Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
5/5/2023
Editorial
<p>Providing for our loved ones is something many of us worry about after we die. So, it’s reassuring to know those who matter to you could get some help when you’re no longer around to support them. </p><p>A valuable benefit of your Railways Pension Scheme (RPS) membership is that a lump sum might be paid if you die before taking your pension. So, it’s a good idea to tell us who you’d like the money to go to by completing a nomination form. </p><p><strong>Why nominate?</strong></p><p>A lump sum may be paid if you die before you claim your Railways pension (or within five years of taking it). This is usually tax-free.</p><p>It’s important you name the people or organisations you want the money to go to by making a nomination. The Trustee considers your nominations when deciding who to make any payments to. </p><p>If you don’t make a nomination, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result. </p><p>It’s a difficult time when you lose someone, without added financial stress and disagreements between friends and family. So it’s a good idea to nominate to help prevent unnecessary worry.</p><p><strong>Who can I nominate?</strong></p><p>You can nominate:</p><ul><li>An individual, or several people, such as family and friends</li><li>Organisations or good causes</li><li>Charities</li></ul><p>Nominations are confidential, so your nominees won’t know if you’ve added or removed them as a nominated beneficiary. You can nominate as many people as you want to.</p><p>Make sure to keep your nominations up to date so they still reflect your wishes, particularly if your circumstances change. You could make a note in your diary to review your nominations every year or so.</p><p><strong>How do I nominate?</strong></p><p>The quickest way to make a nomination is to <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">log into your myRPS</a> account (make sure to <a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="">register for an online account</a> if you haven’t already).<strong> </strong>When you’re logged in, select ‘My Nominations’ and follow the simple steps.</p><p>If you have more than one period of membership in the Scheme, you should make separate nominations for each of your records, even if you are nominating the same people. You can do this in your myRPS account by switching between your membership records.</p><p>Or, you can download the <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/forms/forms-for-all-members/nomination-form6b7e5b868b1b419db50f7607489e41ed.pdf?sfvrsn=746a069f_6" target="_blank">Nomination form</a>, print it off and fill out your nominations. Then return it using the instructions and the Railpen address on the form.</p><p>When you nominate, you’ll need to give the following details of your nominee(s):</p><ul><li>Title</li><li>Name</li><li>Relationship to you</li><li>Nominee’s address</li><li>Percentage of the pension benefits you’d like your nominee to receive</li><li>Details of your nominee’s guardian if they are under 18 (you can’t name yourself)</li></ul><p>When you’ve made your nominations, we’ll let you know your wishes have been recorded within 28 days.</p><p><strong>Is a nomination the same as a will?</strong></p><p>A nomination is <strong>not</strong> the same as a will. Your nominations show where you’d like a lump sum from your pension to go if you die before you claim it, and this cannot be covered in your will. </p><p>Many people think everything they own will be given out according to their will when they die. It’s important to remember that if you die, your Railways pension is separate to the rest of your estate. </p><p>You can learn more about how death benefits might work on the dedicated <a href="/knowledge-hub/help-and-support/reporting-a-death">reporting a death page</a>.</p><p><strong>Who can nominate?</strong></p><p>Every member can nominate, unless they’ve already been taking their pension for more than five years. We strongly encourage you to nominate – it’s quick, easy, free and could make life for your loved ones much easier. </p>
<p>Providing for our loved ones is something many of us worry about after we die. So, it’s reassuring to know those who matter to you could get some help when you’re no longer around to support them. </p><p>A valuable benefit of your Railways Pension Scheme (RPS) membership is that a lump sum might be paid if you die before taking your pension. So, it’s a good idea to tell us who you’d like the money to go to by completing a nomination form. </p><p><strong>Why nominate?</strong></p><p>A lump sum may be paid if you die before you claim your Railways pension (or within five years of taking it). This is usually tax-free.</p><p>It’s important you name the people or organisations you want the money to go to by making a nomination. The Trustee considers your nominations when deciding who to make any payments to. </p><p>If you don’t make a nomination, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result. </p><p>It’s a difficult time when you lose someone, without added financial stress and disagreements between friends and family. So it’s a good idea to nominate to help prevent unnecessary worry.</p><p><strong>Who can I nominate?</strong></p><p>You can nominate:</p><ul><li>An individual, or several people, such as family and friends</li><li>Organisations or good causes</li><li>Charities</li></ul><p>Nominations are confidential, so your nominees won’t know if you’ve added or removed them as a nominated beneficiary. You can nominate as many people as you want to.</p><p>Make sure to keep your nominations up to date so they still reflect your wishes, particularly if your circumstances change. You could make a note in your diary to review your nominations every year or so.</p><p><strong>How do I nominate?</strong></p><p>The quickest way to make a nomination is to <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">log into your myRPS</a> account (make sure to <a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="">register for an online account</a> if you haven’t already).<strong> </strong>When you’re logged in, select ‘My Nominations’ and follow the simple steps.</p><p>If you have more than one period of membership in the Scheme, you should make separate nominations for each of your records, even if you are nominating the same people. You can do this in your myRPS account by switching between your membership records.</p><p>Or, you can download the <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/forms/forms-for-all-members/nomination-form6b7e5b868b1b419db50f7607489e41ed.pdf?sfvrsn=746a069f_6" target="_blank">Nomination form</a>, print it off and fill out your nominations. Then return it using the instructions and the Railpen address on the form.</p><p>When you nominate, you’ll need to give the following details of your nominee(s):</p><ul><li>Title</li><li>Name</li><li>Relationship to you</li><li>Nominee’s address</li><li>Percentage of the pension benefits you’d like your nominee to receive</li><li>Details of your nominee’s guardian if they are under 18 (you can’t name yourself)</li></ul><p>When you’ve made your nominations, we’ll let you know your wishes have been recorded within 28 days.</p><p><strong>Is a nomination the same as a will?</strong></p><p>A nomination is <strong>not</strong> the same as a will. Your nominations show where you’d like a lump sum from your pension to go if you die before you claim it, and this cannot be covered in your will. </p><p>Many people think everything they own will be given out according to their will when they die. It’s important to remember that if you die, your Railways pension is separate to the rest of your estate. </p><p>You can learn more about how death benefits might work on the dedicated <a href="/knowledge-hub/help-and-support/reporting-a-death">reporting a death page</a>.</p><p><strong>Who can nominate?</strong></p><p>Every member can nominate, unless they’ve already been taking their pension for more than five years. We strongly encourage you to nominate – it’s quick, easy, free and could make life for your loved ones much easier. </p>
Blog
Look after your successors
King Charles III will be crowned successor to the throne. Have you thought about what your own ‘successors’ might get in the event of your death?
Providing for our loved ones is something many of us worry about after we die. So, it’s reassuring to know those who matter to you could get some help when you’re no longer around to support them.
A valuable benefit of your Railways Pension Scheme (RPS) membership is that a lump sum might be paid if you die before taking your pension. So, it’s a good idea to tell us who you’d like the money to go to by completing a nomination form.
Why nominate?
A lump sum may be paid if you die before you claim your Railways pension (or within five years of taking it). This is usually tax-free.
It’s important you name the people or organisations you want the money to go to by making a nomination. The Trustee considers your nominations when deciding who to make any payments to.
If you don’t make a nomination, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result.
It’s a difficult time when you lose someone, without added financial stress and disagreements between friends and family. So it’s a good idea to nominate to help prevent unnecessary worry.
Who can I nominate?
You can nominate:
- An individual, or several people, such as family and friends
- Organisations or good causes
- Charities
Nominations are confidential, so your nominees won’t know if you’ve added or removed them as a nominated beneficiary. You can nominate as many people as you want to.
Make sure to keep your nominations up to date so they still reflect your wishes, particularly if your circumstances change. You could make a note in your diary to review your nominations every year or so.
How do I nominate?
The quickest way to make a nomination is to log into your myRPS account (make sure to register for an online account if you haven’t already). When you’re logged in, select ‘My Nominations’ and follow the simple steps.
If you have more than one period of membership in the Scheme, you should make separate nominations for each of your records, even if you are nominating the same people. You can do this in your myRPS account by switching between your membership records.
Or, you can download the Nomination form, print it off and fill out your nominations. Then return it using the instructions and the Railpen address on the form.
When you nominate, you’ll need to give the following details of your nominee(s):
- Title
- Name
- Relationship to you
- Nominee’s address
- Percentage of the pension benefits you’d like your nominee to receive
- Details of your nominee’s guardian if they are under 18 (you can’t name yourself)
When you’ve made your nominations, we’ll let you know your wishes have been recorded within 28 days.
Is a nomination the same as a will?
A nomination is not the same as a will. Your nominations show where you’d like a lump sum from your pension to go if you die before you claim it, and this cannot be covered in your will.
Many people think everything they own will be given out according to their will when they die. It’s important to remember that if you die, your Railways pension is separate to the rest of your estate.
You can learn more about how death benefits might work on the dedicated reporting a death page.
Who can nominate?
Every member can nominate, unless they’ve already been taking their pension for more than five years. We strongly encourage you to nominate – it’s quick, easy, free and could make life for your loved ones much easier.
