Transferring in or out

Things to think about before moving your pension and what to do if you decide to go ahead.

Transferring your pension

There is a lot to think about before transferring in or out of the Scheme.

Read more about your options below to help you make an informed decision. And download the forms you need if you decide to go ahead.

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Transferring in benefits from an arrangement outside of the Railways Pension Scheme (RPS) 

If you're paying into the Scheme, you may be able to transfer benefits in from other approved pension schemes. If you're a defined benefit (DB) member this is only allowed by a small number of Sections. If you're an IWDC member you can usually transfer in without restriction. 

Make sure you understand what transferring out of your current Scheme means for you. Your current provider should be able to give you all of the information you need.

You can also read more about transfers and the rules for your Section in your 'Member Guide'. This is available in 'My Library' when you log in to your myRPS account.

 

Transfer-in forms

If transfers in are allowed by your Section, you can complete a transfer-in request form below. 

If you’re a defined benefit (DB) member, you can find more information on the transferring my pension page.   

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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. You will be charged for any additional quotes you ask for within the 12 months.

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:

A man sits in his living room looking over paperworkGet a transfer out quote

If you want to transfer, it is likely you will need a guaranteed transfer out quote, also known as a cash-equivalent transfer value (CETV).

We strongly recommend you get a transfer out estimate first. This will show you the forecasted value of your pension if you choose to transfer it elsewhere. You can get as many estimates as you need, completely free, by logging into your myRPS account and selecting 'request an estimate' under my pension. 

If you've already had an estimate, and are ready to progress to a CETV, then the quickest and easiest way to request one for most members is online. Simply log in to your myRPS account and select 'request a transfer out quote (CETV)' from the my pension menu. If you're an AVC Extra member, you'll need to switch to your main DB record first. 

You can only get 1 CETV free in a 12 month period, so think carefully before requesting one. If you are making AVCs you will need to stop them before we can provide a CETV. 

If you're an active DB member and simply want to explore your options, you can use the Pension Planner tool instead. Just log in to your myRPS account and you can find the tool in the Planning for the future area. 

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.

Think carefully before transferring your pension

Transferring your pension can carry significant risks.

You should carefully compare the benefits of your current pension with any alternatives before making any decisions.

You may also want to consider taking financial advice. In some cases, you may have to get financial advice by law before a transfer can go ahead. Check the guidance and advice page for more information.  You can also read The Pensions Regulator's poster on how to stay safe from scams.

If you are thinking of transferring your pension, you may be at increased risk of scams. Check the scams page for things to look out for and steps you can take to protect your pension savings. 

If you’re aged 50 or over and have a DC pension pot such as IWDC, BRASS or AVC Extra, you can book a Pension Wise appointment for guidance on your options. Visit moneyhelper.org to find out more or to book.  

If you're a defined benefit (DB) member you can find more information in the 

The short video also explains why it may not be right for you to transfer your DB pension in order to access your savings. 

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