my rps section pay

Discussion in 'Railway Jobs & Careers' started by dozzer, 11 Aug 2015.

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  1. dozzer

    dozzer Member

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    Hi i just wondered if anyone can clarify for me what section pay is according to the myrps website, it says my section pay is a lot lower than my salary and im unsure of whether pension is paid only on part of my salary or if there is a mistake being made.

    im a fairly new member so am a little unsure and dont know if i need to contact them to correct it or if its right and i ust got mixed up as i was expecting to have a much larger porttion of my wages being invested into the pension.

    Any info would be great.

    thanks
     
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  3. ComUtoR

    ComUtoR Established Member

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    RPS have always been pretty decent when I have rung them. Give them a call and they can explain it all to you. There is a glossary (iirc) on the rps website and you should have a welcome pack (if your new) with all the relative information.

    http://www.railforums.co.uk/showthread.php?t=118745

    That was a good thread and worth a quick read too.
     
  4. Andrew1395

    Andrew1395 Member

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    Section pay is adjusted for the impact of receiving a state pension. It is explained on the pensions website
     
  5. SkinnyDave

    SkinnyDave Established Member

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    What happens when you change TOC? Do you keep your existing pension where it is or do you transfer your pension to new TOC's section?
     
  6. theironroad

    theironroad Established Member

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    Sometimes not all pay is pensionable, many rps schemes have 'restructuring premiums'. For newer members to the railway, pay is often 100 per cen pensionable but either call rps or look at your annual pension estimate. If you've lost it, it can all be accessed online once you've signed upto the online account.

    Pensions can be transferred. You can buy in to the new section, you will be given a quote as to how many years of the new scheme that your existing pot will buy. You can also opt for 'preserved rights' which means you stop contributing to your existing scheme and can start again in a new scheme. It is important to take impartial, professional advice.
     
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