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<p>If you’re no longer paying into the Railways Pension Scheme (RPS) and you have not taken your IWDC pot, you’re classed as a preserved member.<br></p><p>You might be a preserved member if you still have savings in the Scheme, but you might have previously:</p><ul><li>changed job or employer,</li><li>decided to opt out of the Scheme, or </li><li>stopped making contributions to the Scheme <br></li></ul><p>But it’s important to remember that as a preserved member, you still have savings in the Scheme. <br></p><p>The savings that you built up during the time that you were contributing to the Scheme are still yours, and they will stay <em>preserved</em> in the Scheme until you’re ready to take them. That’s why it’s essential that you know what to do when you’re ready to take them. &nbsp;<br></p><p>The information in this blog applies to preserved <a href="https://member.railwayspensions.co.uk/iwdc-members/Im-still-working/how-the-IWDC-section-works" data-sf-ec-immutable="" data-sf-marked="">members of the IWDC Section of the RPS</a>.<br></p><p>If you’re a defined benefit member, please read <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2025/01/08/taking-your-preserved-defined-benefit-pension" data-sf-ec-immutable="">Applying to take your defined benefit pension if you’re no longer paying in.</a> <br></p><p>If you’re not sure which type of member you are, it’s easy to check when you <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">log into your myRPS account</a>, so make sure to <a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="">register for a myRPS account if you haven’t already</a>.</p><h4><br><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: var(--font-size-h4); font-weight: bold; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Before you apply to take your IWDC pot</span></h4><p>Before you apply to take your preserved IWDC pot, it’s really important that you understand all of the options available to you. Here’s a step-by-step guide to help you do that. <br></p><h3>First, decide when you want to retire</h3><p>As a preserved member, you can choose when you want to take your IWDC pot:<br></p><ul><li><strong>Pension Age</strong><p>Your Pension Age is the age at which your pension pot is normally paid. It’s usually between 60 and 65 years old, but may depend on your employer. You can <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">check your Pension Age on your Key Features leaflet, which is available to read in the My Library area of your myRPS account.</a></p></li><li><strong>Taking your pot before your Pension Age </strong><p>You may be able to take your pot before you reach your Pension Age, this is known as early retirement and is normally allowed for members aged over 55, This will increase to age 57 in 2028. If you have protected pension age of 50, you may be able to claim your pot before 55. You can <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">check your earliest retirement age in your Member Guide</a>. <strong></strong></p></li><li><strong>Taking your pot after your Pension Age</strong></li></ul><p style="margin-left: 30px">You can keep your pot invested until after your Pension Age but you must take it by age 75. </p><p style="margin-left: 30px">You can get <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/when-to-retire" data-sf-ec-immutable="" data-sf-marked="">more information on when you can take their IWDC pot on the ‘When to retire’ page.</a> <br></p><h3>Then, request an estimate of your IWDC pot</h3><p>An estimate is one of the most important tools to have at hand when you’re planning to take your pot. It shows you what your pot might be worth when you want to take them, and the different options you have for payment. You can <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">request as many online estimates, as often as you need, for free in your myRPS account.</a> </p><h3>Experiment with the planning tools</h3><p>If you’re not sure when you want to retire, or if you’d like to see how choosing a different option for payment could affect the amount you get, you might find it helpful to explore your options using <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">the pension planning tools in your myRPS account</a>. </p><p>The Retirement Budgeting Calculator and the DC Modeller will help you work out how much you might need in retirement and whether your pension is on track to cover those costs. <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">Try them by logging in to your myRPS account.</a><br></p><h3>After that, review your investment choices before you take your IWDC pot</h3><p>It’s a good idea to review your investment choices before you take your pot. </p><p>The value of your investments can go up, or down. So it’s important that you check your investments regularly, and make sure they’re still working for you. </p><p>If you want to make any changes to your investment funds, <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">you will need to request these in your myRPS account</a> before you return your Retirement Options forms. There’s more information on completing your Retirement Options forms below. </p><h3>Take your time to get more information about your options</h3><p>If you’d like more detailed information on your options for payment of your IWDC pot, <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/rayn/guides-of-iwdc-members/a-guide-to-dc-retirement-options-dc.pdf?sfvrsn=36c5518a_23" target="_blank">take a look at the Read as You Need guide to your benefit options.