How do I find out my UK Rail pension?
You can find this on the 'Membership details' page, under the 'My Pension' section of myRPS or on any correspondence from Railpen about your RPS pension. Please note that telephone calls may be recorded.
Can I cash in my railway pension?
a pension pot made up of your defined contribution benefits and investment returns. When you retire, you can take this pot as cash, an annuity, a series of lump sums (known as drawdown) or keep it invested. a lump sum which is currently tax-free when you retire.
When can I claim my railway pension?
If you decide to carry on working you may be able to start claiming your pension at any time from age 55. However this will be reduced if it is claimed before NRA. You could also decide to retire, but then change your mind and return to work at a later date.
How do I claim my railway pension?
You can:
- claim your preserved benefits when you reach your normal retirement age (you can check your normal retirement age by logging into your myRPS account or calling the Helpline on 0800 012 1117.
- claim your benefits early. ...
- postpone taking your benefits when you reach normal retirement age.
Is my railway pension lump sum taxable?
Lump sum. The amount you can take as a one-off tax-free payment when you retire. You can take up to 25% of your pension savings as a lump sum when you retire.
What type of pension is a railway pension?
It is sometimes called a 'company pension', an 'occupational pension' or a 'works pension'. It's tax efficient - as the money you pay in, or contribute, to your pension is taken from your salary before tax is deducted, reducing the overall amount of tax you will pay on your salary.