The Trustee of the NatWest Group Pension Fund is aware that The Pensions Regulator has introduced emergency measures to allow defined benefit schemes to suspend transfer value quotations and payments for three months to help manage the consequences of COVID-19.
The Trustee does not intend to introduce any restrictions or delays at this time, but this will remain under review.
It is however exceptionally important that if you are considering transferring out your benefits that you take independent financial advice. The Trustee may require written confirmation and seek appropriate authorisations from your financial adviser before processing any request to transfer out as this is an irreversible decision. In fact, current UK Law requires the Trustee to obtain this confirmation if your transfer value exceeds £30,000.
Also please be extremely vigilant about potential pension scams.
We are seeing a rise in scam levels so you should never provide information about your Fund benefits or agree to take any action on these unless you have received advice from an authorised independent financial adviser. You can find out more about how to spot a pension scam here. You can also watch a short video about pension scams in our Video Hub.