Pension contributions from previous employment
Discussion
jmn said:
Between 1982 and 1985 I worked for the National Westminster Bank and a deduction was made each month from my pay for the Bank's staff pension scheme.
Should I be able to claim these contributions back?
Do you have a Deferred Pension Certificate?Should I be able to claim these contributions back?
The reason I ask is that that back then you often need to have 5 years membership to become entitled to a deferred pension. If you left before that you usually received a refund of your contribution made (less a tax charge).
It’ll be part of the RBS Pension scheme now
https://rbsgrouppensionfund.co.uk/
NatWest is just a brand now....all assets/liabilities including the pension scheme are part of RBS.
https://rbsgrouppensionfund.co.uk/
NatWest is just a brand now....all assets/liabilities including the pension scheme are part of RBS.
Why would a non contributory pension mean no deferred pension? Obviously it depends on the scheme rules perhaps, but my Mrs was in the Marks and Sparks non contributory scheme, left 30 years ago, her deferred pension arrives every month, though not a lot as Paul Daniels would have said.
At the time the OP left the bank, legislation said (in summary)
More than 5 years pensionable service: deferred pension, no refund
Less than 5 years pensionable service: refund only
So, if the bank's pension plan was non contributory and the pensionable service was less than 5 years, there will be no deferred pension and no refund. If the pensionable service was more than 5 years there will be a deferred pension.
As regards the M&S scheme also mentioned, either the pensionable service completed was more than 5 years or the rules (untypically gave a deferred pension for a period of pensionable service less than 5 years.
R.
More than 5 years pensionable service: deferred pension, no refund
Less than 5 years pensionable service: refund only
So, if the bank's pension plan was non contributory and the pensionable service was less than 5 years, there will be no deferred pension and no refund. If the pensionable service was more than 5 years there will be a deferred pension.
As regards the M&S scheme also mentioned, either the pensionable service completed was more than 5 years or the rules (untypically gave a deferred pension for a period of pensionable service less than 5 years.
R.
The Leaper said:
At the time the OP left the bank, legislation said (in summary)
More than 5 years pensionable service: deferred pension, no refund
Less than 5 years pensionable service: refund only
So, if the bank's pension plan was non contributory and the pensionable service was less than 5 years, there will be no deferred pension and no refund. If the pensionable service was more than 5 years there will be a deferred pension.
As regards the M&S scheme also mentioned, either the pensionable service completed was more than 5 years or the rules (untypically gave a deferred pension for a period of pensionable service less than 5 years.
R.
Ta, must be the latter for Sparks as definitely there less than 5 years, 3 max is my estimate.More than 5 years pensionable service: deferred pension, no refund
Less than 5 years pensionable service: refund only
So, if the bank's pension plan was non contributory and the pensionable service was less than 5 years, there will be no deferred pension and no refund. If the pensionable service was more than 5 years there will be a deferred pension.
As regards the M&S scheme also mentioned, either the pensionable service completed was more than 5 years or the rules (untypically gave a deferred pension for a period of pensionable service less than 5 years.
R.
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