Deferred members
What happens when I leave?
If you leave the Group before retiring, your benefits are ‘frozen’ and you become a deferred member, no longer paying contributions in.
It is worthwhile maintaining a working knowledge of your membership and any options available to you when planning for the future. Your Members' guide is an invaluable source of information to help you learn about Scheme membership, it's benefits and options.
Railpen will contact you approximately six months before your normal retirement date, but please remember your pension is your responsibility, and you must keep Railpen informed of any address changes.
Benefits
When you decide to claim your Group pension, it will be calculated in the normal way using your pensionable salary and the amount of time you worked for the Group.
You will receive your pension – along with a cash sum worth three times that yearly pension amount – at normal retirement age.
Taking benefits early
You can choose to take your ‘frozen’ benefits before normal retirement age provided you give two months’ notice. However, it's important to remember that your benefits would be reduced to take account of the early payment.
Ill health
If you stop working due to ill health, you may be able to claim your pension and cash sum immediately without reduction for early payment, if the Scheme’s medical adviser agrees.
Contact the administration team for details.
Redundancy/reorganisation
If you leave Drax through redundancy or reorganisation, you may be able to receive your pension and cash sum at age 50, with no reduction for early payment unless you ask to ‘freeze’ your benefits (with Drax’s permission).
Speak to HR or Group administrator Railpen if you have any queries.
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