Understanding your benefits

It's never too early — or too late — to start planning your retirement, and as a Fund member you're in a great position to do just that. 

Fund membership offers a range of valuable benefits such as life assurance when you're working and a pension for life when you retire. 

    What is my pension based on?

    The pension you get when you retire is based on your pensionable salary history over the course of your career with BTP.

    Your Guide for Members shows how your pension is calculated.

    Benefits when working

    • You and your employer both pay into your pension
    • Your pension contributions are tax-efficient -- they're taken from your gross salary before you pay income tax. You can also pay lower National Insurance contributions by joining the BTP's salary sacrifice scheme, which is called 'Pension Plus'
    • You can top up your pension with Additional Voluntary Contributions (AVCs) and choose where to invest them
    • And in the worst case scenario, if you die in service, your beneficiaries could get a cash lump sum. That's why it's really important to fill in a Nomination form and keep it up to date

    Benefits when retired 

    • You will get a pension for life
    • You can also take a lump sum (which is currently tax free)
    • Your spouse, partner or children could get a pension when you die
    Please email csu@railpen.com or phone our Helpline on 0800 012 1117.