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If you’ve left the Scheme, you can rest easy knowing that your benefits will be preserved until you’re ready to claim them.
You can:
When you're ready to claim, you have a few options of how to do it.
You can:
Take your entire benefits as regular pension payments. This is only possible if the rules of your particular pension section allows and you don’t make any Additional Voluntary Contributions (AVCs)
For any lump sum you take, the first 25% of the value of your benefits will be tax free and you’ll pay income tax on the rest.
You may have preserved DB benefits but also be a member of a DC scheme, either with the RPS or another provider. If this is the case and you take your benefits before age 55, then legally you must take all of your benefits at the same time.
Find out more here
It is strongly advised that you get independent financial advice before deciding to claim or transfer your benefits. You can find out more here
You should also check out the warning signs of pension scams to make sure you're not being targeted before agreeing to any transfers.
When contacting Railpen, please quote your pension reference number, which is available in your myRPS account when you log in (or register).
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