Benefits of my membership

With your RPS membership, you get access to a wide range of benefits both while you're still working and once you take your pension.

Saving with the RPS is a good step towards a better future

Being a member of the RPS means you get a range of valuable benefits, both while you’re working and once you’ve retired.

While you're working
A great way to plan for your future is to make the most of your RPS membership now. Some of the benefits include:
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Your employer pays in too

While you’re paying into your pension, your employer is paying in too. That means more savings into your pension at no cost to you. You also benefit from tax relief on your contributions. You can read more about tax relief on the tax limits page.

Death benefits mean you’re looking out for your loved ones 

If you die before taking your pension your loved ones might get a tax-free lump sum. You can tell the Trustee who you would like to get this by making a nomination when you log in to your myRPS account. Your dependants - such as your family - may also get a pension. For more information, please check your Member Guide, which you can find by logging in to your myRPS account. 

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You can save even more 

You have the option to ‘top-up’ your main pension savings by paying Additional Voluntary Contributions (AVCs). It’s a tax-efficient way to pay extra and save more for the future.

AVCs can be particularly helpful if you:

  • have extra earnings such as bonuses or overtime;
  • are thinking about taking your benefits early (subject to eligibility);
  • or want to save a bit more towards your future

You can find out more about AVCs and how they work on the saving more page of the website.  You can also use the Pension Planner in your myRPS account  to see what a difference AVCs could make to your savings.

Try the Pension Planner

if you're still paying into the Scheme, the Pension Planner tool is a great way to get an idea of the benefits you may receive when you take them and model the impact of changing your retirement age, or adding extra savings through Additional Voluntary Contributions (AVCs).

When you log in to your myRPS account, you can find the Pension Planner in the Planning for the future area of your account.

I'm getting ready to take my benefits
When you retire

As a defined benefit member...

You will get a pension for life when you stop work

It’s up to you how you choose to use it. For example you can:

  • take part of your pension benefits as a cash lump sum and the rest as regular pension payments. You may be able to take up to 25% (but no more than £268,275) as a tax-free cash lump sum unless you have any Lifetime Allowance protection
  • take it all as regular pension payments if the rules of your section allow
  • in limited circumstances, take your entire benefits as a cash lump sum

It’s important that you understand the benefits and limitations of each of these options before making a decision. Find out more on the ways to take my pension page.

If you’ve been paying Additional Voluntary Contributions (AVCs) you can use the money in that pension pot to boost your pension even further. Find out more in the taking my BRASS page or the taking my AVC Extra page.

Your dependants could be entitled to death benefits

This may include:

  • a lump sum – this will depend on how long you’ve been taking your pension and whether you took a lump sum previously
  • a pension – this could be for a spouse, children or other dependant.

You can find out more on the my pension when I die page.

You can also read more about death benefits and how they are paid on the reporting a death page.

What to read next...

My pension when I die

Discover what will happen to your pension when you die and how you can help protect those you care about. 

My circumstances have changed

Make sure you understand how life changes can also affect your pension. 

 

Saving more

Discover how paying Additional Voluntary Contributions (AVCs) could help you boost your retirement income.