When you leave the CARE pension scheme, either by opting out, joining the NRDC or the RPS, or by ceasing employment with Network Rail, the options available to you will depend on your length of CARE membership.
Less than three months CARE membership
If you have less than three months CARE membership you will automatically receive a refund of your CARE contributions, including any AVCs, less an adjustment for tax and National Insurance.
You will not get a refund of Network Rail’s CARE contributions.
If you have less than three months CARE membership and have transferred benefits into CARE, you will not be entitled to a refund.
More than three months but less than two years CARE membership
If you have more than three months but less than two years CARE membership, you have the following options;
- keep your CARE pension benefits in the scheme up to retirement, at which point you can draw your CARE benefits. You will receive increases to each unit of CARE pension you have accrued between the date your CARE membership ends and the date you draw your CARE pension benefits;
- transfer your CARE pension benefits to another registered pension arrangement;
- receive a refund of your CARE contributions, including any AVCs, less an adjustment for tax and National Insurance. You will not get a refund of Network Rail’s CARE contributions.
If you have less than two years CARE membership and have transferred benefits into CARE, you will not be entitled to a refund.
More than two years CARE membership
If you have more than two years CARE membership, you have the following options;
- keep your CARE pension benefits in the scheme up to retirement, at which point you can draw your CARE benefits. You will receive increases to each unit of CARE pension you have accrued between the date your CARE membership ends and the date you draw your CARE pension benefits;
- transfer your CARE pension benefits to another registered pension arrangement.