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.

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.

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.

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.

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.

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.

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.

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.

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UK Railways Pension Scheme PM603 2023

Get UK Railways Pension Scheme PM603 2023-2024

PM603 Railways Pension SchemeBRASS payroll deduction form Once you have completed this form, you must send it to your employer (for example, payroll, HR or pensions department). Please DO NOT send.

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