Back in 2020, all pensioners were offered a new option to take a higher pension now, with lower increases in the future.  This was called the PIE option and some members may prefer this, although it is not suitable for everyone.  The PIE option does not affect the pension a husband, wife, civil partner or another dependant will receive if you die before them.

This option will now be offered as part of the standard retirement process for new pensioners so all members are provided with the same flexibility.

Full details of the PIE option and what this means on an individual basis are included in the retirement pack issued by Railpen.  The option will be offered automatically and there is no need to make a special request.

The decision on which options to take at retirement should be considered carefully having read the additional information that Railpen provide.  This includes deciding whether the PIE option is appropriate for a member based on their personal and financial circumstances.  It is recommended that members take financial advice from an FCA registered adviser before making final decisions.