</a> You might refer back to the guides as often as you need to throughout the application process. </p><p>To find more details about how your membership works, <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">read your Member Guide and your Key Features leaflet in your myRPS account</a>. Your Member Guide also explains the options available to you, in line with the rules for your employer. </p><h3>You may want to take advice on your options</h3><p>Choosing how you want to take your pot is a big decision. For many of us, our pensions are one of the most important financial assets that we have. </p><p>To help you make the right choice for your personal circumstances, you may want to get guidance from a pension expert or financial adviser. There is free, and paid for financial advice available to help you. You can find a list of trusted <a href="https://member.railwayspensions.co.uk/pension-essentials/guidance-advice" data-sf-ec-immutable="" data-sf-marked=""> financial advisers and pension experts on the guidance and advice page</a>. </p><p>Pension Wise offers free impartial guidance to explain the options to take money from defined contribution (DC) pension pots. If you’re over 50, you can get free impartial advice on your options to take your IWDC pot from Pension Wise. You can <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise" target="_blank" data-sf-ec-immutable="" data-sf-marked="">find out more information, and book your free appointment on the Pension Wise website</a>.</p><h3>Beware of pension scams</h3><p>Pension scams are still on the increase, and as you’re approaching retirement, you may be more vulnerable to scams. If you’re contacted out of the blue about your pension, the safest thing to do is reject it or hang up straightaway. It’s really important that you stay on your guard to help protect your pension. </p><p>You can find <a href="https://member.railwayspensions.co.uk/pension-essentials/pension-scams" data-sf-ec-immutable="" data-sf-marked="">10 tips to help you spot the signs of a scam and more information on the pension scams page</a>.<br></p><h4>&nbsp;</h4><h4>How to start your application to take your IWDC pot</h4><p>Here’s what to do when you’re ready to take your pot, and what will happen next.</p><p>You should apply to take your pot <strong>3 months before</strong> the date you want your payments to start. </p><h3>How to start your application</h3><p>To start your application, <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" data-sf-ec-immutable="" data-sf-marked="">get in touch with the Scheme administrator, Railpen</a>. </p><ol><li><strong>Get an estimate of how much is in your pot <br></strong><p>You must have had an estimate of your pot before you start your application. This is to give you an up-to-date estimate of how much you might get and the options available to you. If you haven’t had an estimate, it’s <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">quick and easy to request one in your myRPS account</a>. </p></li><li><strong>Tell Railpen your retirement date <br></strong><p>When you’ve reviewed your estimate, you’ll need to tell Railpen the date that you want your payments to start, this is known as your retirement date. <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" data-sf-ec-immutable="" data-sf-marked="">You can contact Railpen using the details on the get in touch page</a>, and they will start your application for you. </p></li><li><strong>Complete your Retirement Options form</strong> <br>When Railpen has started your application, they will send you a Retirement Options form to complete and send back. <br><br>Your Retirement Options form will show your retirement date, details of your options, and the amount that you might get. It’s important that you take the time to read it carefully, and consider taking financial guidance or advice. There’s more information about completing your Retirement Options form below.</li></ol><p>You won’t get a final confirmation of the amount you will get until you have returned your completed forms and Railpen has processed your retirement, so you may want to hold off on making any big purchases.</p><h4><br>Completing your Retirement Options form</h4><p>When you’ve decided how you would like to take your pot, it’s time for you to complete and return your Retirement Options form.&nbsp; </p><p>You should return your completed form <strong>at least 1 month before</strong> the date that you want to take your pot, known as your retirement date. If forms are returned late, payments may be delayed.