How to update your bank details
To avoid any delays to the payment of your pension, please let us know of any changes to your bank or building society details as soon as possible.
You must let Railpen know of any changes at least 3 weeks before your pension is due to be paid.
If you can’t give enough notice, it’s best to keep your old bank account open to avoid any delay in your pension reaching you.
The quickest and easiest way to update your details if you live in the UK is by logging in to your myESPS account.
If you aren't able to update your bank details online, you can complete the bank details form and return it to the Scheme administrator, Railpen.
Alternatively, call the Helpline on 02476 472 582 or email enquiries@railpen.com.
When you call or email, please quote your pension reference number. You can find it on any correspondence you have received from Railpen about your pension.
How to update your address details
It’s important we have an up-to-date address, so we can share important information about your pension.
The quickest and easiest way to check and update your address is by logging your myESPS account.
Alternatively, you can complete the change of address form and return it to the scheme administrator, Railpen.
Updating your details online
If you need help updating your details in your myESPS account, here’s a step-by-step guide to changing your email address, phone number, postal address and bank details.
How to let us know of a change in personal circumstances (not applicable to dependants)
If you have a change in other areas of your life, for example if you get married, divorced or have a child, this could have an impact on who might be eligible for any death benefits.
Please let the Scheme administrator, Railpen, know if this is the case for you by completing the relevant form.
Please also remember to check and update your nominations to let the Trustee know who you would want to receive any possible lump sum death benefit.
You can read more about that on the nominations and death benefits page.
If you’re going through a divorce or the dissolution of a civil partnership
If you’re going through a divorce or the dissolution of a civil partnership, your pension is likely to be considered along with your other assets when financial settlements are worked out. There are a number of ways this can be done, but Courts tend to favour a Pension Sharing Order (PSO).
Pension Sharing provides for a clean break between both parties at the time of divorce or ending of a civil partnership, because assets are split immediately and it’s up to both parties to decide what to do with their shares independently.
With this option, a one-off payment that is agreed by both parties and approved by the Court, is made from your pension to your ex-spouse or former civil partner at the time of divorce or ending of a civil partnership. Their share is taken off the total amount of your pension – this is known as a ‘pension debit’. Your ex-spouse receives their share, known as the ‘pension credit’ as soon as the order is finalised. Once the payment has been made, your ex-spouse will have no further claim to your pension.
Other options may include pension offsetting, whereby you keep your pension assets to yourself in their entirety while something else of the same or similar value, such as property, is awarded to your ex-spouse. If your situation changes in the future and you re-marry or die, your offsetting agreement won’t be affected.
What is the process and how long does it take?
When considering your pension as part of a divorce or dissolution of a civil partnership, you will usually require details of your pension benefits, including:
- A CETV (Cash Equivalent Transfer Value) for divorce purpose – this takes into account the value of your pension in payment, the value of your ex-partner’s dependant pension, and the value of your death after retirement lump sum
- Details of any dependant’s pension
- Your period of membership
You, or your solicitor, can request this information from the Scheme administrator, Railpen.
Please bear in mind that there is a charge for a CETV in divorce, and it may take up to 10 working days to process.
You or your legal representative will need to confirm to Railpen once any final decisions have been made and supply any necessary documentation, such as the stamped Pension Sharing Order and Decree Absolute.
Railpen will then send the necessary paperwork to both parties for completion.
Railpen will only begin processing any changes to your pension benefits once all of the paperwork has been returned. We then have up to 4 months to implement the changes and make any necessary payments.
If you’re no longer able to manage your own affairs
If, for any reason, you feel unable to manage your own affairs, you can make legal arrangements to pass the responsibility to a family member or someone else close to you.
You, or your chosen representative, will then need to tell the Scheme’s administrator, Railpen.
You can find contact information on the contact details page.
You can also read more about making legal arrangements, such as a Power of Attorney, on the Moneyhelper website.
