Intersection Railway Pension Scheme Benefit Transfers following TUPE

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My Ref: MRP 1/8/1                                          3rd November 2017
 
                                           Circular Num: NP/178/17
To: The Secretary All Branches & Regional Councils

Dear Colleagues,

Intersection Railway Pension Scheme Benefit Transfers following TUPE

I am informed that there is a delay in sending out Intersection Transfer Option Letters to members who have been TUPE transferred from one Railway Pension Scheme (RPS) employer to another.

As you may be aware if an individual of the RPS already has preserved benefits in another section of the RPS they may be able to transfer their preserved benefits into their new employer’s current section. As long as they transfer within 15 months of leaving their previous section they will receive “special” transfer terms.

The administrators of the RPS, RPMI, are advising that this delay is due to a number of reasons, which include, RPMI not receiving the salary details from the members previous employer, the transfer factor options are being reviewed by the scheme actuary and that there are issues with transfer calculations.

However, RPMI have reassured the RMT that this delay will not disadvantage members and they will still receive the “special” transfer terms as mentioned above.

It is important to note that transferring pension benefits from one pension scheme to another can be a life changing decision. I would therefore recommend that those members considering such a decision should only do so after receiving independent financial advice.

I will monitor the situation and keep you informed of any developments.

Yours sincerely,

 

Mick Cash
General Secretary