Railway Employees
Drawing Your Benefits
Prior to taking any type of pension you will be given various options to consider. It is very important you take advice on these as your choices may be irreversible and could affect your longterm retirement.
- Tax free lump sum should I take the maximum
- People in poorer health or residing in poorer areas, having a lower expected lifespan, will probably be able to obtain an increased pension due to their circumstances
- Personal pensions, always get comparisons through independent advice to ensure you are getting the best possible solution
- If your partner has little or no pension and you may wish to provide more than 50% of your own pension
- you may not have a partner at retirement and want your family to benefit when you die
- You may wish your pension to be flexible, possibly to save on paying income tax
If you are interested in flexibility and the prospect of passing unused pension to your children then check our Pension Drawdown section.