Covid-19 and your investments
The Covid-19 pandemic has caused sharp rises and falls in fund values, and you may be worried about your pension. Any decisions about fund choices are important as they could have a big effect on your future benefits, and we recommend you speak to an independent financial adviser (IFA) before making any decisions. There’s a list of IFAs in your area at

Invest in your future

Your contributions are invested in a range of specially selected funds.

You can manage your own funds if you want to – or you can opt for a ‘hands-off’ approach and have them managed for you in a way that is considered suitable for a typical member.

One of the best and easiest ways to manage your pension arrangements is to register for or sign in to your myRPS account.

If you haven't chosen an option, you will be in the 'default' fund, which will either be the 

  • Flexible Drawdown Lifestyle Fund, or
  • Full Cash Withdrawal Lifestyle Fund.

Watch the video below to learn more about investments.


How do you feel about investments?

Ask yourself:

  • How involved to you want to be in your investments?
  • How much risk are you prepared to take?
  • When do you want to retire?


Your answers will influence how you approach your IWDC investments.

You'll find lots of information in our two useful guides: IWDC Investments and  fund risk ratings. 

Watch the video below to learn more about investment risk and the level of risk you're comfortable taking.


The funds available to you

If you don’t plan to retire soon, you may want to take more risks for higher returns. 

If you are getting closer to retirement, you may have a more cautious approach to investments and opt for more ‘stable’ funds which have a lower risk of losing value.

However, your overall approach depends on your personal attitude to risk and how you want to take your benefits.


Lifestyle strategies – the choices are made for you

If you don’t feel comfortable managing your investments, a Lifestyle strategy will automatically move your savings into funds which are deemed to work best for the amount of time you have left to retirement.


Annuity Purchase Lifestyle

As you approach your TRA, your money is moved into funds which aim to maintain enough growth to protect the value of the annuity income you may wish to buy with your pension savings.


Flexible Drawdown Lifestyle 

A greater proportion of your money is left invested in higher-risk funds when you reach your TRA. This means the money that you keep invested has the chance to keep growing and potentially last you longer in retirement.


Full Cash Withdrawal Lifestyle 

Most of your money is moved into funds with the aim of maintaining the value of your pension pot so it keeps pace with inflation.


Investment funds - you take control

If you want more say in your investments, you can choose from a special range of funds. The fund factsheets for each of these is listed below.

Corporate Bond Fund

This fund predominantly invests in bonds issued by global companies rather than the UK government.

146 KB

Deposit Fund

This fund invests in money-market funds and UK government treasury bills.

158 KB


Global Equity Fund

This fund invests in shares (equities) in companies from around the world.


Long Term Growth Fund

This fund invests in a wide range of investment types from around the world.


Socially Responsible Equity Fund

This fund invests in shares (equities) in companies from around the world with very strong environmental, social and governance ratings, and minimal controversies. It avoids industries like tobacco, weapons, alcohol and adult entertainment.


UK Government Fixed-Interest Bond Fund

This fund invests in UK government bonds which provide a fixed rate of interest.


UK Government Index-Linked Bond Fund

This fund invests in UK government bonds which provide a rate of interest linked to inflation.


Where to go for advice

It is strongly recommended that you speak to an independent financial adviser (IFA) before making any decisions about your financial future.

The Scheme’s administrator, Railpen, has appointed Liverpool Victoria (LV) to provide advice to all RPS members. LV will be offering its services at a discounted rate for RPS members. For IWDC members, it’s 2% of the fund value, with a cap of £7.5k. You can contact LV on 0800 023 4187.

You can also find a list of IFAs in your area at