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Saving more with BRASS

Find out how you can save more towards your pension with one of the Fund’s additional voluntary contribution (AVC) arrangements, BRASS.

An introduction to BRASS

BRASS is the main arrangement for 1970 Section members who want to pay Additional Voluntary Contributions (AVCs).

AVCs are usually taken from your pay before tax, so anything you pay into BRASS is tax free, subject to certain limits. That means it’s a great way to boost your pension and save more for the future.

How BRASS works

When you join BRASS, you start a Personal Retirement Account (PRA). This is a pot of money held separately to your main DB pension with the Fund.

Your PRA is invested in a range of funds with the aim of helping it to grow over time.

You can choose to manage your own funds or have them managed for you. You can also check and change your fund choices at any time.

When it’s time to take your benefits, the value of your BRASS pot is used to buy you extra benefits in your Section of the Fund. You normally have to take a tax-free cash lump sum equal to the value of your BRASS pot, up to the maximum allowed by HM Revenue & Customs. Or you may be able to transfer your BRASS pot to another scheme in order to access other options.

Check the following pages for more information:

cut-out_brass---save-more
How much you can pay into BRASS

You can pay as little as £2 a week or £10 a month into your BRASS pot. The most you can pay into BRASS each tax year is the higher of either:

  • 15% of your gross pay, minus  your normal Fund contributions, or
  • 20% of your pensionable pay plus pensionable Restructuring Premiums if you have them, minus your normal Fund contributions

If you want to contribute the maximum amount, you can top up your regular payments with a single amount before the end of each tax year. Your employer/payroll office will be able to work out the maximum you are able to pay into BRASS in a tax year. Find out more in the guide for BRASS members.

You should also be mindful of your tax limits when considering how much to pay into BRASS. You can read more about the Annual Allowance in the Read as You Need guide to BRASS linked above.

Remember, you can change or stop your regular BRASS contributions if you wish. Check the managing my BRASS page to find out how.

You can also make one off payments into BRASS, which you can learn more about below.

Your Read As you Need guide to understanding BRASS

Check out the guide to saving more towards your Fund pension with BRASS.

One-off contributions

As an active member of the 1970 Section of the Fund, you can make a one-off contribution to your pension if you'd like to boost your retirement savings.

Make a one-off contribution

To make a one-off contribution directly, and not through your employer, email us at oneoffcontribution@railpen.com using the wording from the below template. Please include 'One-off contribution request' in the subject line of your email and remember to provide us with your pension reference number and National Insurance number.

You'd need to tell us the amount you want to contribute and confirm that the payment is being made by yourself. We cannot accept payments from other people. 

As part of the process, we will need to contact your employer to check that the payment does not breach the Fund limits. This is because you can only contribute a certain amount to BRASS each year. There are also limits on how much you can contribute overall before there are tax implications - this is known as the Annual Allowance. You can learn more about this in our Read as You Need guide as You Need guide, or on the pension tax limits page.

In certain circumstances, we may need to contact you to confirm details regarding the source of the funds. Once we have completed all relevant checks, we will email you with instructions to make the payment.

Your contribution will be invested in the default fund. Once completed, you can update your fund choice.

If you do make a payment this way, you will need to contact HMRC separately for any tax relief.

If you reach the maximum amount that you can pay into BRASS and still want to pay more, you may be able to apply to join AVC Extra. Find out more on the saving more with AVC Extra page.

Glossary: Pensionable Pay 

'Pensionable Pay' and 'Your Pensionable Salary' is your salary, less any part which your employer decides does not qualify for pension.

How to join BRASS

 You can join BRASS as long as:

  • You’re a member of the 1970 Section
  • You’re still paying into the Fund
  • Your normal contributions do not come to more than both 15% of your gross Pensionable Salary and 20% of your pensionable pay, and pensionable restructuring premiums if you have them

If you want to join BRASS please speak to your employer to set up regular payments or make a one off contribution.

If you are not in a salary sacrifice arrangement, you can start, change, or stop paying into BRASS at any time.

If you are in a salary sacrifice arrangement, there is an annual window where you can start, change or stop paying into BRASS. Please speak to your employer for more details about this.

You may want to consider getting financial advice before you join BRASS. You can find details on where to go for advice on the guidance and advice page.

For more information, please check the guide for BRASS members.