I'm planning to take my pension

Understand how and when you can take your DB pension and find out how to apply when you're ready.

Things to think about before taking your DB pension

As a member of the defined benefit (DB) section of the Railways Pension Scheme, you will get an income for life when you retire.  The exact amount you’ll get is based primarily on:

  • how long you’ve paid in (your membership)
  • your final average pay

But there are still a few decisions you need to make. Visit the pages below to understand the options available to you and take the time to consider what's right for your circumstances. 

A calendar, with a date ringed in red pen, shown next to a pile of £50 notes and a wallet holding £20 notes

In this section...

How much I'll need for retirement

If you’re getting ready to retire, or just thinking ahead, it’s good to know if your pension savings are on track.

When to retire

Find out when you can start taking your defined benefit (DB) pension. 

Staying in work

Learn about the rules and tax implications of staying in, or returning to work, after taking your DB pension.  

Ways to take my pension

Discover the different ways you can take your DB pension. 

Making the right decision

Things to consider before deciding how and when to take your DB pension. 

Applying for my pension

What to do when you're ready to take your DB pension and what will happen next. 

Transferring my pension

What to do if you're thinking about transferring your pension out of the Scheme.

Guidance and advice  

Where to go for further support on your retirement options.

Watch out for pension scams

Make sure you know the warning signs of pension scams and how to avoid losing your savings.