PM78 Railways Pension Scheme Network Rail SectionApplication for Payment of Preserved Benefits When filling in this form, it is important that you read and understand all the instructions before putting.
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How to fill out the UK Railways Pension Scheme PM78 online
Filling out the UK Railways Pension Scheme PM78 form is a crucial step in applying for your preserved benefits. This guide will provide you with clear and supportive instructions on how to complete the form accurately and submit it online.
Follow the steps to effectively complete the PM78 form.
- Click 'Get Form' button to obtain the PM78 form and open it for online completion.
- Section A - Personal Details: Enter your title, first names, surname, postcode, pension reference number, contact numbers, date of birth, preferred pension start date, and email address. Ensure you use BLOCK CAPITALS for clarity.
- Section B - Payment Details: Provide your bank or building society details for pension payments, including sort code, account number, and account holder's name. Ensure it is your account or a joint account.
- Section C - Your Options: Choose your options for receiving benefits. Indicate your preference for cash lump sum, level pension, and extra dependant’s pension if applicable. Be sure to tick the appropriate boxes.
- Section D - Independent Financial Advice: If you wish to receive financial advice, you can consider services provided by Origen Financial Services. This step is optional but recommended for clarity on your options.
- Section E - Lifetime Allowance: If you have received pension benefits from other schemes, provide the name of the provider and the percentage of Lifetime Allowance used. If none, you may skip this section.
- Section F - BRASS: Acknowledge the switching of your current BRASS units. This will require your authorization for RPMI to complete the switch process.
- Section G - Declaration: Confirm your understanding of the options available, provide your signature and the date, and be mindful of data protection. State that you do not intend to invest any tax-free cash lump sum into a pension arrangement.
- Once all sections are filled out accurately, save your changes, then download and print the completed form along with your original documents (birth certificate and marriage certificate, if applicable).
- Send the completed form and required documents to RPMI, ensuring they are correctly addressed to facilitate timely processing.
Complete your PM78 form online to secure your pension benefits today.
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What is a defined benefit pension?
A defined benefit (DB) pension scheme is one where the amount you're paid is based on how many years you've been a member of the employer's scheme and the salary you've earned when you leave or retire. They pay out a secure income for life which increases each year in line with inflation.
What type of pension is the railway pension scheme?
It is sometimes called a 'company pension', an 'occupational pension' or a 'works pension'. It's tax efficient - as the money you pay in, or contribute, to your pension is taken from your salary before tax is deducted, reducing the overall amount of tax you will pay on your salary.
How do I find my old British Rail pension?
You can find this on the 'Membership details' page, under the 'My Pension' section of myRPS or on any correspondence from Railpen about your RPS pension.
Who runs the railway pension scheme?
The Trustee looks after your interests as a member of the Railways Pension Scheme. It is the trustee for four railway industry pension schemes. Two of these schemes - the Railways Pension Scheme (RPS) and the British Transport Police Force Superannuation Fund (BTPFSF) - are open to new members.
What type of pension is a local government pension scheme?
It is a defined benefit pension scheme which means your pension is based on your salary and how long you pay into the Scheme.
How do I find out about my railway pension?
Your Annual Pension Estimate or Annual Benefit Statement shows the income you're estimated to receive from your rail pension. You can also check this by logging into your myRPS account (or registering if you haven't already).
What are the two main types of pensions?
The Employee Retirement Income Security Act (ERISA) covers two types of retirement plans: defined benefit plans and defined contribution plans. A defined benefit plan promises a specified monthly benefit at retirement.
Is the railway pension increase in 2023?
For the 2023/24 year, your railway pension will increase by up to 10.1% from 10 April 2023. You will be sent a letter advising you of your new pension amount along with the percentage increase.
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