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 but less than two years NRDC membership
If you have more than 30 days but less than two years 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;
- receive a refund of the current value your NRDC contributions (if any), including AVCs, less tax. You will not get a refund of Network Rail’s NRDC contributions (only available to NRDC members who joined NRDC prior to 30 September 2015 and have less than 2 years NRDC membership).
If you have less than two years NRDC membership and have transferred benefits into your NRDC PRA, you will not be entitled to a refund.
More than two years NRDC membership
If you have more than two years NRDC membership, 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.