Work out your costs

Staying in control of your finances isn't always easy, but it's important to plan for your future and keep your pension savings on track for the retirement you want.

Use the retirement budgeting calculator

A retirement budgeting calculator is available within your MyRPS account.

It is designed to help you estimate how much you’ll need in retirement and give you a personal target to aim for with your income.  

The calculator takes into account the 'Retirement Living Standards' (RLS) created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following: 

retirement Living Standards are benchmarks for how much you might need in retirement based on a minimum, moderate or comfortable lifestyle

The calculator will also let you adjust individual costs, such as leisure and travel expenses, to offer an estimate that is tailored to you.

 You’ll find the retirement budgeting calculator in the “Planning for the Future” section of your myRPS account by logging here. And in the Resources section of the member website here.

Track your progress

You can find out whether you’re on track to meet the income suggested by the retirement budgeting calculator by logging in to your myRPS account and checking your Personal Retirement Account (PRA).

Once you’re logged in you can also use the retirement modeller to experiment with your options.

For example it will show you how much your PRA could be worth when you retire.

And let you test out the different options for taking your money, such as annuity, drawdown and encashment, to see what impact they would have on your income.

Importantly, it can illustrate the impact on your pension pot and potential benefits at retirement if you make changes to your:

Target Retirement Age

  • contributions
  • and/or fund choices

You can find out more about choosing the right options for you here

Get help and advice

Remember it's always a good idea to get independent advice for your long-term financial planning.

Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187.  

 You are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at unbiased.co.uk