News

Pensions are constantly evolving and there may be changes that affect your membership. Therefore, it’s important to keep up to date with what’s happening.

Due to high inflation in the UK, many of our members have exceeded the Annual Allowance this year and for some members, this may result in a tax charge.

If you are liable for a tax charge the Trustees of the ESPS offer a mechanism called ‘Scheme Pays’ where the Scheme will pay the tax charge on your behalf, but your pension benefits will be reduced accordingly. If you would like to take advantage of ‘Scheme Pays’ it is very important that you contact Railpen within the deadlines set out in your Pension Savings Statement.

Please note that the Pension Savings Statement only sets out the position in relation to the ESPS or the Retirement Balance Plan (as applicable). It does not take into account any additional pension savings that you may have made (including the bonus waiver) outside of Uniper  during the 2021/2022 tax year.

The pensions team at Uniper have put together a document containing frequently asked questions in relation to the Annual Allowance for both ESPS members and RB Plan members, and you can find links to these below.

Please click here for the ESPS FAQs.

Please click here for the Retirement Balance Plan FAQs.

If you have further questions that are not covered in the attached documents, please contact ruth.blackburn@uniper.energy