Applying for your PRA

When you’re ready to take your Personal Retirement Account (PRA), you simply need to contact the Scheme administrator, RPMI.

You can find the necessary contact details here

 You will then be asked to complete an IWDC retirement application

 If you’re taking annuity or drawdown, you will also need to confirm the name and contact details for your new, chosen provider

 If you’re unsure what option to take you might want to try speaking to LV’s retirement advice service, which can be contacted on 0800 023 4187. You can also read more about getting help and advice here.

If you choose drawdown

 The RPS does not currently offer a drawdown product. 

 This means that if you choose this option, you will need to identify a new provider.

For example, we are partnering with Legal and General Investment Management (LGIM) to offer members access to its flagship product, the Retirement Income Multi Asset (RIMA) Fund. You are still free to shop around with other drawdown providers and you can compare your options with the Money Advice Service here

You will need to contact your chosen provider directly, to set up your drawdown.

Once that’s in place, you can return all of the necessary paperwork to RPMI.

We will then disinvest your funds and transfer them in their entirety, directly to your new provider.

 If you’ve chosen to take up to 25% of your pot as a tax-free lump sum, this will come from your new provider, rather than RPS.

You can find out more about drawdown here.

If you choose annuity

The RPS does not currently directly offer an annuity product from the Scheme. 

This means that if you choose this option you will need to identify a new provider.

You will then need to contact that provider directly, to set up your annuity.

Once that’s in place, you can return all of the necessary paperwork to RPMI.

We will then disinvest your funds and transfer them directly to your new provider.

If you’ve chosen to take up to 25% of your pot as a tax-free lump sum, this will paid directly into your bank by RPS before this transfer is made.

You can find out more about annuity here.

If you choose total encashment

Once you have completed the IWDC retirement application the money will be paid directly into your bank account.

If you are taking a cash lump sum, you should be aware of scams. Fraudsters are known to target people in this situation by offering investment opportunities. And you could lose your entire savings. Please click here for more details.

You can find out more about encashment here.

Delaying taking your PRA:

If you decide not to take your PRA once you reach your Normal or Target Retirement Age you do not need to notify RPMI.  It will simply continue to run as normal until you are ready to begin the retirement process outlined above.

However, your PRA will remain invested, so it’s important to keep an eye on how your funds are performing and consider whether low, medium or high risk funds are appropriate for you.

You will receive an Annual Benefit Statement to help with this and can also keep track of your funds online, through your myRPS account. You can then change these investment funds at any time.

While your PRA remains invested you can continue making contributions as an active member. You may even decide to make Additional Voluntary Contributions (AVCs) to boost the size of your pot, if you can afford to.

Alternatively you can opt out of the Scheme and become a preserved member. In this case you would stop making regular contributions but can continue to manage your investments as detailed above.

Either way you must claim your PRA, in its entirety by the time you reach 75 years old.  This can be done using any of the options outlined above.