</p><p>If the bank account that you would like your pot to be paid into is an overseas bank account, there may be another form for you to fill in. Railpen will let you know if this applies to you. </p><p>If you’d like more guidance on completing your Retirement Options form, <a href="https://www.youtube.com/watch?v=MWQjG2x5gp4&amp;list=PLSU9RHGNlJacTVKH2MluMlt5FhqO3yB_G&amp;index=1" target="_blank" data-sf-ec-immutable="" data-sf-marked="">watch our short video on the Scheme’s YouTube channel</a>, which explains the information on the Retirement Options form in less than 5 minutes. It’s worth sparing a short amount of time to watch the video, and make sure you understand how the form works, before you complete it. <strong></strong></p><h3><strong>More information on the application process</strong></h3><p>If you’d like more information on how to apply to take your pot, including a handy retirement timeline which shows how the process works from start to finish, take a look at the <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/applying-to-take-my-iwdc-pot" data-sf-ec-immutable="" data-sf-marked="">Applying to take my IWDC pot page your member website</a>. </p><p><br></p><div><div><div id="_com_1"><p>&nbsp;</p></div></div></div>

<p>If you’re no longer paying into the Railways Pension Scheme (RPS), and you have not taken your pension, you’re classed as a preserved member.</p><p>You might be a preserved member if you still have savings in the Scheme, but you might have previously:</p><ul><li>changed job or employer</li><li>decided to opt out of the Scheme, or </li><li>stopped making contributions to the Scheme</li></ul><p>But it’s important to remember that as a preserved member, you still have savings in the Scheme. </p><p>The savings that you built up during the time that you were contributing to the Scheme are still yours, and they will stay <em>preserved</em> in the Scheme until you’re ready to take them. That’s why it’s essential that you know what to do when you’re ready to take them. &nbsp;</p><p>The information in this blog applies to preserved defined benefit (DB) members of the RPS.</p><p>If you’re an IWDC member, please read <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2025/01/08/applying-to-take-your-preserved-iwdc-pot" data-sf-ec-immutable="">Applying to take your IWDC pot if you’re no longer paying in.</a> </p><p>If you’re not sure which type of member you are, it’s easy to check when you <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">log into your myRPS account</a>, so make sure to <a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="" data-sf-marked="">register for a myRPS account if you haven’t already</a>.</p><p>&nbsp;</p><h4>Before you apply to take your pension benefits</h4><p>Before you apply to take your preserved DB pension, it’s really important that you understand all of the options available to you. Here’s a step-by-step guide to help you do that.<br></p><h3>First, decide when you want to retire</h3><p>As a preserved member, you can choose when you want to take your pension benefits:<br></p><ul><li><strong>Normal retirement</strong> <p>Your Normal Retirement Age (NRA) is the Pension Age defined in the Scheme rules. It’s usually between 60 and 67 years old, but may depend on your Section of the Scheme. You can <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">check your NRA in your Member Guide, which is available to read in the My Library area of your myRPS account.</a><br></p></li><li><strong>Early retirement, taking your pension benefits before your NRA</strong> <p>You may be able to take your pension benefits before you reach your NRA, this is known as early retirement and is normally allowed for members aged over 55, increasing to age 57 in 2028. If you have a protected pension age of 50, you may be able to claim your pension benefits before 55. You can <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">check your earliest retirement age in your Member Guide</a>. <br></p></li><li><strong>Late retirement, taking your pension benefits after your NRA</strong><br>Depending on the rules for your Section, and when you became a preserved member, you may be able to take your pension benefits after your NRA. This is known as late retirement, and is usually allowed for members up to age 75.<br><br>If you are eligible to take late retirement, we will contact you before your Normal Retirement Date to ask if you would like to postpone claiming your pension benefits. That’s why it is important let us know if you have <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">moved house and changed your address in your myRPS account</a>.<br><br>You can find more information about <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/when-to-retire" data-sf-ec-immutable="" data-sf-marked="">when you can start taking your pension on the When to retire page</a>.<br></li></ul><h3>Then, request an estimate of your pension benefits</h3><p>An estimate is one of the most important tools to have at hand when you’re planning to take your pension benefits. It shows you what your pension benefits might be worth when you want to take them, and the different options you have for payment. You can request as many online estimates, as often as you need, for free in your myRPS account.<br><br></p><h3>Experiment with the pension planning tools</h3><p>If you’re not sure when you want to retire, or if you’d like to see how choosing a different option for payment could affect the pension benefits you get, you might find it helpful to <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">explore your options using the pension planning tools in your myRPS account.