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Use the quick links below to find the information you need. You can log in to your myRPS account to ask for an estimate, use the pension planning tools, make a nomination, switch your investment funds, check your details, and more...

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Keep up to date with the latest pensions news and developments in the Scheme.

Check how retiring early or late could affect your benefits

Jun 30, 2025
There are changes coming to the way your benefits are worked out if you retire early or late.

Every 3 years, the Scheme must review the way we calculate benefits. These terms, known as ‘factors’, and are used when a member takes their benefits before or after their normal retirement age. This is to make paying benefits fair.

If you choose to take your benefits before your normal retirement age, then we will apply early retirement factors. This means your monthly payments will be reduced, as we are likely to need to pay your pension for a longer time. And if you retire late, we will apply late retirement factors, which means your pension will be increased, as we may need to pay it for less time.

The new factors will be in place from 1 October 2025.

Which members are affected by the review?

The change to factors may affect members who are considering taking their benefits earlier or later than their normal retirement age. Members who are retiring at normal retirement age will not be affected.

Members of the below sections should log in to your myRPS account for information specific to you:

  • 1994 Pensioners Section
  • London and North Western Rail Section
  • Northern (ex-North East) Section
  • UPS Section

What do affected members need to do?

We are working on implementing the new factors into our administration system. If you get an estimate or quotation for early or late retirement dated before 1 October 2025, you will be quoted the current factors.

Your Member Guide has details of the retirement factors that apply to your section of the Scheme.

You can log in to your myRPS account at any time to get an estimate of your retirement benefits.