This petition is calling on the NatWest CEO, Dame Alison Rose to re-instate the 5% per annum cap on RBS pensions accrued from April 1997 onwards.

RBS made written guarantees over a 14 year period to their staff and pensioners -

"All pensions built up from 6 April 1997 are guaranteed to increase in payment by 5% p.a. or by the increase in the Retail Price Index if less."

However, the Bank has now called this an error as they did not amend the pensions deed, which stated the maximum increase permitted was 3%.

They are now retrospectively reducing the pension benefit to 3%, rather than maintaining the 5% as promised.

The Bank has acknowledged "that an error arose", but they claim that 14 years of formal documents "while (as we have accepted) incorrect, don't amount to a clear and unambiguous promise".

The Bank has confirmed that it has the right to direct the trustees to pay the pensions benefit as promised, but has chosen not to do so.

The financial impact is significant - on a typical £20,000 per annum pension - the impact on a pensioner could be tens of thousands of pounds over 20 years.

The Bank asserts that "we believe that the Group has acted properly, fairly and consistently".

This issue only impacts staff who were RBS employees prior to 2002, not NatWest colleagues who were in the same "common" RBS Group Pension scheme.

This petition is calling on the NatWest CEO, Dame Alison Rose to re-introduce the 5% p.a. cap on RBS pensions accrued from April 1997 onwards.