DEFERRED MEMBERS

TAKING YOUR PENSION

If you take your pension and lump sum before your normal pension age, it will be reduced to take into account the fact that it is being paid early.

Men who joined before 1 April 1988 and were in continuous employment until 17 May 1990 and subsequently left, who take their deferred benefits at age 60, will have the part of their benefit which relates to pensionable service before 17 May 1990 reduced for early payment.

Men and women who joined before 1 April 1988 and were in continuous employment until 17 May 1990 and subsequently left, who defer receipt of their benefits until age 63, will have their benefits adjusted as follows:

• men will have no reduction to their benefits which relate to pensionable service before 17 May 1990. Benefits which relate to pensionable service after 17 May 1990 will receive an uplift.
• women will receive an uplift to all their benefits.

If you have any queries about your deferred benefits, please contact Railpen.

Planning for the future

This content is currently being broadened to provide information for Gas Scheme members.

If you are considering retiring or accessing your deferred benefits from the Group, or if you are interested in pre-retirement planning and exploring your options, please click on the button below to access our online pre-retirement guide:

The guide provides pre-retirement planning support and tells you more about:

• The benefits provided by the Group
• When you can retire, including the process for early, normal and late retirement
• Alternative options to taking your pension from the Group, such as transferring your pension, and, if you are eligible, how to access funded financial advice should you need it.