When you leave the NRDC pension scheme, either by opting out, joining CARE or the RPS, or by ceasing employment with Network Rail, the options available to you will depend on your length of NRDC membership.
Less than 30 days NRDC membership
If you have less than 30 days NRDC membership you will be entitled to a refund of your NRDC contributions (if any).
You will not get a refund of Network Rail’s NRDC contributions.
More than 30 days NRDC membership
If you have more than 30 days NRDC membership, you have the following options;
- keep your NRDC Personal Retirement Account (PRA) in the scheme and invested up to retirement, at which point you can draw your NRDC benefits;
- transfer the value of your PRA to another registered pension arrangement.
Preserved Members with less than two years NRDC service
If you are preserved member of NRDC, and you joined before 30 September 2015 and have less than two years NRDC service, you have the following options;
- keep your NRDC PRA in the scheme and invested up to retirement, at which point you can draw your NRDC benefits;
- transfer the value of your PRA to another registered pension arrangement;
- a refund of contributions, including any AVC’s paid. The refund would be subject to tax at your marginal rate. You will only receive a refund for the contributions that you have paid, and this will not include any employer contributions.
A refund of contributions cannot be paid if you have transferred in any pension to NRDC.
The option for a refund with less than two years service was removed from 1st October 2015, under government legislation, and instead the 30 day refund period was introduced.