Northern Pension Scheme (or any similar)

[Silv1983]

Hi all,

Im currently in the recruitment process for Trainee Driver with Northern. Just waiting for an interview / assessment centre date. I don't want to get too ahead of myself but it can't hurt to know the facts.

Can someone explain how the pension system works please? I know Northern pay 1.5 X your contributions but that's it! What % of a final salary is given, and is there a lump sum or just monthly payments? Are the rates fixed or is it a case of "more the merrier at retirement". Also how many years does an employee have to work to get a full pension. At 28 yrs old I like to think I've got 35-40 years in me yet!

Im currently a serving police officer with 5 years of pension contributions which I would look to transfer or "cash out" and re-invest. Obviously I know the in's and out's of the police pension system but not a scooby with private TOC's. I've tried googling without avail :roll:

Many thanks in advance.

Silv

 

[W230]

Hi all,

Im currently in the recruitment process for Trainee Driver with Northern. Just waiting for an interview / assessment centre date. I don't want to get too ahead of myself but it can't hurt to know the facts.

Can someone explain how the pension system works please? I know Northern pay 1.5 X your contributions but that's it! What % of a final salary is given, and is there a lump sum or just monthly payments? Are the rates fixed or is it a case of "more the merrier at retirement". Also how many years does an employee have to work to get a full pension. At 28 yrs old I like to think I've got 35-40 years in me yet!

Im currently a serving police officer with 5 years of pension contributions which I would look to transfer or "cash out" and re-invest. Obviously I know the in's and out's of the police pension system but not a scooby with private TOC's. I've tried googling without avail :roll:

Many thanks in advance.

Silv

Hi Silv,

I'm in exactly same boat as you (apart from i'm going to be working for a different TOC). Not sure what to do with the money i've paid into the PPS for the last 8 years and whether it's best leaving it in there or if I should transfer it to the a railway based scheme. However, I think most TOC's have a pensions department so it might be best to wait and speak to them when the time comes. Additionally, if you ring Northern they may be able to give you the info you require now.

Sorry - doesn't really answer your question!

 

[Silv1983]

Glad to hear it

Im in the NPPS so probably got a lot less saved including the 3 years less service! PM me if you ever find out.

 

[GadgetMan]

I'm sure someone will post a more specific response.

But this website might help in the mean time assuming Northern use the same pension service as most other TOCS do;

http://www.railwaypensions.co.uk/

 

[jonnyb1978]

The contributions will come out of salary weekly of 4 weekly. It will be around 10% but is different for each toc due to that section of the railway pensions performances. Also whether your salary is fully pensionable.

You can not pay any more into this but you can join brass 2 which is an additional
voluntary scheme who is part of the railway pension.

Look at this railway pension websites for more info. Also its 40 years to get your full pension.

 

[Silv1983]

Ah that's good thanks. I've done some digging on the site - which has helped somewhat. There wasn't any info on the percentage of pay which is contributed but as you've just informed me it's different for each TOC.

One thing that's confusing me is the term "Final average Salary". Which is it... average or final :roll:

 

[jonnyb1978]

It's the average of your salary over the last 3 year's before you retire .

Ah that's good thanks. I've done some digging on the site - which has helped somewhat. There wasn't any info on the percentage of pay which is contributed but as you've just informed me it's different for each TOC.

One thing that's confusing me is the term "Final average Salary". Which is it... average or final :roll:

 

[PaxVobiscum]

One thing that's confusing me is the term "Final average Salary". Which is it... average or final :roll:

(Disclaimer: I know what an actuary does (and how much they get paid) but that's about it apart from being related to one):

I believe that "Both and neither" is the answer

It is likely to be the average of your superannuable salaries over the the last x years of your employment (maybe 3 or 5 years worth.) Sometimes it is the highest average for x consecutive years during all of your pension history in that scheme. But check with somebody who knows.

EDIT: Sorry for being beaten to it but if this website would stop playing hard to get and showing error messages (see below) whenever I try to post, I could have saved everyone some electron displacement.