We’re encouraging members to think about what will happen to their pension, if they die before it’s claimed.

It’s not the most cheerful topic, but it’s important to all of us that our loved ones are provided for.

One of the benefits of the Fund is that members’ beneficiaries could receive a cash lump sum when they die. It’s not a fixed amount and will depend on members’ circumstances at the time of their death.

To make sure the money is paid in line with their wishes, it’s important they tell Railpen who their beneficiaries are. Members can nominate an individual, several people, a charity or organisation.

The cash lump sum is normally tax free. But if the Trustee doesn’t know where to pay the money, it could take longer to pay out. This means it might be taxed.

Nominating a beneficiary may speed up the decision about where the money goes, which will spare extra heartache and worry at a difficult time for loved ones.

The easiest way to nominate is by filling in the expression of wish form, available when logged in to their myFund account. Alternatively they can contact Railpen for help.

If members have recently completed nominations, that’s great! But if circumstances change, it’s important to keep them up to date. Members should review their nominations every couple of years so they continue to reflect their wishes.