RBS changes pension terms

Kasmira Jefford
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MORE THAN 48,000 staff at the Royal Bank of Scotland will have to work up to five years longer to qualify for their full pension unless they contribute five per cent of their savings, it emerged yesterday.

The taxpayer-owned bank told staff it wants to raise the retirement age from 60 to 65 “to ensure that the group can afford to sustain the final salary pension scheme” – a move staff union Unite argued would make it unaffordable for many staff.