You can choose to pay Additional Voluntary Contributions (AVCs), known as BRASS, with the aim of increasing your RPS pension benefits.
BRASS contributions are used to provide additional benefits on a defined contribution basis (Money Purchase) and are invested into AVC funds provided by the scheme. BRASS contributions are solely a member contribution and there is no contribution by Network Rail.
You can choose to contribute as much as you like, from as little as £2 per week up to 75% of your taxable earnings, either with regular BRASS contributions or one-off lump sums.
You can also decide how your BRASS contributions are invested.
You can choose between the Full Cash Withdrawal Lifestyle strategy, Annuity Purchase Lifestyle strategy or the Flexible Drawdown Lifestyle strategy, where your investments will follow a set investment strategy.
Or you can manage your investments yourself by choosing from a range of 5 self-select investment funds.
If you do not decide which strategy or fund(s) you wish to invest in, your BRASS contributions will be directed to the Trustees chosen default fund, the Full Cash Withdrawal Lifestyle strategy.
Information on BRASS, including helpful guides and each funds performance factsheets can be found on the Railpen website.
BRASS contributions are also eligible for tax relief in the same way your regular RPS60 or RPS65 contributions are.
BRASS contributions are not currently deducted via the SMART arrangement at Network Rail.
You will need to consider the Annual Allowance, the maximum amount that is permitted by the Government to be paid into your pension in a tax efficient way each tax year.
To set up BRASS contributions, or amend the amount of BRASS you pay, complete the BRASS Contributions Form (non Protected Members only).
To update where your future BRASS contributions are invested, complete the BRASS Investment Form.
You can view the current value of your BRASS fund by logging in to your RPS Member Account.
Protected Members
If you are a Protected Member, you can only pay 15% of your annual taxable earnings, including your normal RPS contributions.
To pay more than 15% you can sign a BRASS Waiver Form, effectively removing the 15% contribution limit.
However, if you do sign the BRASS waiver, you give up the right of converting your BRASS funds to annual pension at a rate of £12 to £1 at retirement, instead the conversion rate will be at a less favourable rate as determined by the Scheme Actuary at the date of retirement.
To set up BRASS contributions, or amend the amount of BRASS you pay, complete the BRASS Contributions Form (Protected Members only).
To update where your future BRASS contributions are invested, complete the BRASS Investment Form.
You can view the current value of your BRASS fund by logging in to your RPS Member Account.