When you retire, there are several options you may wish to think about. Please check your member booklet for more information on any of the options below and to find out how much written notice you need to give before your retirement. You can also contact the Scheme administrator, Railpen for more details.

Additional spouse’s/dependant’s pension

You may be able to exchange part of your pension to provide additional pension for your spouse or to provide a pension for any other dependant when you die.

Additional lump sum

You may be able to convert part of your benefit entitlement into a lump sum. This would be paid in addition to the freestanding pension lump sum paid when you retire. However, there are some restrictions that apply - see your member booklet for further details.

Exchange your lump sum for additional pension

You can exchange some or all your pension lump sum to provide extra pension for yourself.

Flexible retirement

If you are 60 years old (or older) you may be able to draw your benefits from the Scheme and continue in employment (with the consent of your employer and on agreed terms).

Taking your benefits as lump sum

If the value of your Scheme benefit (i.e your pension plus the pension equivalent of your three times annual pension lump sum) is £30,000 or less, you can ask to receive the total benefit as a lump sum.

If you take this option, your entitlement to benefits under the Scheme will cease and no death benefits will be payable if you die.

Compulsory early retirement

You may be able to take your benefits before your Normal Pension Age if you retire early because of compulsory redundancy. You can learn more about this option – and the impact on your pension benefits, in your member booklet.

Ill health retirement

You may be able to claim your Scheme benefits early on the grounds of ill-health if the Company’s appointed medical adviser confirms you are no longer able to carry out any work that the Company may reasonably offer you (taking into account your previous job role).

You will need to meet specific criteria to qualify for ill-health retirement and you can find more details about this and how your pension and lump sum will be calculated in your member booklet.

Late retirement

If you work beyond your Normal Pension Age, whether you continue to pay normal contributions and how your benefits are calculated depends upon the date you joined the industry. This is explained in more detail in your member booklet.