A pension works by taking all the money paid in – by you, your employer and the government (in the form of tax savings) – and investing it for your future. Different schemes work in different ways, but the idea is that the investments will grow over time to give you money to support you when you retire.
 
With the Amey OS Pension Scheme, the amount you get when you retire depends on things like how long you've been a member and your salary when you retire. These types of pension schemes are commonly referred to as ‘defined benefit’ arrangements.

Watch the short animation below to learn more about how pensions work.

 

   

In December 2022, we completed a ‘buy-in’ with the Pension Insurance Corporation plc (‘PIC’), a specialist insurer of defined benefit pension funds. To help fund the buy in, the Company agreed to advance contributions in excess of £47m to the scheme, without which the transaction would not have been possible. As a result of this approximately £400 million buy-in, PIC will pay current and future pensions for our nearly 3,500 members. This is a big step towards further reducing risk for the scheme and enhancing the security of your benefits. To help PIC calculate the payments under the policy, we are providing PIC with information about insured members and their benefits. You can read the notice on www.my-amey-os-pension.com/ privacy for more details about how we collect and process your personal information, which we have updated following the buy-in. It now includes a link to a similar notice on PIC’s website

A buy-in is when a pension scheme purchases an insurance policy, which guarantees the insurer will provide the money needed to pay pensions for its members. 

Retirement is no longer seen as ‘the end of the road’, and most of us won’t want to change our lifestyles because of it. Take the time to think about what you want for your retirement so you can start planning for it today. 

Visit the  lifestyle costs page to get an idea of how much income you may need to afford different lifestyles when you retire and how to work out if you're saving enough.

Zedra is responsible for looking after the Amey OS Scheme and the money invested on your behalf. Their job, with the help of pension and investment specialists, is to regularly check how the scheme administration and investments are doing and let you know if any changes are necessary. 
 
Although investment decisions made by the Trustee are still subject to stock market fluctuations, their experience and expertise ensures that the scheme investments do as well as possible.

You will be sent a Pensions Saving Statement if you exceed the AA.

With the Amey OS Pension Scheme, both you and your employer pay into your pension.
 
The money paid in is known as ‘contributions’. 
 
Your pension contributions are tax-free (subject to Annual Allowance limits), making it an efficient way to save.

 

You are responsible for reporting any excess in your benefits over the annual allowance (after using up any carry forward) via self-assessment. The amount of annual allowance charge will be included in your tax calculation and you would normally have to pay any charges by the usual self-assessment payment deadlines.  
 
The Scheme also has a responsibility to notify HMRC via Event Reporting if someone exceeds the Annual Allowance.

The amount you’ll get depends mostly on how much has been paid into it and:

• the rules of your Scheme, if you’re in a defined benefit scheme; or
• how well your investments have performed if you’re in a defined contribution scheme

The Amey, Accord and APS sections are defined benefit. 
 
You can also ‘top up’ your pension by paying Additional Voluntary Contributions (AVCs). These will be paid into defined contribution arrangements. Your employer will be able to tell you more about AVCs.

You can request an estimate of your benefits from the Scheme's adminstrator, Railpen, by calling 0345 112 0025. Please note, you can only request two free estimates per calendar year.

There are various tax allowances that could affect your pension savings. We’ve included a short summary below. You can find more details about tax on your private pension contribution on gov.uk.  

 

A workplace pension is a way of saving for your retirement organised for you by your employer. It is sometimes called a ‘company pension’, an ‘occupational pension’ or a ‘works pension’. 
 
Put simply, a pension is a savings scheme that you pay into while you are working to help make sure you have regular money coming in when you retire.
 
It’s tax efficient as the money you pay in (or ‘contribute’) is taken from your salary before tax is deducted, reducing the overall amount of tax you will pay on your salary. Your employer also contributes to your pension, so together you and your employer are saving for your future.
 
If you are hoping to retire at 60, or even 68, you could still be looking to support 25 years without the regular income you had when you were working. Many of us don’t want to have to compromise our lifestyles in retirement, so taking an interest in your pension planning is a great way to do something positive for the future.

If you are absent from work, you will need to check about continuing contributions with your employer.

