Network Rail Career Average Revalued Earnings Pension Scheme
Welcome to the CARE scheme's area of the site. The CARE scheme is generally available to all NR staff (subject to eligibility criteria) and you can learn more about the scheme, the benefits it offers and the costs involved by downloading and reading the scheme booklet.
If you are already a member you can logon (or register) at the top of the page and learn more about your own unique benefits.
CARE was set up in November 2008 and is one of three company pension schemes operated by Network Rail. New and existing employees under age 65 can apply to join CARE by completing an application form.
CARE is a defined benefit scheme based on ‘Career Average Revalued Earnings’. This means the pension is calculated in ‘units’ based on a formula which takes account of the member’s pensionable salary for each year of pensionable service. One ‘unit’ is calculated each year (or part year); these are index-linked up to the date benefits are paid out. At retirement all ‘units’ are added together to provide an annual pension.
Members can choose to give up some pension and receive a cash lump sum as well as an annual pension paid from the CARE scheme when they retire. Any Additional Voluntary Contribution (AVC) funds a member builds up in the CARE scheme can be used to provide a cash lump sum, or purchase an annuity (pension) from an insurance company.
The Scheme booklet contains all you need to know to get started with your membership.
It is very important you keep your expression of wish form up to date so the Trustee knows who you would like to receive any death benefits that may be payable.
If you are already a member of the CARE scheme, please use this form to move benefits built up in other schemes into your CARE pension.
You can use this form if you want to start paying AVCs or to change the amount of AVCs you pay.