NON-PROTECTED MEMBERS
Employed after 4th November 1993.
The normal retirement age is 62.

PROTECTED MEMBERS
Were employed by British Rail on or before the 4th November 1993.
Protected status can be lost, and is lost when members take voluntarily employment with Network Rail.
The normal retirement age is 60.

INDEFEASIBLE RIGHTS

Indefeasible Rights is the statutory right to continue to be a member of the RPS.
An RPS member has Indefeasible Rights if:

• they were a member of the British Rail Pension Scheme and employed by the British Rail Board on 4th November 1993
• they were not employed by the British Rail Board but have since exercised a statutory or contractual right to return to employment within the rail industry AND joined the British Rail Pension Scheme during their last employment with British Rail.
  

The Indefeasible Right can be lost if a member works outside of the rail industry for a period of more than six months.

Pay awards will be capped at RPI plus 0.25% for past and future pension service; any exceeding awards will apply only to future service from the date of award. This applies to all active members.

Pensionable Pay & Section Pay
Pensionable pay is the basis for your pension, including regional allowance, excluding overtime.
Section pay is what your pension contributions are based on, calculated as pensionable pay minus 1.5 times the basic state pension.

Pensionable pay is updated annually on 1st April, with adjustments effective from 1st July, affecting contribution rates and pay increases.
All contributions to your pension and BRASS from you and your employer are tax-free.





BRASS is an AVC (Additional Voluntary Contribution) scheme for the Railways Pension fund, allowing you to boost your pension benefits. Contributions are tax-efficient, with a minimum of £2 weekly.The maximum annual contribution varies. For a rough idea, you can work out the work out the following sums;

1. 20% of your salary + London allowance (does not include retention)
2. 15% of your estimated gross salary (which includes everything)

Then minus your normal pension contribution which varies depending on whether you're protected or non-protected. Rule Contact Pensions@swrailway.com for details.

Please note that funds are subject to market influences, both domestically and globally. Long-term investments generally tend to overcome market fluctuations.

To join or change your BRASS contributions, fill out the form (PM603). To select your funds, use form (PM84).





This is an optional additional voluntary contribution you can make once your BRASS limit is reached. Contact Pensions@swrailway.com for details.





Click here to view.





01 March 2016

"A GUIDE TO PENSION CHANGES" A video has been posted on the RPS website and on The Platform.

"AN END TO CONTRACTING OUT" A video has been posted on the RPS website.

With the introduction of the Single Tier State Pension "New State Pension" from April 2016, the rules of the SWT section will be changed. A 60 day consultation letter and a Q & A information sheet has been sent to all *active members.

NON PROTECTED MEMBERS (joined after November 1993) the normal retirement age will increase to 62. If you wish to retire before age 62, your pension will be reduced. The contribution rate will fall from 11.12% to 8.48% ( a 23.7% reduction in the amount you pay each month) non protected members make up 81% of the active membership of the SWT section. Also National Insurance Contibutions will increase by 1.4%.

PROTECTED / INDEFEASIBLE RIGHT MEMBERS (joined before 4/11/93) the normal retirement age will remain 60. The contribution rate will fall from 11.12% to 9.52% ( a reduction of 14.4% in the amount you pay each month) protected / indefeasible right members make up 19% of the active membership of the SWT section.
If you plan to retire after age 62 or wish to benefit from the lower contribution rate (8.48%), RPMI will be sending a one-off irrevocable option to accept "age 62". All other aspects of your "protection" will remain unchanged.

Pay awards will be capped at RPI plus 0.25% for past and future pension service, awards above the cap will be for future pension service only from the date awarded. This applies to all active members.

* An active member is one that currently contributes to the SWT section of the RPS.

If you have any further questions, phone the pensions hotline on 0207 620 5898 or email pensionsquestions@swtrains.co.uk





Pensionable pay is what your pension will be based on, it includes Regional allowance, overtime is not included.

Section pay is what your pension contributions are based on, section pay is pensionable pay less 1.5 times the basic state pension.

Pensionable Pay is recorded @ 1st April each year, everyone's record is updated by 1st July, hence contribution rate changes and or pay increases are introduced from 1st July each year.
The contributions paid by you and the employer into your pension are Tax Free.

BRASS contributions are also Tax Free.





What is pension liberation ?? The transfer of pension savings to a new arrangement to access funds before minimum pension age. Once transferred some of the cash is paid to the individual. Sometimes under a loan structure. Often invested in highly questionable investment structures, frequently based overseas. Members misled regarding the consequences.
The consequences : High fees 20%+, Tax charges 55% and poorer in retirement.
HMRC rules do not allow early access to your pension.
In 2010 liberated funds amounted to £25m by 2011 this rose to £200m.
How are you targeted, persuaded to transfer your pension to a new arrangement by text, websites, adverts or cold call.
Don't be fooled into giving away 75% or more of your pension for a short term gain.





If you die while employed your nominees may receive 4 times your salary tax free by completing a death in service nomination form. If your circumstances change divorce, separation etc, it is essential to complete a new nomination form, otherwise your loved ones may have to wait a very long time and not to mention a long drawn out probate case.


NEW : Complete death in service nomination form on-line
You may now complete and submit your nomination form on-line by signing in to the railwayspensions.co.uk secure website.

If you are not happy updating you details on-line, don't panic as you can still fill in a form and post it in the traditional way. Please note that the latest form no longer requires the signature of a witness.
Nomination forms can be obtained from

• the Waterloo LDC office
• your Branch Secretary
• or click here to download the form on PDF (Adobe reader)

*DO* keep your nomination details up to date. If you've never completed a form or need to amend, complete the form today. Tomorrow may be too late!!!





External Transfer In.
The SWT section of the Railways Pension Scheme does not allow you to transfer in your external pension.

Section Transfer within the Railway Pension Scheme.
To download a form to transfer membership of a previous section of the Railways Pension Scheme to your current section click here.




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