If you leave Amey or decide to leave the Scheme for any reason, your benefits will be kept in the Scheme until you’re eligible to claim them and you will become a ‘deferred’ member.

No. The Trustee, the Scheme administrators, and your employer are not authorised to offer advice. Any information provided by them should not be relied on as advice about your individual circumstances.
 
However, you might want to get independent advice before making any decisions about your financial future.
 
You can visit www.unbiased.co.uk for a list of independent financial advisers in your area.

This is always a challenging time. If you face divorce or the dissolution of a civil partnership, your pension is likely to be considered along with your other assets when financial settlements are worked out.

A court order can be made to transfer part of the value of your pension benefits during the divorce or dissolution proceedings. If this were the case, it would mean your Amey Pension Scheme benefits would reduce to provide benefits for your ex-spouse or ex-civil partner.

You can pay part of your pension to your ex-partner either by a Pension Attachment Order or a Pension Sharing Order – both of these are granted by the Court. If you need further information about Pension Attachment Orders or Pension Sharing Orders, please contact Railpen on 0345 112 0025 or email amey@railpen.com.

It’s important to plan for your retirement carefully and make sure you’re saving enough for the lifestyle you want.

If you decide you’d like to boost your pension savings, you may want to consider Additional Voluntary Contribution (AVC) arrangements, for instance.

AVCs are contributions you make in addition to your regular pension contributions. AVCs may be paid into the same or a separate arrangement to your regular pension contributions, but are usually still tax-free, subject to certain limits.

These are the possible benefits (such as a pension and lump sum) you could leave behind for loved ones if you die while in employment.
 
It’s important the Trustee understands where you’d like these benefits to go. Therefore, we strongly advise you to complete an Expression of Wish form so the Trustee can take your wishes into consideration. 
 
Make sure that you update your Expression of Wish regularly to reflect any changes to your beneficiaries over time. 
 
You can download an Expression of Wish form or request from Railpen by calling 0345 112 0025.

None of us likes to think that we may fall seriously ill. However, if you stop working through ill health, you can apply for ill-health benefits.
 
You will need to meet certain criteria before you’ll be allowed to take ill-health benefits.
 
All ill-health requests are managed by Amey and you would need to contact pensionsadmin@amey.co.uk to see if you are eligible.

Yes, but please think very carefully before you transfer your pension to another provider.

You should consider your long-term financial position and what you want your pension to provide in the future and compare the benefits of the Scheme with those offered by alternative personal pension plans or any other arrangements.

Transferring to another pension provider, or type pf pensions arrangement, may give you greater choice in how you can use your pension when you come to retire. For instance, some defined contribution pension arrangements may offer you the option of taking your pension as a cash payment or drawdown (a series of cash payments), or you may be able to use it to purchase an annuity or leave it invested.

If you're thinking of transferring your benefits from the Amey OS Pension Scheme, you should ask Railpen for a cash equivalent transfer value (CETV), or ‘transfer value’ by calling 0345 112 0025 or emailing amey@railpen.com.

You must seek advice from an Independent Financial Adviser (IFA) before transferring your defined benefit pension if it has a transfer value of more than £30,000. Even if your transfer value is less than £30,000, we would recommend speaking to an IFA before making any decisions. You can find IFAs in your local area at www.unbiased.co.uk.

You can visit the MoneyHelper website for more information on transfers or to learn more about your options at retirement with defined contribution pensions.

Please also be vigilant against pension fraud. Scammers may try to lure you into an illegal pension transfer – and if you fall victim, you could lose all of your pension savings. You can learn more on the Pension scams page.

If you are about to become a parent, congratulations! If you are absent from work, you will need to check about continuing contributions with your employer. If you get maternity, paternity, additional paternity, family or adoption leave pay, your contributions are based on what you are earning at that time, but your benefits are based on your normal rate of pay.
 
If for any reason, you can’t pay the contributions, they may be collected from your future earnings.

If you don’t return to work and owe contributions arrears, your employer has the option to reclaim them from your benefits.

Your pay may have changed since the data was collected to produce your estimate. If you do not agree with the pay details shown or would like further information about them, please contact Railpen by calling 0345 112 0025.

