Deciding when to retire and how to take your Personal Retirement Account (PRA) can seem overwhelming.
The IWDC retirement modeller, available in your myRPS account, has been designed to help with that and allows you to experiment with your options.
It may also help you to break things down as follows…
As a member of the IWDC you have the following options for taking your pension pot:
It’s important that you understand the benefits and limitations of each of these options before making a decision. More details can be found here
Other options may be available in line with pension freedoms. And you may be able to combine these options. However this is not offered directly by the RPS and would need to be facilitated by another provider.
You can use our retirement modeller to experiment with your options.
It works out how much your total pension pot could be when you retire by taking into account the following:
It also lets 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:
This will give you something to compare against the estimated costs from point 1.
You can find the modeller by loggin in to your myRPS account here
You can also find out more about getting your savings on track here
There's plenty of support available to help you understand your options and make a decision.
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
More general information is available from MoneyHelper
If it’s tax that’s confusing you, there’s clear, jargon-free information on the gov.uk website.
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