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Network Rail (NR) believes that providing great pension benefits is an important part of being a responsible employer that truly values its staff during employment, but which also wants to continue that support after retirement.
As such, we are proud to provide you with a range of pension options as demonstrated by the three schemes that employees can currently join: the Railways Pension Scheme (NR section); the NRDC defined contribution scheme; and NR CARE, our career average salary scheme which is a type of defined benefit arrangement.
Click the menu buttons at the top of the screen to learn more about each of the three schemes as well as finding useful information to download including scheme booklets and forms that help you get the most from the benefits you're entitled to. You can find a handy comparison factsheet of the features of RPS65, CARE and the NRDC in the useful links section below.
All three Network Rail pension schemes provide a death-in-service lump sum of four-times pensionable pay. The only way to tell the Trustee who your beneficiaries are is to complete a nomination/expression of wish form.
The forms are downloadable from this website by selecting your pension scheme from the main menu bar.
The Pensions Regulator has published a ten step guide on how to spot the signs and give yourself the best possible protection against pension predators. Please refer to tPR's website and check the facts before you make an irreversible decision.
Every three years, legislation requires employers to automatically re-enrol its employees into a workplace pension scheme. Network Rail will fulfil these duties on 26 May 2019, with pension contributions being deducted from eligible employees June 2019 pay.
For more information please visit the Auto-Enrolment tab.
With the end of the tax year approaching, you may be considering the impact of HMRC’s Annual Allowance (AA) limits. RPMI have published a factsheet with general information on the AA calculation basis for DB & DC schemes, 3 year carry forward rule and Tapered Allowance for individuals with an adjusted income of over £150,000.