Transferring in or out
Things to think about before moving your pension and what to do if you decide to go ahead.
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.
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.
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 may be considering transferring your Scheme benefits in order to:
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:
If you want to transfer, you need to request a guaranteed transfer out quote, also known as a cash-equivalent transfer value (CETV). You can do this by emailing email@example.com or call the Helpline on 0800 012 1117.
You can only get 1 free transfer quote in a 12 month period, anything more than that and you
will be charged. So it’s really important to be sure before you go ahead with this process
If you’re simply exploring your options, it might be best to login and use the pension planning tools or request a standard estimate. You can request as many of these as you need for free.
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. Visit the get in touch page for Railpen's contact details.
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.
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.
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