Sorry. Another combine Pension thread

Rjhsteel

Advice needed please.

I currently have a final salary pension with my current employee and a previous final salary pension from the employee before them.

Both on the railway and in the same scheme.

Would it be best to combine them?

And also have a older Navy pension which i paid into for just 4 years.

Thanks.

hyubh

Rjhsteel wrote: »

I currently have a final salary pension with my current employee and a previous final salary pension from the employee before them.

Both on the railway and in the same scheme.

If you can, edit the title of this thread to be 'internal transfers within the Railways Pension Scheme' or somesuch - the terms of transferring between RPS sections will be specific to the RPS (and perhaps even the particular employer section you would be transferring into), so you need this context to stand out to have chance of a decent reply.

That said... checking the website, I see this on the FAQs page (Final salary active members -> Transfers in and out):

Yes! You can transfer benefits from another RPS section into your new employer’s section. To do this you need to complete an intersection transfer form, which you can download in our 'Forms' ​section.

https://www.railwayspensions.co.uk/resources/faqs?/fs-active-members-transfers-in-and-out/can-i-transfer-my-pension-benefits-from-another-rps-section-into-my-current-rps-employer-s-section

Would it be best to combine them?

Will depend on the terms. If the service comes across like-for-like, then fundamentally you need to comparing your likely end pensionable salary in your current job, in today's money, with the pensionable salary you left the old job on, increased by inflation to be in today's money too. The situation will be very similar to the LGPS threads on combining pensions, with similar secondary considerations (e.g. ill health retirements).

That said, to understand what the terms actually are, give RPMI (= the administrator) a call or email -

https://www.railwayspensions.co.uk/resources/contact

And also have a older Navy pension which i paid into for just 4 years.

From the FAQ again:

Possibly – the majority of sections will not allow you to transfer in pension benefits built up outside of the RPS into your current employer’s RPS section.

You can find out if your section allows this in your 'Member guide' which you can access in 'My library' by registering or logging into myRPS.

So, the chances are an external transfer in wouldn't be possible, though you need to confirm for your particular section.

Silvertabby

Rjhsteel wrote: »

Advice needed please.

I currently have a final salary pension with my current employee and a previous final salary pension from the employee before them.

Both on the railway and in the same scheme.

Would it be best to combine them?

And also have a older Navy pension which i paid into for just 4 years.

Thanks.

I'll leave your Railway pensions questions to those in the know - it seems to be even more complex than the LGPS !

However, in the case of your RN pension, when did you leave? If it was before 6 April 1988, then I'm afraid you won't have qualified for a deferred pension as you would have needed to have accrued at least 5 years pensionable service (from age 18). If you left after 1988 then you must have accrued at least 2 years full service (again from age 18).

If you do have a RN pension, then it may only be transferred into another DB (ie, final salary or CARE) scheme - if that new scheme accepts transfers in.

Otherwise, you will need to actively claim it from age 60 (the AFPS won't contact you).