SWR Driver Pension

[1725RJ]

Good morning all,

I was wondering if anyone could shed some light on the SWR Driver Pension scheme please?

It is final or average salary?

Thanks in advance

 

[Bigfoot]

Final.

 

[Twotwo]

Surely, you could have asked/ask this q during the dmi lol

 

[greatkingrat]

Final.

Incorrect - it changed a couple of years ago. The way it is calculated is a bit complicated, but it is a lot closer to average salary than final salary. If your salary increases by more than RPI + 0.25% in any given year, then the excess increase will only count from the date of the increase. So if you spend 30 years as a driver, then get promoted to manager for the last 2 years, you will no longer get the whole pension all based on driver manager rate.

 

[Bigfoot]

Incorrect - it changed a couple of years ago. The way it is calculated is a bit complicated, but it is a lot closer to average salary than final salary. If your salary increases by more than RPI + 0.25% in any given year, then the excess increase will only count from the date of the increase. So if you spend 30 years as a driver, then get promoted to manager for the last 2 years, you will no longer get the whole pension all based on driver manager rate.

Driver Manager isn't a driver...

 

[greatkingrat]

Driver Manager isn't a driver...

Not sure what point you are trying to make? The Railway Pension Scheme is no longer only based on your final salary. That applies whether you are a driver, a driver manager, or anything else.

 

[winks]

If the Railway Pension Scheme isn’t final salary why are TfL job adverts listing the final salary as a staff benefit. ?

 

[greatkingrat]

TfL have their own pension scheme - that is separate from the Railway Pension Scheme.

 

[Cavan]

As stated the RPS is now more like an average salary scheme. Say someone was a guard for 10 years, then a driver for 10 years. You would not get 20 years RPS based on your final drivers salary, but 10 years (of course you would have the 10 years as a guard pension too).