Being a member of the Scheme offers a wide range of benefits for you and your loved ones. These may include the following:

• tax relief on the contributions you make to your pension
• a spouse’s pension if you die
• a lump-sum payment if you die while in service
• children’s pensions or a dependant’s pension
• a one-off lump-sum payment and a pension for life when you retire

Each year, members who are currently paying into the Scheme (or members who are currently employed by Amey in the APS section) are sent a Benefit Statement, which shows an updated estimate of the value of your pension. 

You can also  contact your Scheme administrator, Railpen, to request your current estimate by calling 0345 112 0025. However, you may only request two free estimates in any calendar year.

Your Scheme membership includes a valuable lump-sum payment to your beneficiaries if you die before you claim your pension.
 
You should complete an Expression of Wish form to tell the Trustee where you’d like the payment to go.
 
The payments are at the Trustee’s discretion and are therefore not usually liable to Inheritance Tax. By keeping your Expression of Wish form up to date, you can help the Trustee understand where you’d like your benefits to be paid. Although the Trustee is not obliged to follow your wishes, it will always take them into consideration.
 
You can complete a new form at any time (we’d recommend at least every two or three years) and there is no limit on how many times you can update it. Your most recent Expression of Wish form will override all previous forms you have completed.

You should send your completed form to your Scheme administrator, Railpen. You can find the Expression of Wish form here or request one from Railpen by calling 0345 112 0025.

No. The Scheme does not allow transfers in.

You can, although you will need to meet certain criteria. You should also be aware that your benefits would be reduced in line with how early you take them. You can find out more about early retirement benefits in by calling Railpen on 0345 112 0025.

Only the benefits you have built up while you were a member will be used to calculate what you may receive, if you retire due to ill health.

When you leave the Scheme, your benefits will be deferred until you are ready to claim them when you retire. Once you have left the Scheme, you become a ‘deferred’ member.

You can request an estimate of your benefits from the Scheme’s administrator, Railpen by calling 0345 112 0025. Please note, you can only request 1 free estimate per calendar year.

Yes, we would really encourage you to do so! It’s just as important as when you were an active member.

You can apply for your benefits by contacting the Scheme’s administrator, Railpen on 0345 112 0025.

You should submit your application at least three months before you reach your normal retirement age.
 
If you want to take your benefits earlier than your normal retirement age, you should apply at least six months before your chosen payment date. Your benefits may be reduced if you choose to take them early.

Yes, but please think very carefully before you transfer your pension to another provider. Consider your long-term financial position and what you want your pension to support in the future. You should carefully compare the benefits of the Scheme with those offered by alternative personal pension plans or any other arrangements. 
 
You may want to consider getting some help from an Independent Financial Adviser (IFA). You can find IFAs in your local area at www.unbiased.co.uk

The Scheme offers valuable benefits for your beneficiaries, although specific benefits vary from one section to another. You can get more information by calling the Scheme administrator, Railpen, on 0345 112 0025.

Yes, your pension is taxed like any other income through Pay as You Earn (PAYE). The amount you are taxed is based on the tax code that HM Revenue & Customs (HMRC) provides to your pensions administrator. 

If you have a query about your UK tax code, contact HMRC on 0300 200 3300.

Railpen will write to you six months before your ‘chosen retirement date’, (which you will have stated when joining the pension scheme), to start the process of being able to pay the correct pension benefits to you.

Alternatively you can apply for your benefits by contacting the Scheme’s administrator, Railpen, on 0345 112 0025.

If, for any reason, you feel unable to manage your own affairs, you can make legal arrangements to pass the responsibility to a family member or someone else close to you. 
 
You, or your chosen representative, will then need to  tell the Scheme’s administrator, Railpen.

Once you retire, your pension will be paid to you every month.

No problem, just remember to  let your Scheme administrator know. Pension payrolls are processed approximately two weeks before the payment date. Therefore, if you change your bank or building society account, you must let your Scheme administrator have the details of your new account at least two weeks before your pension is due to be paid. 
 
If you are unable to give two weeks' notice then please make sure you keep your old bank account open to avoid any delay in your pension reaching you.

Your pension will be paid directly to your bank or building society. Please remember to  tell your Scheme administrator, Railpen, if there are any changes to your bank or building society details.