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<p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">&nbsp;</span></p><p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Nobody likes to imagine getting older, so many of us choose to ignore our pensions.&nbsp; It’s nothing new, but it’s unwise. A recent study* has found two-thirds of adults retiring in 2021 in the UK won’t have enough in their pension to fund their post-work life. Many people are now facing a difficult retirement.</span> <span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></span><br></p><h2>Women especially should consider their position<br></h2><p>Society and family structures have changed hugely since the UK pension system was first created in the early 1900s. The traditional nuclear family was the norm, with men typically earning the money and women raising the children at home. But now, this family model has changed. There are more women than ever in the workplace, there are many single-parent families and different family structures.</p><p>According to a report published by Barnett Waddingham in March 2021**, women who take time off work have fewer pension savings than women who don’t.</p><p>For a woman taking two 12 month career breaks in her early 30s, with no pension savings or salary increase during this time, it can lead to a level of pension savings at retirement of around 10% lower compared to a woman with no career breaks.</p><h2>Lack of pension parity for women<br></h2><p>It’s not just career breaks that impact women’s pension savings. The report found that the pension gap between men and women is most stark in the high affluence group – typically because men’s pay in this group is significantly higher than women’s.</p><p>There are many more contributing factors, including:</p><ul><li>Taking on caring responsibilities for children, ageing parents or other family members typically gives less flexibility for many women to progress in their careers, earn more and contribute more to workplace pensions;</li><li>The imbalance of women working in lower paid or lower skilled occupations;</li><li>Women are more likely to be on zero-hour contracts or working multiple part-time roles so do not reach workplace pension auto-enrolment thresholds;</li><li>The increasing rates of divorce, particularly in later life;</li><li>The low level of default contribution rates in general.</li></ul><h2>Will you have enough for the retirement you want?<br></h2><p>Women in particular should carefully consider their options well before retirement, and whether they have enough saved to maintain their current lifestyle. </p><p>Our planning tools can help. &nbsp;</p><p>When you log in, or register for an account, you will see two modellers in the ‘Planning for the future’ section of your ‘myRPS account’.</p><ul><li>Defined benefit members can use the <strong>pension planner</strong></li><li>IWDC members can use the <strong>retirement modeller</strong>.</li></ul><p>All members can then use the <strong>retirement budgeting calculator</strong> to find out if your current level of pension benefits and/or savings will be enough, or whether you might want to make adjustments.</p><p>You can use the calculator together with your latest benefit statement, or <strong>request an estimate. </strong>It’s free to do, you can request as many as you like, and the estimate is usually ready within an hour. </p><p>These planners will show you what your annual income is likely to be when you retire. As a rough guideline, current research shows you will need between £10,200 (basic) to £33,000 (comfortable) per year when you finish work.</p><p>The Retirement Living Standards are benchmarks for the income you might need in order to afford different lifestyles - minimum, moderate and comfortable. Full details can be found at <a href="http://www.retirementlivingstandards.org.uk/" data-sf-ec-immutable="">retirementlivingstandards.org.uk</a>. But as a general rule, they suggest the following:</p><img src="00ddcd22-bb33-4a45-9ba4-28b0d6aff300" style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto" alt="retirement Living Standards are benchmarks for how much you might need in retirement based on a minimum, moderate or comfortable lifestyle"><p><br>It’s never too early – or too late- to start making extra contributions to your pension savings.</p><h2>How to save more with Additional Voluntary Contributions</h2><p>Additional Voluntary Contributions (AVCs) are flexible extra pension savings you can make from your pay (before tax is taken) on top of the normal contributions you make to your pension.