Fratton Guard?
Member
Hi, could anyone out there tell me what type of Pension SWR have for new starters please. Also what is the maximum % contribution you can make and what SWR/First contribute in return
Thanks
Thanks
ThankyouYou usually get all the pension details when your contract of employment comes through
Thank you, any idea what the contribution rate is for Commercial Guard?
Thanks again
Hi Nick hope your doing well, have you heard anything from SWR with regards to a start date yet?Hi, could anyone out there tell me what type of Pension SWR have for new starters please. Also what is the maximum % contribution you can make and what SWR/First contribute in return
Thanks
Thankyou Watershed, very helpfulThe SWR (Defined Benefit) scheme has a normal retirement age of 62 (for non-protected members), with an employee contribution rate of 8.48%. Note that contributions (and benefits, ultimately) are calculated based your pensionable pay less 1.5× the basic state pension.
See here for the scheme guide which explains it all.
Hi Danny,Hi Nick hope your doing well, have you heard anything from SWR with regards to a start date yet?
Worth noting that the reason that BRASS2 is so attractive is that, on retirement, you can convert your money into an increased RPS pension at a ratio of 12:1, i.e. 8.3%.You will receive information from the Railway Pension Scheme soon after joining the company. You can make Additional Voluntary Contributions in the form of BRASS2 (Which stands for British Rail Additional Superannuation Scheme 2).
There is a limit to how much you can pay into this, which is that your normal pension contributions and BRASS2 contributions COMBINED can be upto 20% of your pensionable salary or upto 15% of your pay including overtime and any enhancements (you really have to be caning the overtime to get near this though - it's really for people with a low wage and lots of enhancements for Saturdays/Sundays/Nights where their grade has never been restructured and is still like the old days.)
There are different funds for BRASS2 each with a different amount of risk, where you can assign how much % to put into different ones.
If you really want to save for your pension and have maxed-out your BRASS2 payments, there is something called AVC Extra for you to save even more aside.
I would recommend BRASS2 as something to save into - if you are a trainee then put some in at the earliest opportunity, and then when you pass out and go onto full pay for the role, whack it up then. It's a good time to as you won't miss the money if you never have it in your pocket to start with.
Worth noting that the reason that BRASS2 is so attractive is that, on retirement, you can convert your money into an increased RPS pension at a ratio of 12:1, i.e. 8.3%.
That's really good. So I'm assuming that I will be paying RPS 8% and can top up a further 7% with BRASS. Can I ask what percentage SWR pay in on the RPS, is it matched or enhanced at all
Thanks again
The SWR (Defined Benefit) scheme has a normal retirement age of 62 (for non-protected members), with an employee contribution rate of 8.48%. Note that contributions (and benefits, ultimately) are calculated based your pensionable pay less 1.5× the basic state pension.
See here for the scheme guide which explains it all.
Your maximum BRASS contribution is likely to be quite a bit more than that - the maximum contribution is as set out in the 'Read as you need' guide:That's really good. So I'm assuming that I will be paying RPS 8% and can top up a further 7% with BRASS. Can I ask what percentage SWR pay in on the RPS, is it matched or enhanced at all
Thanks again
Normal contributions are calculated based on pensionable pay less 1.5× the basic state pension, hence that "8%" would be closer to 5-7% depending on your exact salary. So you could pay in somewhere up to 13-15% of your pensionable pay.The most you can contribute to BRASS each tax year is the higher of either 15% of your gross pay or 20% of your pensionable pay, less the amount you already contributed in normal contributions to the Scheme.
Any automatic retirement age would be role specific (e.g. down to medical requirements), not from the pension side of things. If you want, you can stop contributing to your pension before you retire, and can even start taking it whilst still in employment.Excellent. Thank you all, that's all my questions answered.
Sorry I'm back, does this mean I will have to retire from SRW at 62?
Thanks