</a> <br></p><p>The Retirement Budgeting Calculator will help you work out how much you might need in retirement, and whether your pension is on track to cover those costs. <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">Try it by logging in to your myRPS account</a>.<br><br></p><h3>After that, review your investment choices before you take your pension benefits</h3><p>If you paid Additional Voluntary Contributions (AVCs) while you were paying into the Scheme, it’s a good idea to review your investment choices before you take your pension benefits.<br></p><p>There are 2 types of AVCs in the RPS, called BRASS and AVC Extra. You can find more details about taking AVCs on the <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/taking-my-BRASS" data-sf-ec-immutable="" data-sf-marked="">taking my BRASS</a> and <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/taking-AVC-Extra" data-sf-ec-immutable="" data-sf-marked="">taking my AVC Extra</a> pages.<br></p><p>The value of your investments can go up, or down. So it’s important that you check your investments regularly, and make sure they’re still working for you. <br></p><p>If you want to make any changes to your investment funds, <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">you will need to request these in your myRPS account</a> before you return your Retirement Options forms. There’s more information on completing your Retirement Options forms below.&nbsp;</p><p>&nbsp;</p><h3>Take your time to get more information about your options</h3><p>If you’d like more detailed information on your options for payment of your pension benefits, take a <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/rayn/guides-for-db-members---active-and-preserved/guide-to-retirement-options-rps.pdf?sfvrsn=c6822889_27" target="_blank">look at the Read as You Need guide to retirement options</a>. You might refer back to the guides as often as you need to throughout the application process. <br></p><p>To find more details about how your membership works, <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">read your Member Guide in your myRPS account</a>. Your Member Guide also explains the options available to you, in line with the rules for your Section of the RPS. </p><p>&nbsp;</p><h3>You may want to take advice on your options</h3><p>Choosing how you want to take your pension benefits is a big decision. For many of us, our pensions are one of the most important financial assets that we have. <br></p><p>To help you make the right choice for your personal circumstances, you may want to get guidance from a pension expert or financial adviser. There is free, and paid for financial advice available to help you. You can <a href="https://member.railwayspensions.co.uk/pension-essentials/guidance-advice" data-sf-ec-immutable="">find a list of trusted financial advisers and pension experts on the guidance and advice page</a>. <br></p><p>If you’re over 50 and you paid in AVCs while you were working, you can get a free appointment with Pension Wise, because AVCs are classed as DC pension benefits. Pension Wise offers free impartial guidance to explain the options to take money from defined contribution (DC) pension pots. You can <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise" target="_blank" data-sf-ec-immutable="" data-sf-marked="">find out more information, and book your free appointment on the Pension Wise website</a>.</p><p>&nbsp;</p><h3>Beware of pension scams</h3><p>Pension scams are still on the increase, and as you’re approaching retirement, you may be more vulnerable to scams. If you’re contacted out of the blue about your pension, the safest thing to do is reject it or hang up straightaway. It’s really important that you stay on your guard to help protect your pension. <br></p><p>You can find <a href="https://member.railwayspensions.co.uk/pension-essentials/pension-scams" data-sf-ec-immutable="">10 tips to help you spot the signs of a scam and more information on the pension scams page</a>.</p><p>&nbsp;</p><h4>How to start your application to take your pension benefits</h4><p>Here’s what to do when you’re ready to take your pension benefits, and what will happen next.<br></p><p>You should apply to take your pension benefits <strong>3 months before</strong> the date you want your payments to start.</p><h3>How to start your application</h3><p>To start your application, <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" data-sf-ec-immutable="" data-sf-marked="">get in touch with the Scheme administrator, Railpen</a>. <br></p><p>It’s a good idea to get an estimate of your pension benefits<strong> 3-6 months</strong> <strong>before</strong> you start your application. This is so that you can see how much you might get, if you take your pension benefits at your chosen retirement date, and the options available to you. If you haven’t had an estimate, it’s <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" data-sf-marked="">quick and easy to request one in your myRPS account</a>. <br></p><p>If you have paid into AVC Extra, you must get an estimate of your pension benefits before you start your application to take them. <br></p><ol><li><strong>Tell Railpen your retirement date <br></strong> <p><br>When you’ve reviewed your estimate, you’ll need to tell Railpen the date that you want your payments to start, this is known as your retirement date. <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" data-sf-ec-immutable="" data-sf-marked="">You can contact Railpen using the details on the get in touch page</a>, and they will start your application for you. <br></p></li><li><strong>Complete your Retirement Options form</strong> <br></li></ol><p style="margin-left: 30px">When Railpen has started your application, they will send you a Retirement Options form to complete and send back. <br></p><p style="margin-left: 30px">Your Retirement Options form will show your retirement date, details of your options, and the amount that you might get. It’s important that you take the time to read it carefully, and consider taking financial guidance or advice. There’s more information about completing your Retirement Options form below.