</p><ul type="disc"><li>One of the perks of AVCs is that you don’t need to save a set amount every month. If you’ve got an expensive time coming up, you can reduce your contributions, or equally you can add more in if you have some to spare.&nbsp;</li><li>AVCs are a great way to save extra money for retirement if you get large payments that don’t qualify for your pension, such as overtime and bonus payments.</li><li>You’ll also get government tax relief on anything you put in up to your annual allowance - currently £40,000 for most people. &nbsp;If you’re a high earner with an income of more than £200,000 a year, your annual allowance might gradually reduce to as low as £4,000 in the current tax year.</li></ul><h2>AVCs for defined benefit members</h2><p>The main AVC arrangement open to defined benefit (DB) members is called BRASS. When you join the Scheme, you’ll get a separate BRASS account, and your AVC contributions are then invested in a range of funds with the aim of building up extra pension savings over time.</p><p>&nbsp;You’ll be able to&nbsp;<a href="https://member.railwayspensions.co.uk/my-rps" data-sf-ec-immutable="">log in to your account</a>&nbsp;(or&nbsp;<a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="">register</a>) any time to:</p><ul><li>make changes to the BRASS amount you contribute</li><li>view your investment fund holdings</li><li>see how the funds are performing​</li><li>change the funds you invest in.</li></ul><h2>How much more should I save?</h2><p>If you’ve used the planning tools, you’ll have a better idea of how much more to save, to have the retirement you imagined. </p><p>Some employers allow contributions to be paid via a ‘salary sacrifice’ arrangement, which reduces your National Insurance bill. And they may even increase the amount they pay into the scheme if you choose to save more. It’s worth checking! </p><p>Most members making additional voluntary contributions pay in more than £100 per month, but you can put in as little as £10 per month and top up your regular payments or make one-off payments at any time. No matter how big or small your contribution, it all helps.</p><p>There is a maximum amount that you can pay into BRASS. If you want to pay more AVCs, most members can apply to join AVC Extra. <a href="/knowledge-hub/help-and-support/RAYN">Check the Read as you Need guides</a> for the rules that apply to your section of the Scheme.</p><h2>AVCs for IWDC members</h2><p>If you’d like to make extra contributions, you’ll need to speak to your employer. The contributions will be deducted from your pay like your usual pension deductions. </p><p>Get more information on BRASS and AVC Extra <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra">here</a>.<span style="text-decoration: underline"></span></p><h2>What if the numbers don’t add up?</h2><p>The more you save now, the more time your money has to grow. Over the long-term, the investment returns on your AVCs could make a big difference to the amount you have to live on when you retire.</p><h2>Get advice before making any decisions. </h2><p>We can help you understand the Scheme rules that apply to you and tell you how it works, but we can’t give you advice relating to your personal circumstances. If you need help deciding what to do with your money, you’ll need to talk to a financial advisor. </p><p>Liverpool Victoria has been carefully chosen to give members access to independent financial advice. LV can be contacted on 0800 023 4187. </p><p>You are still free to choose your own Independent Financial Adviser. You can find an IFA in your area at <strong><a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a></strong></p><p><strong><a href="https://www.moneyhelper.org.uk/en" target="_blank" data-sf-ec-immutable="">Moneyhelper.org.uk</a> </strong>offers free support on a wide range of financial matters, online and over the phone.</p><p>And there’s a wealth of information in the <strong>‘</strong><strong>Resources</strong><strong>’</strong> and <strong>‘In the Scheme’</strong> sections of the RPS website.</p><h3>Sources</h3><p><strong>*</strong>&nbsp; <a href="https://www.aberdeenplc.com/en-gb/news/all-news/uk-retirees-at-risk-of-running-pension-pots-dry" target="_blank" data-sf-ec-immutable="" data-sf-marked="">UK retirees at risk of running pension pots dry</a> </p><p>**&nbsp;<a href="https://www.barnett-waddingham.co.uk/comment-insight/research/gender-pension-gap/" target="_blank" data-sf-ec-immutable="">Bridging the gap: the gender pension gap and what can be done about it</a></p><p>&nbsp;</p>

