'BRASS' payments

denton007

hello all.:beer:

I am a member of the final salary pension scheme (Railway Pension Scheme). I am just finding information on making extra voluntary payments. Can anyone explain how BRASS works, do your extra payments go into funds (Stocks & Shares), or into your pension scheme.

Is it worth paying into BRASS, I currently pay into my current pension scheme around £40 per week, and looking at the predicted pension estimation when I retire aint bad at all.

any help would be helpfull
cheers:D

DiggerUK

denton007,
Problem is, once your cash is in the additional pension scheme it is stuck there till 55 when you can only get 25% back in cash. In between time, if the investments in the pension go belly up, your stiffed.
Best options for retirement cash that will leave you in total control, with access at any time, is NSI Index Linked, Gold, S&S ISA's.
Cash ISA rates are falling behind price inflation at moment, but keep an eye on them for future.
Best of fortune.

dunstonh

Is it worth paying into BRASS, I currently pay into my current pension scheme around £40 per week, and looking at the predicted pension estimation when I retire aint bad at all.

It depends on your personal circumstances and objectives. An S&S ISA may be better or a personal pension. Or if you are married you may consider your spouse as you dont want to be lop sided on retirement provision. You also have to consider tax relief now and your taxation in retirement and if you are going to see your age allowance removed or not.

Any provision you make extra for your retirement is good. However, the optimal way is impossible to say without knowing your personal circumstances.

Ignore Digger. His post is technically incorrect in some bits and totally wrong in others. Anyone that tells you not to invest in a pension but to use S&S ISAs because your investments may go belly up in your pension clearly hasnt got a clue.

jonnyb1978

DiggerUK wrote: »

denton007,
Problem is, once your cash is in the additional pension scheme it is stuck there till 55 when you can only get 25% back in cash. In between time, if the investments in the pension go belly up, your stiffed.
Best options for retirement cash that will leave you in total control, with access at any time, is NSI Index Linked, Gold, S&S ISA's.
Cash ISA rates are falling behind price inflation at moment, but keep an eye on them for future.
Best of fortune.

Can i add that the BRASS AVC actually gives you back 100% as a tax free lump sum not 25%. There is a cap on this and any extra goes on top of your normal pension. But that cap is pretty high unless your paying in near enough your maximum entitlement.

bigbloke45

jonnyb1978 wrote: »

Can i add that the BRASS AVC actually gives you back 100% as a tax free lump sum not 25%. There is a cap on this and any extra goes on top of your normal pension. But that cap is pretty high unless your paying in near enough your maximum entitlement.

Check this link out.

https://forums.moneysavingexpert.com/discussion/484400

testertrev

jonnyb1978 wrote: »

Can i add that the BRASS AVC actually gives you back 100% as a tax free lump sum not 25%. There is a cap on this and any extra goes on top of your normal pension. But that cap is pretty high unless your paying in near enough your maximum entitlement.

I don't think you are correct, the BRASS funds are added to your railway pension and then you can take 25% of that.

http://www.railwaypensions.co.uk/content.aspx?Id=252