Pension fund value is the current value of a defined contribution pension pot. Transfer value (CETV) is the amount your provider will offer you for transferring out of your defined benefit scheme. In other words, your CETV will become your pension fund value after you’ve transferred out.
How are pension transfer values calculated?
The CETV is calculated by working out the lump sum that will be required to provide an equivalent pension to the scheme pension at your retirement age. This lumps sum is then reduced (discounted) depending upon how far away from retirement that you are.
When can I take my RBS pension?
This will be reduced to reflect the fact it is being paid before your current normal pension age. This will be reduced to reflect the fact it is being paid before age 65. You can retire before age 55 if you are suffering from Incapacity. Retirement at age 65 The pension will be calculated as set out above.
How does the Royal Bank of Scotland pension scheme work?
RBS Staff Pension Scheme (Royal Bank) 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). Any changes are marked by a coloured row.
When does the RBS pension contribution take place?
RBS expects to recognise these impacts in Q2 2018. 2) From 1 January 2020, further pre-tax contributions of up to £1.5 billion in aggregate linked to the making of future distributions to RBS shareholders including ordinary and special dividends and/or share buy backs.
What kind of MOU does RBS have with pension trustee?
RBS today announces that it has entered into a Memorandum of Understanding (“MoU”) with the Trustee of the Main Scheme of the RBS Group Pension Fund (the “Main Scheme”).
What are the different types of pension schemes in the UK?
In the UK, you get a state pension provided by the government when you reach State Pension age. Employers also provide workplace pension schemes to add to this. There are different types of workplace pension schemes. We run two types of scheme in the bank: Defined Contribution schemes and Defined Benefit schemes.