<p><em>This blog is the first of a series of 3 articles on saving more with BRASS, so stay tuned for more information coming soon.</em><em></em></p><p>BRASS is the main arrangement for members of the Railways Pension Scheme (RPS) who want to pay more on top of the normal contributions they make towards their pension. </p><p>It’s available to all Defined Benefit (DB) active members and is a great way to boost your retirement income. </p><p>BRASS is popular with our members, and we sometimes receive specific questions about different aspects of saving more with it. We’ve explained some of the specifics of BRASS below to help you get to grips with it.<del cite="mailto:Rob%20Hughes" datetime="2025-04-08T07:12"> </del><br></p><p>Please visit the <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/saving-more-with-BRASS" data-sf-ec-immutable="">Saving more with BRASS area of the website</a> for more information.&nbsp;</p><p>&nbsp;</p><h4>The fundamentals of BRASS</h4><h3>Who’s BRASS available to</h3><p>BRASS is available to anyone who is a DB active member of the RPS and wants to save more towards their pension. <br></p><p>It may be particularly useful to you if you have additional earnings which don’t quality for your main Scheme pension, such as overtime or bonus payments, for example. </p><p>&nbsp;</p><h3>How to join BRASS</h3><p>To join BRASS, speak to your employer. They’ll provide you with a form you’d need to complete and return to them. You can also complete the form when you <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">log into your myRPS account</a>. Once logged in, go to the ‘Planning for your future’ area. Once you’ve completed the form, you can download a copy and email it to your employer. <br></p><p>Any BRASS contributions you decide to make are taken from your pay by your payroll department, before tax. That way, you get tax relief on anything you put in to your pot (up to the Annual Allowance limit).</p><p>&nbsp;</p><h3>How does it work</h3><p>When you join BRASS, you’ll automatically start a Personal Retirement Account (PRA). Think of your PRA account as a separate pot of money your BRASS contributions go into. <br></p><p>Your PRA is separate to your defined benefit pension with the Scheme. The savings you have in it are classed as defined contribution savings and are invested in a range of funds. <br></p><p>The aim of the investments is to help the value of your PRA pot to grow over time. But like any investment, the value of your funds could go up and down. <br></p><p>You can <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra/brass-fund-choices">select the funds you’d like your pot to be invested in</a> or you can leave that to the Scheme’s investment experts – the choice is yours. </p><p>&nbsp;</p><h3>How much you can save into BRASS</h3><p>You can pay as little as £2 per week or £10 per month (if you are paid monthly) on top of the normal contributions you make to your pension. <br></p><p>There’s a maximum you can pay in each year – usually 15% of your gross earnings. If you want to pay more than the BRASS maximum, <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/save-more-AVC-Extra" data-sf-ec-immutable="">you can join another arrangement called AVC Extra (not available to Network Rail members).</a> We’ll cover AVC Extra in a future blog post. <br></p><p>You can change how much you contribute at any time – this is especially useful if you know you have a big bill or expense coming up. <br></p><p>And, you can make one-off payments too. You can make a one-off contribution directly when you <a href="/my-rps">log into your myRPS account</a> if you wish and via payroll. <a id="_anchor_1" href="https://railpen-my.sharepoint.com/personal/jenny_prodanova_railpen_com/Documents/0.Personal/2025/Blogs/BRASS%20QA_March%202025_v4.docx#_msocom_1" name="_msoanchor_1" data-sf-ec-immutable=""></a><a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/saving-more-with-BRASS" data-sf-ec-immutable="">Find out how to do this on the Saving more with BRASS page.</a> </p><p>&nbsp;</p><h3>Changing your BRASS contributions</h3><p>If you are not in a salary sacrifice arrangement, you can increase, pause or stop your contributions at any time. To do this, log into your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a> and look for a BRASS e-form in the Planning for the future area of your account. You can also contact your employer directly. <br></p><p>If you are in a salary sacrifice arrangement, there may be an annual window in which you can increase, reduce or stop your BRASS contribution.</p><p>&nbsp;</p><h3>What happens to your BRASS contributions if you get a new job</h3><p>If you leave work, you cannot continue to pay into BRASS.<br></p><p>Your BRASS pot will remain invested in your chosen fund(s) until you claim your benefits or transfer to another pension provider.