Tributing to BRASS, or You want to change the regular amount that you pay into BRASS, or You want to make a one-off contribution to BRASS 1. Your details National Insurance number: Title: (please specify) Mr Mrs Miss Other Surname: Employee number: First names: Contact telephone number: 2. Your BRASS contributions Please complete this section if you want to start contributing to BRASS, change the regular amount you pay to BRASS or make a one-off contribution to BRASS. Pleas.
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How to fill out the UK Network Rail PM602B online
Filling out the UK Network Rail PM602B form is essential for individuals looking to start or modify their contributions to the BRASS pension scheme. This guide provides a comprehensive approach to navigate the online version of the form, ensuring that you complete each section accurately.
Follow the steps to successfully complete your form.
- Use the ‘Get Form’ button to obtain the PM602B form. This will allow you to access the form in an editable format.
- Enter your details in the first section. Provide your National Insurance number, title, surname, first names, employee number, and a contact telephone number. Make sure to use BLOCK CAPITAL letters as instructed.
- Proceed to the next section for your BRASS contributions. Indicate whether you wish to make a regular payment or a one-off contribution. Enter the respective amount in pounds, ensuring that your regular payment is at least £2 per week.
- If you are starting contributions, remember to complete a separate PM85 form to select your fund choices. This is crucial, as contributions will default to the Trustee's chosen fund if this form is not submitted.
- In the declaration section, affirm your understanding of the regulations by confirming that your contributions are not funded by a tax-free cash lump sum from another pension scheme. Sign and date this section.
- Finally, submit the completed form to the Network Rail Pensions Team via email or postal service. Ensure you keep a copy for your records.
Begin filling out your PM602B form online today to manage your pension contributions effectively.
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Is BRASS tax free?
Your BRASS Account also has tax benefits; for example, there is no capital gains tax payable on the capital growth of your fund. You can join BRASS if you are a contributing member of the Scheme.
What is BRASS on payslip?
You can choose to pay Additional Voluntary Contributions (AVCs), known as BRASS, with the aim of increasing your RPS pension benefits. BRASS contributions are used to provide additional benefits on a defined contribution basis (Money Purchase) and are invested into AVC funds provided by the scheme.
How does BRASS pension work?
As a BRASS member, you pay Additional Voluntary Contributions (AVCs). If you decide to join BRASS, the money you pay into your BRASS account is invested with the aim of 'topping up' your main Scheme pension for when you retire.
How much can I put into BRASS?
Please ask your employer about the maximum you can pay. Network Rail members should check their BRASS guide for details. The most you can contribute to BRASS each tax year is the higher of either: 15% of your gross pay, minus your normal Scheme contributions; or.
What is the maximum I can pay into BRASS?
Please ask your employer about the maximum you can pay. Network Rail members should check their BRASS guide for details. The most you can contribute to BRASS each tax year is the higher of either: 15% of your gross pay, minus your normal Scheme contributions; or.
What is the difference between BRASS and AVC?
Additional Voluntary Contributions (AVCs) are a tax-efficient way to save more towards your pension benefits. The Scheme's main AVC arrangement is called BRASS. Your BRASS AVCs are invested in a range of funds with the aim of building up extra benefits over time.
Can I cash in my BRASS pension?
When you take your benefits, the value of your BRASS funds is used to buy you extra pension in your section of the scheme. However, you are required to take a tax-free cash lump sum equal to your BRASS account value, up to the maximum allowed by HMRC.
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