Your retirement options

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It's important to understand the options you have with your pension when you retire.

Here's a short video to help walk you through your options when you're ready to take your benefits.

Completing your Retirement Option Form

Ready to start your retirement? Here's a guide to completing your Retirement Option Form, which you need to do once you've read your retirement quote and have decided how you'd like to take your pension benefits.

Pension transfers - accessing your DB benefits through Pensions Freedoms

‘Pension Freedoms’ were launched by the Government in 2015 to give members of defined contribution (DC) arrangements more choice about how they take their pension benefits.

This could include using them to buy an annuity for a secure regular income, taking them bit by bit (known as ‘drawdown’) or taking the entire pension pot as a single cash payment.

However, transferring DB benefits to a DC arrangement is unlikely to be the best idea for most DB members.

Our video explains more.

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.