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RPS Options: The Clock is Ticking!

6 May 2016

Download our newsletter for details of your pension options

  RPS Options: The Clock is Ticking! 

Our union fought for options and won!

When Network Rail proposed to cap pension benefits for members of the Railways Pension Scheme (RPS) last year, thousands of our members made it clear that they were prepared to take industrial action unless Network Rail gave members an option to pay higher contributions to preserve benefits.

Our union also won a campaign for a second chance for members who have missed their window of opportunity to join the RPS after five years’ service.

A second chance to join RPS

For many years, the Network Rail section of the RPS has been closed to new employees until they have completed five years’ service. Staff are given a short opportunity to join, after which the door is closed to them permanently.

As a result of our union’s negotiations last year, all Network Rail employees with more than five years’ service now have a one-off option to join the Railways Pension Scheme.

For terms and conditions and to download a form if you wish to join, visit: http://www.mynrpension.co.uk/media/5695/2016-special-rps-option-form.pdf

Eligible members who wish to join must get their forms in by 30 September 2016.

Extra contributions option closes 30 June!

By default, RPS members’ pensionable pay will be capped at RPI for general salary increases. Salary increases up to RPI to be pensionable for past and future service (this does not apply to promotional pay rises). Members have a one-off option to pay higher contribution rates to allow any increases above RPI to be pensionable for future service only, as with a PRP (Pension Restructuring Premium), i.e. not backdated for previous service.

For full terms and conditions and to opt to pay higher contributions, visit: http://www.mynrpension.co.uk/media/5696/rps-extra-contributions-2016-notice-final-v3.pdf

Help is at hand!

Your individual circumstances determine whether either of the options outlined in this newsletter are in your interests. Members who are considering their pension options should strongly consider taking independent financial advice. Our union has an agreement with Keystone Financial Services who can provide such advice to TSSA members. Email your queries to m.teal@keystonefinancial.co.uk.

For general information on the options available to members, members can contact a TSSA pensions champion or call the members’ Helpdesk.

 

Deadline details

  • Higher contributions option forms must be received by RPMI by 1700 on 30 June 2016
  • RPS joining forms for employees with more than 5 years’ service must be received by the NR Pensions team no later than 30 September 2016

 

Not in a union? Join online: www.tssa.org.uk/join

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