Tel: 0800 012 1117

Applying for my pension

Are you ready to start claiming your Fund benefits?

You might want to get independent financial advice first. See unbiased.co.uk for a list of independent financial advisers in your area.

Your first step is to log in to your myFund account and apply online for an estimate of your current benefits. You will not be charged for online requests and you can view your previous estimate requests at any time.

You can also request an estimate from the Helpline on 0800 ​012 1117 or email csu@railpen.com.

Quote your pension reference number when contacting Railpen. You'll find this on any correspondence about your Fund pension or on the 'Membership details'  page in your myFund account.

Once you've checked your estimate and made sure you understand all of the options available to you, if you'd like to go ahead and take your benefits, you can apply to retire.

Applying for your pension if you’re still paying in

If you’re still paying in to the Fund when you come to retire, this means that you are an active member. This is how the process would work for you:

1. You need to tell your employer you want to start the application process

2. Your employer will then let the Fund's administrator, Railpen, know. This can only be done 3 months before you intend to retire.

3. Railpen will process your request and will send you a retirement quotation, along with details of your options and any forms you need to complete. The retirement quotation will show

  • the pension you might get based on the options available to you 
  • your lump sum (if applicable)

The retirement quotation isn’t to provide proof of your pension income. You won’t get final confirmation of your pension until just before your retirement date (see point 6) so you may want to hold off making any big purchases.  

4. You will need to return the form(s) to Railpen, telling us how you want to take your pension and confirming your bank details. This should be done at least 1 month before your retirement date. Please check the ways to take my pension page for more information about your options.

it is important you frequently review your investment fund choices, but particularly as you approach retirement. BRASS fund values can go down as well as up, so you may wish to protect yourself form market movements. If you want to make changes to your investment funds, you should do this via the website BEFORE returning your completed retirement option forms.

5. Railpen will process your forms and check they have all the information needed.

6. You will get a letter just before, or around your retirement date, confirming what payments you will get. You can find out more about how the payments will be made in ‘how your pension will be paid’ below. Payments may be delayed if forms are returned late.

7.  When you reach your retirement date, you’ll receive your pension every four weeks for life.

Applying for your pension if you’re no longer paying in

If you’re no longer paying in to your pension when you come to retire, then you are classed as a ‘preserved’ member. Here’s what the application process will look like for you:

1.  Get in touch with the scheme administrator, Railpen.  You will need to tell them:

  • your name
  • your pension reference number
  • your retirement date
  • your email
  • your contact telephone number
  • your bank details (bank name, account holder, sort code, account number and roll number (if applicable)) 
  • how you want to take your pension
  • details of the Lifetime Allowance you have previously used, including the name of the scheme and the percentage of LTA you have used. 

3. Railpen will send you an acceptance form to complete and send back.

4. You should return your form at least 1 month before your planned retirement date. Railpen will only process your request once they’ve received your form and payments may be delayed if forms are returned late.

5. Once your ​request is processed, you’ll be sent a statement showing:

  • the benefits you’ll get
  • date of your first payment
  • your lump sum (if applicable).

If you apply to retire more than ​a month before your retirement date, details will be sent to you closer to your retirement date.

6.  When you reach your retirement date, you’ll receive your pension every four weeks for life.