Transferring your pension

Whether you're thinking about transferring pension benefits in or out of the Scheme, it is strongly recommended that you take independent financial advice first.

Transfers-in

If you are contributing to the Scheme, you may be able to transfer benefits in from other approved pension schemes, however this is not allowed by many sections.

To find out if you can transfer in please check your 'Member Guide', which is available in 'My Library' when you log into your myRPS account.

If it is allowed according to your section, you can get complete a Transfer-in form here.

Transfers-​out

If you are still saving into your pension, then you can transfer your DB pension to:

  • a DB arrangement with another provider, but you will need to opt-out of the Railways Pension Scheme (RPS)
  • a defined contribution (DC) arrangement with the RPS. Ours is known as the Industry-Wide Defined Contribution (IWDC) section
  • a defined contribution (DC) arrangement with another provider

If you are getting ready to take your benefits, your transfer options are more limited. You can find out more about transfers in retirement here. 

You can choose to transfer all of your benefits or just any Additional Voluntary Contributions (AVCs), as long as it’s in line with the rules for your specific pension section.  Please see our read as you need guide for more details. 

You must also check that the scheme you want to transfer your benefits to accepts transfers-in.

You can request an estimate of your transfer value by logging in to your myRPs account here or by calling the Helpline on 0800 012 1117.  

Transferring your pension does, however, carry significant risks. You should carefully compare the benefits of your current pension with any alternatives before making a decision.

Getting help and advice

If you are considering transferring your pension then you may benefit from financial advice. You might also have to do this by law if the value of your DB benefits is more than £30,000 and you are looking to transfer to a Defined Contribution/Personal Pension Arrangement.

You can read more about getting advice here or check the FCA website for more details