Pension contributions and advice for new job.

Don't know how to word this properly but going to give it a go.
I'm starting a new job in the rail industry in August and I believe they are contributing Just under 10% towards a pension, does that mean I also contrubute the same? I will be earing a minimum of £25k per year (as much O/T as I want,so wages probably different each month). I'm getting some info from my previous pension that I last paid into about 17 years ago which i guesstimate to have a few grand in it. Paid into it for a few years and I think it was a high risk investments.
With the exception of the last few years i've been mostly working part time since then, so any pension contributions have been the auto enrolment.
I believe that I can increase my contributions into something called BRASS which helps later.
Now I am almost 50, so if everything goes to plan I will be paying 17 years into a pension.

Using the tax ni calulator on this site, I will be clearing approx £1500 every 4 weeks (after taxes, pension). Also have a student loan but only pay back when I get above the threshold.

I also tried the pension calculator but that confused me, so just on the rail figures above , how much would I roughly get as a pension and how much extra into to BRASS (i'm thinking minimum of £100 per month) to get a "better" than state pension.



  • r6mile
    r6mile Forumite Posts: 181
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    I think the Railways pension may be a defined benefit scheme - if so it will likely work very differently as previous pensions of yours, as there is no "pot" as such. 

    As you are going to be a new joiner, you may be able to use your previous Defined Contribution pension "pots" to buy some defined benefit income upon retirement, which is usually a good idea. Worth getting a quote from the pension people to see if it's worthwhile.

    The BRASS is a separate "defined contribution" pension that can pay into, separate from the DB pension. This will not give you a guaranteed income like the above, but rather a proper "pot" that you can use more flexibly.
Meet your Ambassadors


  • All Categories
  • 338.8K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.7K Work, Benefits & Business
  • 600.9K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards