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What are your options if you choose to delay your retirement? Many people are choosing to work for longer nowadays. They may enjoy their job too much to leave, or financial responsibilities may give them no other option. A recent YouGov poll found that among over 55s, one in eight (13%) had decided to delay retirement because of money problems caused by the pandemic.

Although you must take your pension benefits from the RPS by age 75 at the latest, the longer you leave your pension with us, the more your income could be when you choose to take it.

Normal retirement age

If you are a member of the RPS, your benefits would normally be paid at your normal retirement age (NRA). This is usually between 60 and 65. Subject to the Section you are in, this age might differ, so be sure to log in to your online account and check your Member Guide to find out what your NRA is.

Depending what Section you belong to, you may be able to delay payment of your benefits beyond your NRA and opt for late retirement. Check your Member Guide to find out if this is possible.

How to retire later than your NRA

If you remain in employment, you can remain an active member of the RPS after your NRA date without taking any further action.

However, if you have opted out of the scheme, are a preserved member, or leave employment after your NRA, your benefits will be paid at your NRA or at your date of leaving, unless you choose to postpone payment. If you are eligible for late retirement and wish to go ahead with this, then you must let the Scheme administrator, RPMI know within three months before and three months after your NRA*.

Prior to your NRA, the Scheme administrator, RPMI will send you a Retirement Reminder and a Security Review Form in the post. You should complete the forms and return within the stipulated timeframe.

For members with more than one NRA in a section, you should complete the late retirement process within the time frame of the earliest NRA date and all of your benefits in that section must be taken at the same time.

*If you’re a member of the Network Rail section of RPS you should be able to take late retirement but you should consult your Member Guide for advice as the notice period described above does not apply.

 You may wish to get independent financial advice before making any decisions about late retirement.