You might feel that paying into a pension isn’t right for you at the minute – although you are strongly advised to take independent advice before making such an important decision.
If you have decided to opt out of the Fund, the first thing you should do is to contact your employer, who will trigger the Opt out process on your behalf. They will then contact Railpen, the administrator of your pension to let them know, and Railpen will send you your opt-out pack.
You should read the information in the pack thoroughly before completing the opt-out form and returning it to Railpen.
If you have less than two years' membership (including any transferred-in membership), you will be entitled to a refund of your contributions (less tax and National Insurance) or a transfer value to another pension arrangement.
If you have over two years' membership, your benefits will be preserved until you retire or transfer them to another pension arrangement.
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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.