Pension advice. Keeping DB or move to AVC

jamesd

Better to have the guarantee. If you want non-guaranteed you can put extra money into a personal pension. That would also get you all of the normal personal pension freedom to take the money at any age after 55.

scottishgraeme

Hi Empty pockets, I don't normally post on here, I am an IFA who has worked with the railway industry since 98, I do railway pension presentations around the country through Rail Union Learning requested by ASLEF. (Drivers Union) I don't have much time just now, but what your describing doesn't sound right to me, however I'm guessing its Network rail? and your not a protected member. its very difficult to get information at times. have you completed a request for a pension transfer illustration ? you should also clarify which BRASS you are going into BRASS 3 ? and what benefits at retirement you would receive. Some BRASS has a 12:1 conversion rate depending on your employment contract and for others its a cost neutral conversion to income. As a previous poster has indicated it is a very limited fund choice. It seems unlikely that your previous DB scheme would go into BRASS (I may be wrong) Speak to RPMI (railway pensions) with your pension ref number and ask what conversion rate from BRASS you would get? (you may be told BRASS is paid as a tax free lump sum) which is true in some cases depending on how you take benefits, you need to dig a bit deeper, without the full facts its difficult to help any further but I would exercise caution at this point! I'm working with Thames link and and East coast today in Kings Cross and I need to go now. sorry its brief if, If can be any further help drop me a line.
G

xylophone

I've just joined RPS 65.

Scheme Booklet here http://www.mynrpension.co.uk/media/1518/RPS-65-NR-Scheme-booklet.pdf

samsmoney

hello, I have the same issue but am unclear whether I should leave CARE or join RPS65. They are both defined contribution, miminal impact on contribution rates. The former is a career average and the latter, salary in your last year. I am unlikely to get a large salary hike and want to stay in Network Rail. Should I be transferring over?

thanks