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TFW Pension

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Boydy

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Hi all. Posting this as the info online is quite hazy. Does anyone know any details about the Transport for Wales pension?

Is it still a final salary scheme for new entrants?

Can you make extra contributions to boost your pension?

Can you retire at 60?
 
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greatkingrat

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While you can retire at 60 if you want to (or at 55) your pension will be reduced. The default retirement age is now 62.
 

Efini92

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You’ll lose a percentage if you retire before 62. I’m sure when it changed it worked out about 30%

edit: 28% to be precise
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Efini92

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I thought it was 62. I’ve asked the question and will let you know the answer.
 

mstrwvr

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Just curious: is there some kind of minimum service to get a final salary pension? I'm assuming you can't join the company when you're 64 work for 12 months and then retire on full whack til the end of your days?
 

Coach Carter

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Just curious: is there some kind of minimum service to get a final salary pension? I'm assuming you can't join the company when you're 64 work for 12 months and then retire on full whack til the end of your days?
When they say final salary pension they mean it is worked out on your final salary not that when you retire you will keep getting payed what you were on when you finished. I imagine the TfW one will be worked out similar to ours. So for us it’s your final salary minus the state pension amount, then you divide that by 60 and for each year you have worked you get 1/60th.
So if you final salary after taking off the state pension amount was £50k and you worked 30 years you would get a pension of £25k.
This is just a very rough example based on our section at west mids.
 

mstrwvr

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When they say final salary pension they mean it is worked out on your final salary not that when you retire you will keep getting payed what you were on when you finished. I imagine the TfW one will be worked out similar to ours. So for us it’s your final salary minus the state pension amount, then you divide that by 60 and for each year you have worked you get 1/60th.
So if you final salary after taking off the state pension amount was £50k and you worked 30 years you would get a pension of £25k.
This is just a very rough example based on our section at west mids.

Ah, thank you.
 

sw1ller

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Im sure it’s not RPS 65 for new members, it definitely was/is for those who joined in 2004 like me.

I joined 2016 and I can go at 62 with no penalty. Either way, you can still retire at 60. Just thought I’d give a simple answer on this forum for a change.
 

theironroad

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Different sections of the railway pension scheme may have different rules. A 'section' may cover a whole TOC or a whole railway business.

I think that chart in post #6 may be for a specific section.

Certainly on SWR the age which you could take your pension with no discount was increased from 60 to 62 a few years ago.

I think those 'protected' which was a date in the 1990s may be exempt.

The schemes normally allow you a pension to be taken at 55 (with a big discount) . Again, some people have a separate protection which allows the pension to be taken at 50 but with discount .
 
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