British Rail Additional Superannuation Scheme (BRASS)

First of all let us dispel the most common misconception we hear when working in the railway. There are always a core of people who say "BRASS isn't worth it now that the matching contributions are gone". 

plantThis statement is a Myth! BRASS is still a valuable option for employees as long as there is a requirement for it. e.g. people with a shortfall in pensionable service would be a prime example, or members who have been in a section of the railway pension where all of their salary does not count toward their pension. Premiums made into BRASS are deducted from your salary before tax therefore giving you tax relief on your premiums at the same rate of income tax you're subject to. This can also be a way of reducing your taxable earnings below the £50k threshold so that child benefit payments remain unaffected. 

We still recommend that people take advice on starting or increasing BRASS because, as financial consultants, we can recommend specific BRASS funds to match their risk profile - as well as looking at their whole financial situation for both the individual and their family e.g. the contribution they were thinking of paying may well be suited to meet some other financial need, of greater importance than increasing retirement planning. (It is worth pointing out that there can be significant differences between BRASS 1, 2 & 3) 

 

 

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