Pensions are constantly evolving and there may be changes that affect your membership, so it’s important to keep up to date with what’s happening.
Guidance on your retirement options
The Pensions Regulator introduced these new measures from June 2022 as a way of helping pension scheme savers prepare for their retirement and make better informed decisions about the options available to them.
Pension Wise is a government service run by MoneyHelper. It offers free, impartial guidance about DC savings and can help you understand the options available when you retire and which might suit your personal circumstances.
Railpen, your Scheme administrator, will get in touch with you as part of the retirement process to let you know if this applies to you. You will also be offered the guidance if you are transferring your benefits.
Pension Wise appointments can take place over the phone or in person. If you do not want to take the free guidance, you will need to ‘opt out’ and let Railpen know.
