If you’re aged 50 or over and request to transfer out or access any defined contribution benefits, you may need to get free guidance on your retirement options from Pension Wise.

The Pensions Regulator introduced these new measures from June 2022 as a way of helping pension scheme savers prepare for their retirement and make better informed decisions about the options available to them.

Pension Wise is a government service run by MoneyHelper. It offers free, impartial guidance about your defined contribution pension and can help you understand the options available when you retire and which might suit your personal circumstances.

The Scheme’s administrator, Railpen, will get in touch with you to let you know if this applies to you. This will apply if you pay any Additional Voluntary Contributions (AVCs), or if you pay into the Defined Contribution Section of the Scheme.

Pension Wise appointments can take place over the phone or in person. If you do not want to take the free guidance, you will need to ‘opt out’ and let Railpen know.