Following the issuing of this year’s benefit statements, the Trustee and Railpen are aware that many members have concerns regarding the Pension Input Amounts quoted.

These have been calculated using the same method as used in previous years and it is correct that these are considerably higher than previous year’s figures. This is due to the current high levels of inflation which affects a member’s final accrued pension based on their final pensionable salary which therefore impacts a member’s Pension Input Amount.

If a member’s Pension Input Amount is above £40,000, Railpen will write to them next month with a Pension Savings Statement. This will give members further information if they are liable for a tax charge and the next steps that can be taken.

Adrian Furnell

Secretary to the Trustees