<br></p><p>You won’t get a final confirmation of the pension benefits you will get until you have returned your completed forms and Railpen has processed your retirement, so you may want to hold off on making any big purchases.</p><p>&nbsp;</p><h4>Completing your Retirement Options form</h4><p>When you’ve decided how you would like to take your pension benefits, it’s time for you to complete and return your Retirement Options form.&nbsp; <br></p><p>You should return your completed form <strong>at least 1 month before</strong> the date that you want to take your pension benefits, known as your retirement date. If forms are returned late, payments may be delayed.<br></p><p>If the bank account that you would like your pension benefits to be paid into is an overseas bank account, there may be another form for you to fill in. Railpen will let you know if this applies to you. <br></p><p>If you’d like more guidance on completing your Retirement Options form, <a href="https://www.youtube.com/watch?v=MWQjG2x5gp4&amp;list=PLSU9RHGNlJacTVKH2MluMlt5FhqO3yB_G&amp;index=2" target="_blank" data-sf-ec-immutable="" data-sf-marked="">watch our short video on the Scheme’s YouTube channel</a>, which explains the information on the Retirement Options form in less than 5 minutes. It’s worth sparing a short amount of time to watch the video, and make sure you understand how the form works before you complete it.</p><h3><strong>More information on the application process</strong></h3><p>If you’d like more information on how to apply to take your pension benefits, including a handy retirement timeline which shows how the process works from start to finish, take a look at the <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/applying-for-my-pension" data-sf-ec-immutable="" data-sf-marked="">applying for my pension page on your member website.</a> </p><p><br></p><h3>&nbsp;</h3>

<div><h3>&nbsp;</h3><h4>Taking your benefits and staying in your job&nbsp;</h4></div><div><p>If you want to take your pension benefits and keep working, it is possible to do so at any time from age 55, up to age 75.</p></div><div><p>You will not be able to take your pension and keep working before age 55, even if you have a Protected Pension Age. This is in line with pension law.</p></div><div><p>You might have to get your employer’s permission to take your benefits and keep working.</p></div><div><p>When you take your benefits, you give up your right to be an active member of your Section – and any death in service benefits, should you die while you are still working. Your employer might let you re-join the Railways Pension Scheme, or give you the opportunity to join a different workplace pension that provides death in service benefits.</p><div><h3>&nbsp;</h3><h4>Taking your benefits <span style="text-decoration: underline">early</span> and staying in your job</h4></div><div><p>If you take your benefits before your normal retirement age (NRA), this is called taking early retirement. Taking early retirement means your benefits will be reduced compared to what they would be from NRA, as they will likely need to be paid for a longer time.</p></div><div><p>If you stay in work, your pension may be lower as it will not be your only source of income. This is because you are likely to be paying income tax on both your earnings from work, and your pension income.</p></div><div><p>If you retire due to ill-health, are under your normal retirement age, and you start working again, your incapacity pension may be impacted.</p><div><h3>&nbsp;</h3><h4>Taking your benefits, leaving your job, and getting a new job in the future</h4></div><div><p>If you retire – take your benefits and stop working – you can decide to work again in the future. In most cases, if you have taken your benefits after age 55, you will be able to work for any employer in the future.</p></div><div><p>You won’t be entitled to any death in service benefits once you’ve claimed your RPS benefits.</p></div><div><p>If you start working for an employer within the Railways Pension Scheme, they may let you rejoin as an active member or join a different workplace pension scheme.</p></div><div><p>Don’t forget that you pay tax on your pension, so you may be paying tax on both your earnings and your pension which may affect your overall income.</p></div></div><div><h3>&nbsp;</h3><h4>Later retirement - not taking your benefits at NRA and staying in your job&nbsp;</h4></div><div><p>If you’re not ready to stop working when you reach your normal retirement age in the Scheme, you don’t have to. You can continue working and paying into the Scheme, up to age 75.