Providing for our loved ones is something many of us worry about after we die. So, it’s reassuring for members to know those who matter to them could get some help when they’re no longer around to support them.

A valuable benefit of Railways Pension Scheme (RPS) membership is that a lump sum might be paid if members die before taking their pension. So, it’s a good idea for members to tell us who they’d like the money to go to by completing a nomination form.

Why nominate?

A lump sum may be paid if members die before they claim their Railways pension (or within five years of taking it).This is usually tax-free.

Its important members name the people or organisations they want the money to go to by making a nomination. The Trustee considers their nominations when deciding who to make any payments to.

If members don’t make a nomination, the Trustee may not know where to pay the money. This could mean the payment is delayed, and even taxed as a result.

It’s a difficult time when you lose someone, without added financial stress and disagreements between friends and family. So it’s a good idea for members to nominate to help prevent unnecessary worry.

Who can members nominate?

Members can nominate:

• An individual, or several people, such as family and friends
• Organisations or good causes
• Charities

Nominations are confidential, so nominees won’t know if they’ve been added or removed as a nominated beneficiary. Members can nominate as many people as they want to.

Members should keep their nominations up to date so they still reflect their wishes, particularly if their circumstances change. We suggest that members make a note in their diaries to review their nominations every year or so.

How do members nominate?

The quickest way for members to make a nomination is to log into their myRPS account (they should register for an online account if they haven’t already). When they’re logged in, members can select ‘My Nominations’ and follow the simple steps.

If members have more than one period of membership in the Scheme, they should make separate nominations for each of their records, even if they are nominating the same people. They can do this in their myRPS account by switching between their membership records.

Or, members can download the Nomination form, print it off and fill out their nominations. Then return it using the instructions and the Railpen address on the form.

When members nominate, they’ll need to give the following details of their nominee(s):

• Title
• Name
• Relationship to them
• Nominee’s address
• Percentage of the pension benefits they’d like their nominee to receive
• Details of their nominee’s guardian if they are under 18 (members can’t name themselves)

When members have made their nominations, we’ll let them know their wishes have been recorded within 28 days.

Is a nomination the same as a will?

A nomination is not the same as a will. Nominations show where members would like a lump sum from their pension to go if you die before you claim it, and this cannot be covered in a will.

Many people think everything they own will be given out according to their will when they die. It’s important to remind members that if they die, their Railways pension is separate to the rest of their estate.

Members can learn more about how death benefits might work on the dedicated reporting a death page.

Who can nominate?

Every member can nominate, unless they’ve already been taking their pension for more than five years. We strongly encourage members to nominate – it’s quick, easy, free and could make life for their loved ones much easier. 

You could also use the Nominations pensions toolkit to talk to your employees about the importance of nominating their beneficiaries.