N R Pension

[mac]

I'm a signaller who's done 5 years and now joined the railway pension so have been sent forms to fill in and don't really understand 2 of them. First one is a Transfer Request which I think is about the NR pension I've had for the last 5 years, and then I've got a Transfer in form. I've really no idea what to do with them could someone offer any advice

 

[thecrofter]

Of course Pension advice should only be given by a qualified adviser. That said, as a Railway Pensioner myself, I would hazard a guess that you've been in the NRDC (Network Rail Definded Contribution) scheme up until now (is it still just 4% member contribution?) and you have the one and only offer (used to be a 3 month window?) of transfering into the Defined Benefit RPS65 Final Salary Scheme (Railway Pension Scheme 65 - as opposed to the aged 60 scheme [RPS60] which is now closed to new members). Alternatively I beleive you could transfer to the NR CARE scheme (Career Average Related Earnings) that offers a different long term benefit for a reduced contribution. In general terms, a Final Salary Scheme is deemed preferable for the obvious reasons (great if you can get the full 40 years service in as in theory you should get 2/3rds of your final salary!) but you pay a much higher contribution (and so does your employer) as a result. Only you can make that choice based on your own personal circumstances.

 

[mac]

Thanks for your reply I've already agreed to join the RPS65 but have now had these other forms that I'm unsure about

 

[CJK64]

Can’t beat The Brass Pension. Tax free savings account..

 

[Mag_seven]

Of course Pension advice should only be given by a qualified adviser.

When I worked for the railway, one would come round and visit workplaces. They would be fully clued up on things peculiar to the railway pension schemes like BRASS etc. Doesn't seem to happen now?