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How pension saving works

Saving into this pension is a simple, low cost and tax efficient way to save towards your future. 

  • Your plan is set up for you by Network Rail.
  • You and Network Rail both contribute, with extra support from tax relief.
  • These contributions build up your pension pot over time.
  • Your pot is invested to help it grow, although growth isn’t guaranteed, the value of your pension can go down as well as up.
  • Investments follow a responsible approach, taking environmental, social and governance (ESG) factors into account.
  • From the Normal Minimum Pension Age (NMPA), you can choose how and when to access your money. The NMPA is currently age 55 but this is increasing to age 57 from 2028.

To help you understand how your Network Rail Defined Contribution Pension Scheme (NRDC) works, take a look at the NRDC Member's Guide.

When you can access your pension

The Normal Minimum Pension Age (NMPA) is usually the earliest you can access your pension:

  • Currently: age 55
  • From 6 April 2028: age 57

You may be able to access it earlier if:

  • You have a protected pension age, or
  • You retire due to ill health.

Are there any charges for your new plan?

Contributions and tax  >

The government helps out with tax relief too!

How your pension is invested >

Understand how your contributions are invested and what you need to consider.

Easily plan your retirement >

Planning your retirement is probably the most important aspect of financial planning for you to consider. Our free course with The Open University will help.