Guidance on your transfer and retirement options 

If you’re aged 50 or over and request to transfer out or take any defined contribution benefits, you may need to obtain free guidance on your retirement options from Pension Wise before we can go ahead with your application.


The Pensions Regulator introduced new measures from June 2022. They mean that pension scheme members will need to take guidance from Pension Wise, or let us know that you have opted out of such guidance, before you can take payment of or transfer out to take any defined contribution savings. The measures aim to help pension scheme savers prepare for their retirement and make better informed decisions about the options available to them. 

This will apply if you have funds in the Industry-Wide Defined Contribution (IWDC) Section of the Railways Pension Scheme, or have any BRASS or AVC Extra funds, as these are all defined contribution arrangements. 

What is Pension Wise?

Pension Wise is a government service run by MoneyHelper. It offers free, impartial guidance about your defined contribution pension and can help you understand the options available when you retire and which might suit your personal circumstances. 

You can book a Pension Wise appointment if you are aged 50 or over and have defined contribution benefits such as in the IWDC Section, BRASS or AVC Extra. 

How will I know if I need to seek guidance from Pension Wise?

Railpen will get in touch with you to let you know if the new measures apply to you. You will then need to complete a form and return it to us. 

If you do not want to take the free guidance, you will need to ‘opt out’ and let Railpen know. 

You can find a copies of the ‘Retirement guidance form’ and Transfer-out guidance form’ in the Forms section. 

How do I get a Pension Wise appointment?

If you want to book yourself, you can do this online at or by calling 0800 100 166

Pension Wise appointments can take place over the phone or in person. 

Further support

You can find videos explaining your options when you take or transfer your benefits in the ‘Your retirement options’ area of the Video Library.