Considering joining UNPUBLISHED

Why you might want to consider membership of an excellent pension fund…

Retirement may seem like a long way away for some, but as people are living longer there is a possibility that people entering the workplace now will draw their pension for as long as, or longer than, they paid into it.

To achieve the level of income needed to enjoy a long and enjoyable retirement, you should play an active part in your pension planning to ensure you save enough along the way. Individuals must take responsibility for themselves – it’s not easy to live comfortably on the basic State Pension. So consider your lifestyle now, including all the practical needs such as bills which sadly don’t go away after retirement, as well as the things that make life good, such as the odd meal out, a holiday, or occasionally more substantial needs such as a new car.

An occupational pension scheme is a valuable benefit provided by employers. If you are considering joining the Railways Pension Scheme (RPS), make sure that you understand how it works and how you can get the most out of it.

Do you understand the benefits you could build up and what they cost?

RPS benefits generally include:

  • You can retire between age 55 and your maximum pension age.
  • Pension that is paid for life.
  • Tax-free lump sum on retirement.
  • Opportunities to save more in a tax-efficient way by paying additional voluntary contributions (AVCs).
  • Potential for ill health benefits, subject to certain conditions.


But don’t forget about the benefits of being in the Scheme:

  • The cost to provide the benefit is linked in part to your salary and is shared between you and your employer.
  • Contributions are deducted before income tax is calculated, reducing the amount you pay in tax.
  • Death in service lump sum (Remember to complete a nomination form to help the Trustee decide who should receive it).
  • Potential for pensions to be paid for spouses or children.


Your pension needs will be as unique as you are. It’s never too late to take action, but the sooner you start, the more you can achieve over time.

  • © Railway Pensions Ltd 2019. Registered Office: 7th Floor, Exchange House, 12 Exchange Square, London, EC2A 2NY
  • Railway Pension Investments Limited (RPMI Railpen) is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPMI Railpen's authorisation and regulation by the Financial Conduct Authority are available from us on request.
Contact RPMI
Tel: 0800 2 343434
Helpline Number for non UK residents: +44 1325 342800
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