You’ve worked hard to build up your retirement income, so now is the time to enjoy your life after work.

Benefit payments

You will get a cash lump sum within 10 working days of retiring, once Railpen has received your completed option forms. Your pension will be paid into your bank/building society account every month.

Tax

Your pension is subject to PAYE tax because it is classed as an income. The tax is taken from your pension before you receive your monthly payment. If you have any queries about your tax code, contact HM Revenue & Customs (HMRC), not Railpen. Telephone HMRC on 0300 200 3300 and quote your National Insurance number.

Pension increase

Each April, you receive an increase to your benefits in line with inflation. The exact basis on which each increase is applied will be set out in a detailed statement that Railpen will send you every April.

Death

Depending on your membership criteria, your dependants may be eligible for a range of benefits when you die. These could include:

  • A spouse’s pension
  • A dependant’s pension
  • Children’s pensions
  • A cash lump sum