Transferring in or out

Transferring in benefits from another section within the Railways Pension Scheme (RPS)

If you have previously built up pension benefits in one section of the Scheme and are now a member of a different section, you may be able to transfer your benefits from your previous section into your current one. This is known as an ‘Inter-scheme transfer’.

To do this, you can complete an Inter-scheme transfer request form below. It will not happen automatically if you decide to change employers, even if your previous employer was also part of the Railways Pension Scheme, or part of the same owning group as your new employer.

You can only request one inter-scheme transfer quote for free within any 12-month period. Any additional quotes you ask for within the 12 months would cost £96 (including VAT).

You can find out more about transferring benefits into the RPS in your Member Guide, which is available when you log into your myRPS account. 

Transferring your Scheme pension out to another arrangement

You may be considering transferring your Scheme benefits in order to:

• consolidate your pension savings in one place. This could be to a new employer’s scheme or to an alternative pension provider. You can normally do this at any time before you start taking your pension, as long as it's in line with your Section rules.  
  
• take your benefits in a different way to that offered by the RPS, such as to buy an annuity or to move to a drawdown arrangement
  

Things to consider before transferring out of the Scheme

You can transfer your benefits out of the Railways Pension Scheme (RPS) to another scheme or provider if you wish. However, it must be to an arrangement which is registered with HMRC.   

You should think this through carefully before making a decision and consider that a transfer may not be in your best interest. You may want – or need – or get advice first. Find out more on the guidance and advice page.

If you’re a defined benefit (DB) member and have Additional Voluntary Contributions (AVCs), you may have to transfer them at the same time as your DB pension. This will depend on the rules for your specific Section. For more information, check:

• the Section rules in your myRPS account 
• the guide to transfers out for DB members
• the transferring my pension web page for DB members  
  

The process for transferring out of the Scheme

If you decide to go ahead with a transfer, you will need to contact the Scheme administrator, Railpen. Log in to your online account to send Railpen a message - there is guidance available on transfers and then a Contact Us form you can fill in. 

Railpen will ask you to provide documents or evidence about the scheme you want to transfer to. This is in line with regulations introduced by the government in November 2021, to help protect members where risks of possible scams are identified.

Railpen may also refer you to the government-approved advice service MoneyHelper for guidance on your transfer.  Your transfer request will not be refused on the basis that it might not be in your best interest. However, Trustees can refuse transfers where there's a greater risk it may be part of a scam.

Once complete, a transfer is permanent and cannot normally be reversed at a later date, so please think carefully before going ahead.

If you’re a DB member, you can find a step-by-step guide to transferring your pension in the Transfer Options Read as You Need guide below.