A guide for members - myNRpension

1 a guide for members RPS 60 DisclaimerThe information provided in this guide is intended for general information and illustrative purposes. Your benefits will be worked out in accordance with and subject to the governing trust deed and rulesof the Network Rail Section of the Railways Pension Scheme and relevant every effort has been made to ensure the information given in this guide is accurate, none of theinformation given can give you, or your beneficiaries, legal rights to benefits that differ from those provided inthe pension trust and rules. The Trustee, Network Rail and RPMI give no warranty and accept no responsibility forthe accuracy of the information provided, or for your reliance on that information. Therefore, the informationprovided should not be relied upon to make investment or other 02 Contents 01020304050607080910111213 Glossary4 Welcome to RPS 606 Benefits of membership7 Benefit types8 Cost10 Saving more12If things change14 Benefits for dependants16 Take control18 Your tax limits19 Thinking about retiring?

2 20 Options at retirement22 Important notes25pageAguide for membersMore online - as you need availableRAYNG lossaryGlossary01 Aguide for membersThe CommitteeA Pensions Committee which Network Rail has set up with equal numbers ofmembers and employer s appointees dedicated to the Network Rail Section. The Committee works with the Trustee to manage the Network Rail Section for you and your average basic State PensionThe single person s basic State Pension averaged over the 12 months before you:take your benefits; leave the Section of your Scheme; or die; whichever is average pensionable payYour pensionable pay averaged over the 12 months before you: take your benefits;leave the Section of the Scheme; or die; whichever is payYour yearly rate of pensionable pay on each 1 document which sets out in detail how the Network Rail Section of the Schemeworks and what benefits are SectionThe Network Rail Section of the Railways Pension Railways Pension Trustee Company RPS 6004 | 0501 GlossaryMinimum Pension AgeThe earliest age at which you can apply to take your pension benefits.

3 Generally, ifyou were a member of the NR Section or any other section of the Railways PensionScheme on 5 April 2006, you may be able to claim your pension benefits from age50 if you apply for immediate payment on leaving employment. If you weren t amember on this date, your Minimum Pension Age will be 55. You can check this with Restructuring PremiumThis is part of your pay which is treated as pensionable from a certain Restructuring Premiums (PRPs) are used to calculate contributions andbenefits payable from the PRP only affects benefits accrued from the date it payPensionable pay (including all pensionable restructuring premiums), less 150% of thesingle person s basic State Section pay will never be less than half of your pensionable pay (including allpensionable restructuring premiums).

4 More online - as you need availableRAYNW elcome Welcome to RPS 60 You re a member of a highly valuedpension guide for membersSo how do you feel about retirement? Is it still a long way or approaching fast? And what does it mean to you? Chances are,you haven t given it much thought becauselife s busy enough as it s why it s important for you to readthrough this RPS 60 guide when you ve got July 2012, Network Rail introducedimportant changes to its Section of theRailways Pension Scheme (RPS) to ensure it remains affordable and guide includes lots of useful informationabout getting the most out of your pension,the benefits of belonging to RPS 60, andanswers to your important you see this symbol , it meansmore detail is available in Read As You Needleaflets on can also register on this website to viewyour RPS 60 pension details, and play anactive role in planning your you have a general query about yourpension, please call the Helpline on 0800 2 is the perfect time to startgetting the most out of tomorrowby planning for it of membershipAguide for members0307/12 RPS 6006 | 07 Benefits ofmembership Here s the good news!

5 You re never too young or too old to start planning your is no longer seen as the end of the road and many people don t want to change their lifestyles because of becoming a member of the Network RailSection, you took an important step towardsbuilding your financial future. So what arethe benefits of belonging to the Section?Most importantly, you will get a pension for life when you retire (exceptions such as opting-out are explained later in this guide ).The amount you get depends on: how long you have been a member of the Section; and your final average pensionable pay, plus other benefits such as BRASS current Rules, pensions are paid everyfour weeks into your bank can decide how to make your benefitswork best for you.

6 For example, you can take a cash lump sum(currently tax-free) when you retire and youcan choose how much you want to take, upto 25% of the value of your benefits (subject to HMRC limits). Your regular pensionpayments would be adjusted accordinglydepending on how much cash lump sumyou choose to can also top up your benefits throughBRASS, which is the Additional VoluntaryContribution (AVC) savings facility for the RightsIf you were a member of the British RailPension Scheme on or before 4 November1993, you may have certain legal rights to jointhe Section. Contact the Network Rail PensionsTeam if you are unsure about your right to join. Your Protected Rights .RAYNB enefit types04 More online - as you need availableRAYNB enefit typesYou may be eligible for differenttypes of Scheme benefits,depending on when you retire orchanges in your circumstancesA guide for membersThese terms can be confusing, so here is aguide to the benefit types and when you can start claiming them:Normal retirement benefitsThese can be taken at your 60th birthday(Normal Pension Age), or at any timebetween the ages of 60 and 75.

7 Early retirement benefitsYou may qualify for early retirement from age55, or 50 if you have a Protected MinimumPension Age, but your benefits will bereduced compared to what you would get atyour Normal Pension Age. Ill-health benefitsIf you retire through ill-health, you can applyfor your benefits if: you have been in your Section for at leastfive years, or have at least five years membership in the Section (includingtransferred membership); a medical expert chosen by the PensionsCommittee provides evidence that youcan t work in your current job or anyother suitable job (other thantemporarily); you are under age 60; and you apply within a year of leaving workwith Network you are under 60 and start working againwhile claiming ill-health benefits, yourpension may be reduced or suspended,depending on: your earnings.

8 Or if the Committee receives medical advicethat you are able to earn an you reach 60 you can claim the fullpension again, even if you carry on working. a guide for members applying forincapacity benefits .RAYN07/12 RPS 6008 | 0904 Benefit typesPreserved benefitsIf you leave the Scheme before you are able to receive your benefits, you become a preserved member. This means you don tpay any more contributions and you don tbuild up any more benefits in the , your preserved benefits increaseeach April in line with Orders made under the Pensions (Increase) Act 1971 and inaccordance with Scheme Rules, from the date that your membership ends. These benefits can be paid from age 60without any reductions; or they can be left inRPS 60 up to age 75 if you wish.

9 If youdecide to take your benefits after age 60,your benefits will be increased to reflect thelater payment will also be covered for dependants benefits, although any lump-sum deathbenefit is likely to be a lot less than when you were a contributing can apply to transfer your preservedbenefits to another registered pension benefitsTransferring-outPreserved members may be able to transfertheir benefits to another Section within theRPS or to a different pension scheme outsideof the RPS. A transfer-out would include thevalue of your BRASS account (if applicable)up to the date of benefits in from another RPS SectionYou can transfer-in benefits from anotherSection. a guide for members transferring from one section to another.

10 Transferring benefits in from outside the RPSRPS 60 does not accept transfers-in fromexternal pension schemes with the exceptionthat the NR Section will accept transfers-infrom the Network Rail Defined ContributionPension Scheme (NRDC) and the Network RailCARE Pension Scheme (CARE). Transfers-infrom the NRDC and CARE would be investedin BRASS only. At retirement you can use these funds to provide a cash lump sum (up toHMRC limits), or convert to additional transfer of employment (TUPE)If your job is transferred to another employer,because of a contract or business sale orchange in franchise, you can no longer be a member of RPS you are a protected person or have an indefeasible right , under the Railways Act 1993,you will continue as a member of the new rail employer must give you the optionof joining their Section of the will contact you once your newmembership is set up, and will send you transferinformation about your pension options withinsix months of your employment transfer.