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Network Rail RPS – Your Pension Decision

9 May 2012

Network Rail members of the Railway Pensions Scheme (RPS) will be aware that the RPS is changing. If you are a member of the scheme, you have a potentially life changing decision to make – move to “RPS 65” (previously dubbed RPS 2 and RPS 2012 by NR) or stay put in the scheme now referred to as “RPS 60”.

 

What’s Going On?

To see our previous information on the changes to the Network Rail section of the RPS, please follow this link: http://bit.ly/NRRPSRefresult

Now that the changes have been approved by the Trustees of the Network Rail section of the RPS, Network Rail have written to all members of the scheme to explain what the changes mean to you and how each option would impact on your pension contributions and benefits. If you decide to move to RPS 65 (the alternative scheme), you must return your form to RPMI by 8 June 2012.

Should I Stay Or Should I Go to RPS 65?

Pensions can be seen as “deferred wages”; your employer makes a financial contribution to your pension fund in addition to your salary in exchange for the work you do. It’s important that you make sure you get the best value for your retirement to enjoy life after work with dignity. You need to decide which scheme is best for you. Only a qualified independent financial advisor can give you individual guidance as “the best” scheme for you depends on your current financial situation and your plans for the future. However, your union reps can help you to understand what the changes mean and help you to find further information and support

How Your Reps Can Help

Your union and Network Rail held a training session at Westwood attended by over 50 TSSA Area Council and Pensions Reps to talk through the changes in detail, as well as explaining how the CARE and NRDC schemes operate. Follow the link  Pension Meeting Reps to see a list of reps who will explain what the changes mean to you and help answer your questions. Reps are already setting up workplace meetings to talk through the changes. If you and your colleagues want to speak to your reps, get in touch with your closest rep on our list and help them to set up a meeting or ask for details of meetings taking place near to you. Your reps can’t tell you what to do with your pension but they can talk you through the changes.

What Can You Do?

For further information about TSSA members’ pension meetings and support, check the list and contact one of our reps as soon as you can. Talk to your colleagues about the changes, show them this newsletter and make sure that RPS members are aware of the changes and help available. If you know colleagues who are not yet members, encourage them to join us to take part. Go to www.tssa.org.uk/join

If you or a colleague would like to support members in need of help and advice, call our Members’ Helpdesk to discuss roles and opportunities with a TSSA organiser.

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