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Railways Pension Scheme

Your Pension Information

If you require information about your Railway Pension you can access it via any of the following:
1) Call the Customer Help Line on * ; 0800 012 1117
2) Write to Customer Services at * ; Pensions Management
P.O.Box 300,
DL3 6YJ.
3)Log on to ** ; https://member.railwayspensions.co.uk/
*  You will need to quote your name, national insurance number, pensions reference number.
** You need to Re-register, as the excellent website from 2015 has been replaced by one that isn't great.

** Once Reregistered you will be able to view variable retirement age, lump sum and pension based on your current salary. The old site had a lifestyle planner, that has now gone but hopefully will return at some point. You can still find information on BRASS with regular updates on investment. You can fill in a death in service nomination form.
You can also view your pensionable salary history, including your contribution rate and amount, and your AVC (BRASS) history.

The draft results of the 2016 valuation has shown that the SWR section is 112% funded. This shows a surplus in our section. However, it must be noted that many financial experts are predicting trouble in the financial markets, in the very near future. This is still good news, considering the position the scheme was in at the last valuation in 2013, showing a large deficit.

Brass is the AVC (Additional Voluntary Contribution) of the Railways Pension fund, ie a way to increase your pension benefits. It is tax efficient as you don't pay tax on your contributions. The minimum contribution per week is £2.
The current maximum is different depending if you're protected or non protected. They are as follows.

Protected £112.80
Non Protected £125.84

It should be noted that the funds are subject to market forces, both in the UK and worldwide. Long term investments however, are generaly expected to overcome market variences.

You will need form ( PM603 ) to join or alter the amount you pay into BRASS. In addition form ( PM84 ) is where you choose your funds.

AVC Extra
This is an additional voluntary contribution that you may subscribe to over and above your allowed percentage contribution.

My name is Mark Prenter I have been appointed by RPMI as the pensions committee trustee representative of the drivers constituency on SWT.

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.

A revised pensions website is now available. To REREGISTER, you need your pensions reference, email address, N.I No. , and date of birth. A short form needs to be filled in, including your email address, create a password and answer a security question.
A unique PIN will be emailed and you will have an opportunity to change it to suit you.
There is a wealth of info available incl. "Your salary history with Pensionable pay and Section pay".

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.

-- Information supplied by Mark Prenter SWT Pensions Committee Trustee--