As an RPS member the maximum duration that you can contribute is 40 years. This includes service to other section of the RPS, and if you have transferred in any service.
What happens when I reach 40 years RPS membership?
When you reach your 40 years maximum service date, your RPS contributions will cease. However:
- you are still considered an active member of the RPS;
- your RPS pension will continue to increase in line with your Pensionable Pay;
- you’re still get life cover;
- you are able to continue to make BRASS contributions.
In addition, if you have a Pension Restructuring Premium (PRP), then the pensionable service used in the calculation of this pension element will include the service accrued after your 40 years maximum service date, even though you are no longer paying RPS contributions.
For example, you receive a PRP four years prior to your 40 years maximum service date. Your RPS contributions then cease on your 40 years maximum service date and you continue to work for another four years before retiring. In this scenario, the pensionable service used for this PRP will be eight years as it continued accruing after your 40 years maximum service date and up to your retirement date.
Do I have any other options?
You do indeed. There are a couple of options you can choose from:
- elect to opt out of the RPS, becoming a Deferred RPS member, and then elect to join either CARE or NRDC. If you do this, you are unable to re-join the RPS at a later date. To discuss this option, please contact the Network Rail Pensions Team;
- decide to draw your RPS pension benefits whilst continuing to work at Network Rail, and then elect to join either CARE or NRDC. For further information on retiring and remaining in employment with Network Rail, please see the Retiring section.