<br></p><p>If you change railway employer, you will stop paying BRASS contributions to your previous employer’s section of the Scheme. If your new employer has a section in the Railways Pension Scheme and you join, you can restart your BRASS contributions by contacting your employer. <br></p><p>Both PRA pots will be kept separate unless you decide to transfer your previous membership along with your BRASS pot into your current membership.</p><p>&nbsp;</p><h3>Transferring your BRASS pot</h3><p>You may be able to transfer the money in your BRASS pot to another arrangement, separately to your defined benefit pension, if you wish. However, you can only do that if you have already stopped paying into BRASS.<br></p><p>To start the process, you can either tell your employer or request a transfer&nbsp;out quote (CETV) when you log into your myRPS account. More information on transferring your BRASS pot is available on the <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/taking-my-BRASS" data-sf-ec-immutable="">Taking my BRASS page</a>.<br></p><p>You should think carefully before making a decision to transfer your BRASS pot out of the Scheme. You may want to consider getting financial advice. You can find out more about how do that on our <a href="https://member.railwayspensions.co.uk/pension-essentials/guidance-advice" data-sf-ec-immutable="">guidance and advice</a> page. </p><p>&nbsp;</p><h3>What happens to your BRASS pot if you die in service</h3><p>If you die before taking your BRASS pot, the pot would be included within any tax-free cash lump sum paid to your beneficiaries. The tax-free cash lump sum is paid at the discretion of the Trustee.</p><div><div><div id="_com_1"></div></div></div>

<p><em>This blog is part of a series of 3 articles on saving more with BRASS, so stay tuned for more information coming soon.</em><em></em></p><p>BRASS is the main arrangement for members of the Railways Pension Scheme (RPS) who want to pay more on top of the normal contributions they make towards their pension. </p><p>It’s available to all Defined Benefit (DB) active members and is a great way to boost your retirement income. </p><p>BRASS is popular with our members, and we sometimes receive specific questions about different aspects of saving more with it. We’ve explained some of the specifics of BRASS below to help you get to grips with it.</p><p>Below, we’ve collated some common questions we receive about saving more with BRASS and we’ve provided an answer to each one.<br></p><p>Please visit the <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/saving-more-with-BRASS" data-sf-ec-immutable="">Saving more with BRASS area of the website</a> for more information.&nbsp;</p><p><br></p><h3>Would a pay increase affect my BRASS savings in any way and if so, how?</h3><p>If you are contributing a fixed amount, e.g. £50 each pay period, then your BRASS contribution should not be affected by a pay increase. However, if your BRASS contribution is expressed in a percentage of your pay, e.g. 2% of your pensionable pay, then a pay rise will affect the amount of your actual BRASS contributions.</p><p>This is because the most you can contribute to BRASS each tax year is the higher of either: <br></p><ul><li>15% of your gross pay; or </li><li>20% of your pensionable pay plus pensionable restructuring premiums if you have them; less</li><li>the amount you already contributed in normal contributions to the Scheme.<br></li></ul><p>In addition, if the pay increase has an impact on your potential gross pay, it may increase the maximum BRASS contribution that you can pay in the tax year.<br></p><p>Your employer or HR department should be able to help you to workout the maximum amount of BRASS contributions that you are eligible to pay each tax year.&nbsp; </p><p>&nbsp;</p><h3>What is my BRASS NRA?</h3><p>You will need to take your BRASS pot of money together with your main RPS benefits. Therefore, there isn’t a Normal Retirement Age (NRA) for your BRASS as such.&nbsp; <br></p><p>The Target Retirement Age (TRA) is more relevant to your BRASS pot, especially if you’ve opted for a hands-off approach in managing your investments and you’ve let Railpen do this on your behalf. <br></p><p>You set your TRA and it can be earlier or later than your main RPS section NRA. If you do not choose a TRA, it will default to your NRA.</p><p>&nbsp;</p><h3>How quickly does it take to set up a BRASS payment, to those payments then going out?</h3><p>BRASS contributions are taken from your pay together with you normal RPS contributions. <br></p><p>If you wish to start paying BRASS contributions, please liaise with your HR/Payroll department who will make the arrangements to deduct BRASS contributions at the same time as your normal RPS contributions during the next available payroll period. <br></p><p>If your employer operates a Salary Sacrifice arrangement, there may be a limited window for you to start, stop or amend BRASS contributions.