News updates

23 June 2017

Main News

Late retirement update

Late retirement factors came into effect on 1 April 2017 for members of the RPS shared cost sections.

This doesn’t apply to members of Network Rail, who already have their own arrangement.

Your options


1.   
You might be near – or over – your Normal Retirement Age (NRA), but don’t want to take your benefits straightaway.

You can now choose to postpone your Scheme benefits up to the maximum age of 75, either: 

  •  when you stop paying into your Scheme pension (which means your benefits will be ‘preserved’) or
  • when you reach your NRA (whichever is later).

 
Late retirement factors will be used to calculate how much extra is added to your benefits when you eventually take them.

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2.
   If you stop paying into your Scheme pension before your NRA, you can choose to postpone taking your benefits when you reach your NRA. Otherwise you can postpone taking your benefits when you stop paying into the Scheme.

3.   Or, you can still choose to take your Scheme benefits at your Normal Retirement Age.

Speak to your employer if you need more details about any of your retirement options.

 

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