How do benefits and pensions work when changing company?

[Jimstar]

Hi all,

I’m moving from a TOC to another shortly and was wondering how this affects my pension and travel facilities.

Have continuous service in my current TOC since 2017, so do I keep my international rail travel benefits? And also how does it work with the pension, sorry for the ignorance here!

Thanks

 

[pdeaves]

Hi all,

I’m moving from a TOC to another shortly and was wondering how this affects my pension and travel facilities.

Have continuous service in my current TOC since 2017, so do I keep my international rail travel benefits? And also how does it work with the pension, sorry for the ignorance here!

Thanks

At risk of sounding like a fob-off, contact the Railway Pensions people. I have always found them helpful and they will be able to answer your questions.

 

[221129]

And also how does it work with the pension, sorry for the ignorance here!

As always with pensions advice you are best speaking to a qualified advisor or RPMI themselves.

 

[Jimstar]

Thanks guys, how do travel facilities work? Do I keep the international travel?

 

[Mag_seven]

Thanks guys, how do travel facilities work? Do I keep the international travel?

See this document:

https://www.raildeliverygroup.com/files/Publications/services/rst/RST_Where_Can_I_Go_NSG_V8.pdf

Specifically:

Moving from one TOC to another TOC

If you move between Train Operating Companies and retain continuous service (i.e. you finish with your TOC on one day and start with the new TOC on the next working day) you may retain your National and International travel passes, but you must return any local (TOC and group specific) passes to the TOC you are leaving. If you have a gap in service between working for one TOC and another TOC, you must surrender all Local, National and International travel passes to the TOC you are leaving before you leave and apply for new benefits with the new company you join. You should ensure all cards and passes are delivered securely to your HR team. There will be a gap in service if there are any business days between the date supplied to RST by your former TOC as your leaving date, and the date supplied to RST by your new TOC as your starting date.

 

[Jimstar]

See this document:

https://www.raildeliverygroup.com/files/Publications/services/rst/RST_Where_Can_I_Go_NSG_V8.pdf

Specifically:

Thank you Mag, does this apply to Network Rail and RDG (ATOC) as well, if joining them?

 

[221129]

Thank you Mag, does this apply to Network Rail and RDG (ATOC) as well, if joining them?

No. Because they do not get those facilities.

EDIT - Appears RDG do get some facilities.

 

[Jimstar]

No. Because they do not get those facilities.

I was of the impression ATOC, had all the same facilities?

 

[221129]

I was of the impression ATOC, had all the same facilities?

RDG (ATOC hasn't existed for a while now) staff get some, I am not sure if it is the same as TOCs though.

 

[Mag_seven]

I was of the impression ATOC, had all the same facilities?

I'm not sure what you are asking but we are talking about TOC employees here as per the document linked to. Employees of any other rail organisations e.g. Network Rail, a Freight Operating Company are not covered in that document. You are a current employee of a TOC aren't you and you are moving to another TOC?

 

[greatkingrat]

Hi all,

I’m moving from a TOC to another shortly and was wondering how this affects my pension and travel facilities.

Have continuous service in my current TOC since 2017, so do I keep my international rail travel benefits? And also how does it work with the pension, sorry for the ignorance here!

Thanks

By default, the old and new pension will remain separate. You can request a quote from RPMI to merge them and then the value of your old pension will become additional years in your new pension. Sometimes it may seem as if you are "losing" years when you get the transfer quote, particularly if your new role is on a higher salary, but it should be worked out so that the overall value is the same, eg if you currently have 5 years @ 40k, and your new job pays 50k, you would only get 4 years on transfer.

 

[rail-god]

Hi all,

I’m moving from a TOC to another shortly and was wondering how this affects my pension and travel facilities.

Have continuous service in my current TOC since 2017, so do I keep my international rail travel benefits? And also how does it work with the pension, sorry for the ignorance here!

Thanks

Ignorance ??

Let's be blunt here. You should be checking this out with your new TOC before moving !!!! And not an internet forum.

You could lose a lot or not.

 

[theironroad]

The railway pension scheme is made up of over 100 'sections'. Generally a individual TOC is 1 section. Normally you will be entered into the section of the TOC you are joining when you start employment.

As greatkingratbsays, you can used your old pension to 'buy' years in the new pension and then just have the one pension going.

Alternatively you can start the new job with a new pension from zero and keep the old one separate. You will then stay as a member of the old TOC section as a member with 'preserved rights'. You won't be able to contribute to it any more but it will stay as part of the scheme and you will get a pension form it when you retire, though if you've only been in the scheme since 2017 it will be marginal tbh.

However, you should give rail pensions a call and/or obtain advice from a independent financial adviser.

 

[stevieoz]

Your current pension will be frozen, i moved recently, you start a new pension and have the option to merge.
Don't hand in your priv cards to your old company or your international rail cards as rail staff travel provide these.

 

[221129]

Don't hand in your priv cards to your old company or your international rail cards as rail staff travel provide these.

As long as there is no break in service. (A break in service is defined as a gap of 1 business day or more between leaving your old TOC and starting at your new one.

 

[Eccles1983]

Ignorance ??

Let's be blunt here. You should be checking this out with your new TOC before moving !!!! And not an internet forum.

You could lose a lot or not.

Basically you can transfer your pension at a preferred rate to your new one for 18mths.

The benefits of this is that it will rise with annual pay until the day you retire.

You can keep the old one, but it won't rise in line with your wages and is preserved at the pay rate you finished with at the old company.

If there is a pay differential between the two companies then this is reflected in the offer. I got less in years when I did it but I moved to a higher pay rate.