When you’re coming up to retirement, or thinking ahead to when that day comes, you have a lot of choices to make.
These are choices that can affect your own future, as well as the money you leave behind if you die.
Things to think about, include:
Luckily, there's plenty of guidance and support available to help you understand your choices and the retirement process.
Here’s a quick overview.
The Scheme’s administrator, Railpen, has appointed Liverpool Victoria (LV) to provide advice to all RPS members. This includes DB members, as well as those in the IWDC section.
LV covers all areas of advice, including:
It also has a dedicated team, with specific knowledge on the Scheme.
LV will be offering its services at a discounted rate for RPS members.
You can also discuss any other pension benefits you might have at the same time.
While we understand LV is not the cheapest on the market, this service was carefully chosen based on both quality and cost.
Financial advice is optional in most cases, including if you are an IWDC member taking your benefits. However if you are a DB member looking to transfer to a DC arrangement and have a transfer value of £30,000 or more, you are legally obligated to seek advice before any transfer can be made.
LV can be contacted now on 0800 023 4187.
You are still free to choose your own Independent Financial Adviser (IFA). And you can find an IFA in your area at unbiased.co.uk.
You can also find an Independent Financial Adviser (IFA) in your area at unbiased.co.uk – just be sure to go with someone who has knowledge and experience in pensions, rather than a generic financial adviser.
MoneyHelper from the Money and Pensions Service (MaPS) brings together the support and services of three government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise. It offers free support on a wide range of financial matters, online and over the phone. This covers a variety of pension topics, including:
For more information, visit https://www.moneyhelper.org.uk/en/pensions-and-retirement
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