Opting out

It’s a straightforward process if you’re thinking about leaving the Fund – whether you’re opting out or retiring.

Stopping contributions

You may feel that paying into a pension scheme isn’t right for you at the moment. You can opt out of the Fund at any time by contacting pensions administrator Railpen. Please email csu@railpen.com or phone our Helpline on 0800 012 1117 to request an opt-out pack.

You will need to quote your pension reference number when you contact Railpen, and can find this on any correspondence you have received from Railpen. If you need further assistance, please email csu@railpen.com or phone our Helpline on 0800 012 1117.

Once you leave the Fund, if you have over two years’ membership (including any transferred-in membership) and if you are not yet eligible to take your benefits, you will become a 'preserved’ member. Your benefits will be retained in the Fund, and will increase annually in line with inflation (currently CPI) until you are ready to start taking them.

If you have less than two years’ membership (including any transferred-in membership), you will be entitled to a transfer to another pension arrangement. You will only have the alternative option of a refund of your contributions (less tax and National Insurance) if you did not pay contributions through BTP’s salary sacrifice arrangement, Pension Plus.

Your benefits will be retained in the Fund, and will increase annually in line with inflation (currently CPI) until you are ready to start taking them.

Thinking about retiring?

Giving up work for good can be both an exciting and daunting prospect, and you’ve probably got lots of questions. For a short step-by-step guide, see our Planning for Retirement section.

It's a very good idea to get advice before taking your retirement benefits. Go to the Unbiased website for a list of independent financial advisers in your area.

Another good source of information is the Money Advice Service.

Also in this section

Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.