NatWest Group Retirement Savings Plan formerly the RBS Group Retirement Savings Plan (CAS-88262-V3F7)

Ombudsman’s Determination

Outcome

1. I do not uphold Mr R’s complaint and no further action is required by the Trustee. 

Complaint summary

1. Mr R has complained that the Trustee did not tell him that he would lose any notional benefits he held in the Plan if he did not take a ‘cash transfer sum’ of those benefits within three months of leaving his job. 

2. Mr R said that his RBS employment was his first job and he was young, vulnerable, and financially inexperienced. He argued that he would have complied with the Plan Rules if the Trustee had made him aware of them.

3. He would like the Trustee to either reinstate his Plan benefits to allow him to transfer them to his current pension provider or reimburse the value to him with investment growth.