Benefits of my membership
With your RPS membership, you get access to a a wide range of benefits.
While you’re paying into your IWDC pot (known as your Personal Retirement Account), your employer is paying in too.
Your pension contributions are made before you are taxed, so usually you will pay less tax because your tax will be calculated based on a lower amount of earnings. That means more money for your pot but at no cost to you. You can read more about tax relief on the pension tax limits page.
You have the option to top-up your pot by paying Additional Voluntary Contributions (AVCs). This is a tax-efficient way to pay extra and save more for the future.
AVCs can be particularly helpful if you:
You can find out more about AVCs and how they work in the saving more section.
The value of your IWDC Personal Retirement Account (PRA) will be paid to your beneficiaries if you die before you take it.
Those you care about might additionally get a tax-free cash lump sum in addition to your PRA if you die while you're still paying into the Scheme. You can tell the Trustee who you would like the lump sum to go to by making a ‘Nomination’ in your myRPS account.
You can read more about death benefits and how they are paid in your Member Guide and Key Features leaflet, which you can find when you log in to your myRPS account.
The DC Retirement Modeller is a great way to see the difference you could make to your pot by paying in extra money through Additional Voluntary Contributions (AVCs). You can also use the modeller to see the different ways you can take the money from your pot when you're ready.
Log in to your myRPS account and go to the Planning for the future area to find the tool.
As an IWDC member, you can take your pot in a number of ways, depending on what suits your needs.
Other options may be available and you may be able to combine these options. However, this is not offered directly by the Scheme and you would need to transfer your IWDC savings to another provider first.
Every year, you will be sent a statement so you can see the current value of your pot. It will also give you an idea of what the value of your pot could be when you're planning to take it. It's worth checking your statement to see if you're on track to receive the income you'll need for the lifestyle you want in retirement.
You can also use the DC Retirement Modeller tool when you log in to your myRPS account. This will show the estimated value of your Personal Retirement Account when you plan to take it.