A guide for members - myNRpension

1 a guide for members RPS 65 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 rulesand 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 0102030405060708091011121314 Glossary4 Welcome to RPS 656 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 Combined membership24 Important notes25pageAguide for membersMore online - as you need availableRAYNG lossaryGlossaryThe CommitteeA Pensions Committee which Network Rail has set up with equal numbers ofmembers and employer s appointees dedicated to the Network Rail Section. TheCommittee 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 for members07/12 RPS 6504 | 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 75% of thesingle person s basic State Section pay will never be less than half of your pensionable pay (including allpensionable restructuring premiums).

4 If you joined the Section before 1 July 2012, please refer to the section in thisbooklet called Combined membership to see how Section pay differs for yourservice before July online - as you need availableRAYNW elcome Welcome to RPS 65 You re a member of a highly valuedpension 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 65 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 65, 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 65 pension details, and play anactive role in planning your note.

5 If you were a member ofthe Network Rail Section before 1 July 2012,please see the section Combinedmembership in this booklet for details about your combined membership in RPS 60 and RPS 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 guide for membersBenefits of membershipAguide for members0307/12 RPS 6506 | 07 Benefits ofmembership Here s the good news!You re never too young or too old to start planning your is no longer seen as the end ofthe road and many people don t want tochange their lifestyles because of becoming an RPS 65 member of theNetwork Rail Section, you have taken animportant step towards building your financialfuture. So what are the benefits of belongingto the Section?

6 Most importantly, you will get a pension forlife 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, plusother benefits such as BRASS current Rules, pensions are paid everyfour weeks into your bank can decide how to make your benefitswork best for you. For example, you can choose to convert someof your RPS 65 pension into a lump sum(currently tax-free) when you 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 tojoin the Section.

7 Contact the Network RailPensions Team if you are unsure about yourright 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 terms can be confusing, so here is aguide to the benefit types and when you canstart claiming them:Normal retirement benefitsThese can be taken at your 65th birthday(Normal Pension Age) or at any time betweenthe ages of 65 and 75. 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 theCommittee provides evidence that youcan t work in your current job or anyother suitable job (other thantemporarily); you are under age 65; and you apply within a year of leaving workwith Network you are under 65 and start working againwhile claiming ill-health benefits, yourpension may be reduced or suspended,depending on: your earnings; or if the Committee receives medical advicethat you are able to earn an you reach 65 you can claim the fullpension again, even if you carry on working.

8 a guide for members applying forincapacity benefits RAYNA guide for members07/12 RPS 6508 | 09 Preserved benefitsIf you leave the Scheme before you are ableto 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 underthe Pensions (Increase) Act 1971 and inaccordance with Scheme Rules, from thedate that your membership ends. These benefits can be paid from age 65without any reduction; or they can be left inRPS 65 up to age 75 if you wish. If you decideto take your benefits after age 65, yourbenefits will be increased to reflect the laterpayment will also be covered for dependants benefits, although any lump-sum death benefitis likely to be a lot less than when you were acontributing 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 outsidethe RPS.

9 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 another Section. a guide for members transferring fromone section to another Transferring benefits in from outside the RPSRPS 65 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-in fromthe NRDC and CARE Schemes would be investedin BRASS only. At retirement you can use thesefunds to provide a cash lump sum (up to HMRC 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 amember of RPS you are a protected person or have an indefeasible right , under the Railways Act1993, you will continue as a member of the Scheme.

10 Your new rail employer mustgive you the option of joining their Section of the will contact you once your newmembership is set up, and will send youtransfer information about your pensionoptions within six months of youremployment transfer. Your Protected Rights If you work are entitled to the same benefits as yourfull-time colleagues, based proportionately on your part-time hours (compared to the full-time hours) for your job. For example:ill-health benefits:The number of years membership you need to qualify for these isnot affected by the number of hours you benefits:The amount ofbenefits is calculated based on your part-time : These are calculated usingthe equivalent full-time rate of Section payfor your job, but reduced in proportion tothe hours you :You are entitled to the same terms asyour full-time colleagues.