You’re a deferred member if you no longer pay into the scheme, but haven’t started taking your pension yet. Your deferred benefits currently rise every year in line with inflation.

Claiming your pension

You can start claiming your benefits at your Normal Retirement Age. You may also be able to take them earlier or later, subject to eligibility. Speak to Railpen about your options.

Transfers out and scams

You can transfer your benefits to another pension arrangement, but you are strongly advised to get professional advice before making a decision.

If you are transferring your pension benefits from a defined benefit scheme (known as a safe-guarded scheme) to a money purchase arrangement (also known as a flexible pension arrangement), you must get independent financial advice if the transfer value is over £30,000.

Railpen needs written evidence of this independent financial advice before a transfer payment can be made. Find a list of independent financial advisers (IFAs) in your area at unbiased.co.uk. If you decide to go ahead with a transfer, contact Railpen for a pension estimate first.

Watch out for scams

Pensions cold-calling is now illegal. Ignore any offers you get ‘out of the blue’ about transferring your pension. Such offers are almost always scams, and if they sound too good to be true, they probably are. Scam signs you should look out for.

Your nominations

If you die before your claim your scheme benefits, your beneficiaries could get a cash lump sum. Make sure your Expression of Wish form is up to date so the Trustee knows who your beneficiaries are. You can update your Expression of Wish form when you log into myESPS. If you're a former Npower Group member, log into myESPS here. 

Ill health

If you are unable to work through ill health, you may be eligible for a pension and cash lump sum from the scheme. Speak to Railpen to see if you meet the criteria for early retirement.

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