The High Court has ruled that defined pension schemes like ours must ‘equalise’ pensions. This is because the Guaranteed Minimum Pension (GMP) element of some members’ pensions can be different between men and women. As a result, some members might get a top-up to the pension they receive from the Fund. Any such top-up is likely to be relatively small for most members, and won’t happen for some time. No member will see the value of their pension go down as a result of the Court’s ruling.
Posted on Oct 09, 2018 | Read more
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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.
If you are thinking about transferring your benefits out of the Fund, you can find ten things you should consider first here. You can also watch several short videos about transferring out in our Video Hub.
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.