&nbsp; </p><p>&nbsp;</p><h3>What happens to my BRASS pot if I die?</h3><p>In this situation, your BRASS pot will be paid at the discretion of the Trustees to your potential beneficiaries as a lump sum, taking your nominations into consideration.&nbsp; <br></p><p>It’s important to keep your nominations up-to-date so the Trustee knows who you’d like to receive your savings. You can make and update your nominations easily in your <a href="/my-rps">myRPS account</a>. </p><p>&nbsp;</p><h3>What happens if I max out BRASS while working part time?</h3><p>If you have reached the maximum that you can contribute to BRASS, whether you are working part-time or full time, you may still have scope to pay AVCs above the BRASS maximum into an arrangement called <a href="https://member.railwayspensions.co.uk/defined-benefit-members/saving-more-BRASS-AVC-Extra/save-more-AVC-Extra" data-sf-ec-immutable="">AVC Extra</a> (this arrangement is not available to members of the Network Rail section). <ins cite="mailto:Rob%20Hughes" datetime="2025-04-08T07:22"></ins></p><p>&nbsp;</p><h3>How can I calculate the maximum BRASS contributions I can make each year?</h3><p>The most you can contribute to BRASS each tax year is the higher of either: </p><ul><li><p>15% of your gross pay, or</p></li><li><p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">20% of your pensionable pay plus pensionable restructuring premiums if you have them; less</span></p></li><li><p>the amount you already contributed in normal contributions to the Scheme</p></li></ul><p>Your HR/Payroll department will be able to advice your maximum BRASS contribution limit for each tax year.</p><p><a href="/knowledge-hub/help-and-support/RAYN">If you work for Network Rail, there is a guide for this section specifically</a>, as different rules apply to Network Rail section members.</p><p>&nbsp;</p><h3>Does BRASS buy you extra years in pension (service)?</h3><p>When you take your benefits, the value of your BRASS pot is used to buy you extra pension in your section of the Scheme. </p><p>However, you will have the option, or may be required to take a tax-free cash lump sum equal to the value of your BRASS pot, up to the maximum allowed by His Majesty Revenue &amp; Customs (HMRC). </p><p>Different rules apply to Unisys, RSSB, Transport for Wales and Network Rail section members. </p><p>If you work for Unisys, RSSB or Transport for Wales, please contact our Helpline on 0800 012 1117. </p><p>If you work for Network Rail, there is a <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/rayn/active-network-rail-members/a-guide-for-network-rail-members-of-brassdda4d9894c894cd9b807c7bb0560c976.pdf?sfvrsn=83945e80_25" data-sf-ec-immutable="">Read As You Need guide</a> you can read to understand more. </p><p>&nbsp;</p><h3>Is it true that you can only pay into BRASS for 40 years? What happens once you’ve reached 40 years’ membership with BRASS? </h3><p>Your BRASS pot is separate from the main contributions you make into your RPS pension each month. </p><p>Some sections of the Scheme have a maximum membership of 40 years rule that applies to their section members. </p><p>If you are paying into a section that has this rule, you should know that the rule is only relevant to your main pension contributions and not to any additional contributions you make via BRASS or any other AVC arrangement. </p><p>If you reach 40 years of membership in the Scheme, then you will need to stop making contributions towards your main RPS pension but you may be able to continue to save with BRASS until you decide to take your savings. </p><p>&nbsp;</p><h3>If I move sections in the RPS, does my BRASS pot automatically transfer to my new section or would I need to arrange this with Railpen? </h3><p>This depends on the rules of the section that you are paying in. &nbsp;</p><p>Transfers that happen within the Scheme are called ‘inter-Scheme transfers’.<br></p><p>If your section rules allow inter-Scheme transfers, then you may be able to transfer your previous period of membership including your BRASS pot into your current section. To do this, you’d need to complete an inter-scheme transfer request form. You can find this form in your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a>. Special terms may apply if you request a transfer within 15 months of leaving your current section. <br></p><p>You can find out more about transferring benefits into the RPS in your Member Guide, which is available in 'My Library' when you log into your myRPS account.</p><div><div><div id="_com_1"></div></div></div>