Who is the trustee of a pension plan?

Who is the trustee of a pension plan?

A trustee is a person or company, acting separately from the employer, who holds assets in the trust for the beneficiaries of the scheme. Trustees are responsible for ensuring that the pension scheme is run properly and that members’ benefits are secure.

Are pension trustees personally liable?

Almost all pension scheme rules include a rule which says the scheme trustees are not held personally responsible (“not liable”) if they make a mistake; the scheme bears any loss that results from the trustees’ actions. The law will not give protection to a trustee who deliberately acts wrongly.

Who administers RBS pension scheme?

ePA
ePA for NatWest Group and RBS Irish & Offshore defined benefit pension schemes.

What is RBS pension scheme?

What is the Defined Benefit Pension Plan? It gives you a pension based on the time you’ve been a member and your final pensionable salary. You’ll find your pensionable salary on your pay statement and your final pensionable salary is based on this. It can also give you benefits if you die.

What does a pension trustee do?

A pension trustee is someone who technically holds an occupational pension scheme’s assets for the beneficiaries. They act separately from the employer for the benefit of scheme members and their powers are written in the trust deed and the scheme’s rules.

What is a bank trustee?

The trustee is responsible for managing the trust’s assets according to the best interest of the beneficiaries and distributing assets to the beneficiaries according to the trust agreement. A trustee has the legal authority to modify the trust account to add another beneficiary or a successor trustee.

Do pension fund trustees get paid?

Trustees are among the lowest paid roles in pension scheme management despite increasing regulation and responsibilities, figures from PwC have shown. PwC found that schemes typically pay less for trustees than for actuarial and legal advisers, and in some instances less than for secretarial support.

Is RBS pension final salary?

The bank, which closed the final salary scheme to new workers in 2006, has now capped the annual increases in pensionable salary for its 60,000 members to 2%, or the rate of inflation – whichever is lower. …

Can I take my RBS pension at 55?

You can draw your deferred pension at normal pension age, or from age 55 with the Trustee’s consent. Your pension will be reduced if paid early, to account for the longer period of time over which the pension may be paid.

Who can be a trustee?

A trustee, the person who manages the money and assets in a trust, can be almost anyone. A grantor appoints a trustee when they create the trust. In many cases, the person who creates a revocable living trust, also known as the grantor, settlor, or trustor serves as trustee. (Learn more about a trustor vs trustee.)

Why would a bank be a trustee?

Another reason a bank is appointed to manage a Trust is to avoid the perception of a conflict of interest. Many times, the Trustee is a beneficiary where sibling rivalry takes place. The bank will assume a neutral position on managing the Trust’s assets and payments of its liabilities.

When did Royal Bank of Scotland pension fund change its name?

In August 2020, the Fund changed its name from The Royal Bank of Scotland Group Pension Fund to NatWest Group Pension Fund. At the same time, the corporate trustee changed its name from RBS Pension Trustee Limited to NatWest Pension Trustee Limited. These changes were consistent with the bank’s rebranding in 2020 from RBS to NatWest.

Is the Royal Bank of Scotland pension fund NatWest?

NatWest Group Pension Fund (formerly known as The Royal Bank of Scotland Group Pension Fund) Annual Report and Financial Statements for the year ended 31 December 2020 Scheme Registration Number: 100140634 NatWest Group Pension Fund (formerly known as The Royal Bank of Scotland Group Pension Fund)

How old do you have to be to join Royal Bank of Scotland Pension Trust?

The Royal Bank of Scotland International Pension Trust | RBSI version 3 Option 1 (retain current normal pension age of 60) Option 2 (change normal pension age to 65) Benefits built up prior to change Benefits built up after change Pension at age 65 (no consent is required)

Where is the RBS staff pension scheme located?

This schedule does not apply to RBS Staff Pension Scheme (First and Second Schedules) section members. If you are a Fund member but do not think this applies to you, please contact Willis Towers Watson, The RBS Group Pension Fund, PO Box 545, Redhill, Surrey, RH1 1YX.