure how they can mandate that an employee transfers a pension fund when they leave so any advice would be appreciated. Quote Link to comment Share on other sites More sharing options...
frankblack Posted September 28, 2019 Share Posted September 28, 2019 There will be a separate plan at RBS for employees with special benefits. When someone leaves they lose those benefits like special rates. I haven't worked for RBS so I guess they would transfer the person over to an unmanaged scheme with worse rates. I would look into transferring the pension to somewhere you can manage it. Quote Link to comment Share on other sites More sharing options...
hughesie27 Posted September 28, 2019 Share Posted September 28, 2019 17 minutes ago, SupaJT said: My partner previously worked at RBS, when she left she received a letter from their Pensions department stating that she had three months to transfer her pension fund to a new provider or she would "Lose all rights to any benefits from the plan". She went back to uni so didn't have a pension for this to be transferred to, and is now past the three month period. So far RBS have been unhelpful, I'm not sure how they can mandate that an employee transfers a pension fund when they leave so any advice would be appreciated. Not really a valid excuse is it? She had 3 months to open up another pension scheme and was told the consequences if she never. Silly. Quote Link to comment Share on other sites More sharing options...
Auld Reekin' Posted September 28, 2019 Share Posted September 28, 2019 1 hour ago, SupaJT said: My partner previously worked at RBS, when she left she received a letter from their Pensions department stating that she had three months to transfer her pension fund to a new provider or she would "Lose all rights to any benefits from the plan". She went back to uni so didn't have a pension for this to be transferred to, and is now past the three month period. So far RBS have been unhelpful, I'm not sure how they can mandate that an employee transfers a pension fund when they leave so any advice would be appreciated. For a bit of free advice, she should contact whoever she banks with. They will have Financial Advisors who deal with stuff like pensions and who could look into the situation and give advice as to the best course of action given what has happened. The downside is that their advice isn't impartial, as they can only recommend the financial products that their bank, or their partner banks, provide rather than looking at the entire pensions market. Another possible issue could be if she banks with RBS, but I would hope that even their FAs would be able to help in this instance. Quote Link to comment Share on other sites More sharing options...
Mikey1874 Posted September 28, 2019 Share Posted September 28, 2019 (edited) 1 hour ago, hughesie27 said: Not really a valid excuse is it? She had 3 months to open up another pension scheme and was told the consequences if she never. Silly. And you don't need a job to have a pension Edited September 28, 2019 by Mikey1874 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.