</p></div><div><p>You will continue to be entitled to all the other benefits of being a member, such as death in service benefit, until you leave your job. You will continue accruing additional membership and pension benefits until you leave the Railways Pension Scheme or opt-out.</p><div><p>There may be circumstances where working into your retirement years is both right and wrong for you. Before you consider your options, it’s worth considering the following:&nbsp;</p></div><table><tbody><tr><td><strong>When is it right for you?&nbsp;</strong></td><td><strong>When is it wrong for you?&nbsp;</strong></td></tr><tr><td><ul><li><p>If you’re fit and healthy enough to continue working, you may choose not to take your benefits for a while</p></li><li><p>If you want to increase your total pension amount</p></li><li><p>If you can afford to live off other savings, assets, income or private pensions</p></li></ul></td><td><ul><li><p>If you’re unable to work, such as through ill-health and require some form of income</p></li><li><p>If you have little income or savings and need your pension as a source of income</p></li><li><p>If there are taxation implications</p></li><li><p>If you or a partner claim certain benefits which would be affected by an increase in income</p></li></ul></td></tr></tbody></table><br><h4><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Leaving your job and not taking your benefits</span></h4><div><p>If you decide to stop paying in to the Scheme, or leave your job, you will become a preserved member.</p></div><div><p>As a preserved member, you need to take your benefits at your normal retirement age. </p><p>Depending on the rules of your Section, you may be able to put off taking your pension up to the age of 75. In this case, late retirement factors will be applied to your pension. This will increase your benefits, as it’s likely they will be paid over a shorter time.</p><p>If you are eligible to delay taking your benefits after your NRA, we will tell you 3 months before, and you will have 6 months to decide. If you are member of the Network Rail section, we won't automatically pay your benefits at NRA unless you ask us to.&nbsp;</p><p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">&nbsp;</span></p><div><h4>Taking your State Pension later than your State Pension Age</h4></div><div><p>Your State Pension Age (SPA) may differ from your normal retirement age under the rules of your Section of the Scheme.</p></div><div><p>You may want to keep working after State Pension Age, and that’s fine. It’s also possible to defer claiming your State Pension.</p></div><div><p>Under the new State Pension your total amount will increase by up to 1% for every nine weeks it’s deferred. That means, if you hold off claiming your State Pension for a year, your amount could increase by 5.8%.</p><div><h3>&nbsp;</h3><h4>Get advice before making any decisions</h4></div><div><ul><li><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">The </span> <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/rayn/guides-for-db-members---active-and-preserved/guide-to-retirement-options-rps.pdf?sfvrsn=c6822889_27" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; white-space: inherit" rel="noreferrer noopener" target="_blank">Read as You Need Guide to retirement options</a><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> will give you an overview of the choices available. </span></li><li><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span>If you’re unsure which type of retirement will be best for you, you may want to get expert help. <a href="https://member.railwayspensions.co.uk/pension-essentials/guidance-advice" target="_blank" rel="noreferrer noopener" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; white-space: inherit">Find out more on the guidance and advice page</a><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">.</span></li><li><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span><a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/making-the-right-decision" target="_blank" rel="noreferrer noopener" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; white-space: inherit">Use the steps on the making the right decision page</a><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> to take stock of your pension to help work out what's best for you. </span></li><li><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span>If you're not ready to retire then you may still be able to keep working and start taking your pension. <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/staying-in-work" target="_blank" rel="noreferrer noopener" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; white-space: inherit">Find out more on the staying in work page.</a></li><li>You may wish to get advice before making a decision. There are suggestions of where to get trusted, expert advice on the <a href="https://member.railwayspensions.co.uk/pension-essentials/guidance-advice" target="_blank" rel="noreferrer noopener" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; white-space: inherit">Guidance and advice page</a><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">.</span></li></ul></div></div></div></div></div>