Added pension

The 2025 Added Pension application window is now open. You have until 14^th March 2025 to submit your application.

Added pension (AP) is an amount of extra pension you can buy which will be combined with your ESPS pension when you choose to take it and you'll have the option to give up some of your AP for an additional lump sum when you retire.

You can buy added pension if you are an active member of the SLC Section of the Magnox Group ESPS and are accruing benefits on a Career Average Revalued Earnings (CARE) basis.

Buying added pension

You'll need to decide how much you'd like to buy and whether you want to buy AP for yourself only, or for yourself and your dependants. To do this please download the Added Pension Calculator Tool below.

Once you have made a decision, please save your quote as a PDF and email it to both enquiries@railpen.com and group.pensions@nrservices.uk by 14 March 2025. It will then be validated before being implemented from April 2025.

Added Pension Tool 2025

By choosing to buy AP, you agree to pay additional contributions over a CARE year, i.e., from 1st April to 31st March. The AP contributions will be a fixed amount payable in 12 monthly instalments.

The AP contributions will be deducted from your salary in the most tax efficient way, i.ee via salary sacrifice unless you decide to opt out of salary sacrifice or your employer does not offer salary sacrifice.

Note: You cannot change your AP contributions during a CARE year and these contributions are non-refundable.

Tax
AP counts towards the Annual Allowance and may have tax implications. For more details, please refer to the SMART Renewal guide sent by email by NRS, and the following websites:

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

https://www.moneyhelper.org.uk/en/pensions-and-retirement/tax-and-pensions/tax-relief-and-your-pension