Final Salary Pensions - FL HH & DBC

[FrankOwen]

I'm considering applying for qualified jobs at FL HH or maybe DBC and just wondered how the final salary pensions worked at each place. Is it 1/60th per years service? I've looked online but the only place that might have explained it is the railway pension scheme website and you need a log in which I don't have.
Cheers

 

[ExMover]

I'm just moving from a TOC to DBC and the pension is the same i.e. it's part of the railway pension scheme. You are free to transfer your current railway pension across but you would need to work out whether it's worth it. It's no longer pure final salary but now salary average (so it's based more on your contributions) but still pretty generous if you're going straight in on full drivers pay. I think it is a 60ths scheme.

 

[142094]

The DBC comes with an option to pay a higher % of pay and retire at 60 or a lower % and retire at 65. Not sure if that is the same with all Railway Pension schemes.

 

[FrankOwen]

Thanks for the replies. I'll be coming from yellow plant, outside of the RPS so any final salary will be better than what I'm getting now. 60th sounds OK, I was worried that it might be 80th.

 

[Atishyou]

Contributions have recently increased, but I'm not sure if the 60 has now become 62 with the end if contracting out (or was contracting out introduced?). Anyway, on full salary, on the retiring early option, you'll be looking at about £360 ish every 4 weeks (about 12.4%) and DB pay in about 18%. Full salary is not pensionable.

 

[Atishyou]

Apologies, it's £324.44 per 4 weeks