GWR Pension

[EBlackadder]

Dear all,

I've been offered a role with GWR and am waiting for the documentation to be sent out. I was wondering if anyone knew what the pension details were. I've found some generic Railway Pensions information online, but am aware that each TOC is a bit different.

I'm mainly after:
- Years in the scheme before a full pension is reached (30/35 years etc...)
- Monthly % contributions
- Employer % contributions
- whether the state pension is deducted from the final pension amount
- Anything else that might be relevant!

Thanks in advance

 

[TractiveEffort]

Dear all,

- Years in the scheme before a full pension is reached (30/35 years etc...)
- Monthly % contributions 7.25% but this varies from time to time
- Employer % contributions 14.5%
- whether the state pension is deducted from the final pension amount. Not sure.

- Anything else that might be relevant!

Thanks in advance

40 years, but you can now pay in for longer in some circumstances

Monthly Contribution is 7.25% - this occasionally alters when the actuaries review the scheme

Employers 14.5%

The scheme is contracted out, so you don't get the second part of the state pension

Check what part of the salary is pensionable, as depending on the role you might be able to negotiate a better percentage.

 

[EBlackadder]

Cheers for the info - so it's possible to overpay the pension to get more years in the pot?

Ta

 

[TractiveEffort]

Not sure about over paying into the main scheme, but there is a scheme called Brass, which you can pay into, its a AVC. Once you are a member of the pension scheme there is a pretty comprehensive website giving all the details and has pension predictors etc to help you gauge your benefits.

 

[EBlackadder]

Cheers for the info, appreciated. Nearly 50% lower contribution than my current scheme so a lot of avenue to overpay.