I'm new to the Scheme

Welcome to your new IWDC pension

Welcome to the Railways Pension Scheme (RPS) - by joining the Scheme, you've already made a great start towards a better future.

How your IWDC pot works

As a member of the Industry-Wide Defined Contribution (IWDC) Section, you get lots of benefits and support to help you plan for your retirement. Once your employer has set up your membership, we'll send you a welcome pack. This includes some important details about your membership and how you can plan for your future. It will also include your Pension Reference Number. You'll need this to set up your online myRPS account. You'll also need it if you get in touch with us, so please keep it safe.

The IWDC Section is a ‘defined contribution’ (DC) arrangement.

This means that while you're working, both you and your employer pay into your pot (known as your Personal Retirement Account). Your contributions are taken before tax so you get tax relief on the money you pay in, up to certain limits.

Your pot is invested into funds, which aim to help it grow over time. When you're ready to take your pot, there are a number of options available.

What should you do first?

The first thing to do is to register for your secure online myRPS account. This website offers a whole host of information and tools to help you plan for your life after work and your personal myRPS account will help you stay on track every step of the way.

Once you register and log in, you'll be able to:

visit the New Joiner section for an overview of how your membership works. You'll find a link to this area on your dashboard once you log in
watch a short video explaining how to use the website
find your Member Guide and Key Features, which explain everything you need to know about being a member of the IWDC Section, including your options
check or change the funds you invest in
use the Retirement Modeller to keep track of your Personal Retirement Account
ask for estimates of your retirement options
complete a 'Nomination' to say who you'd like us to make a payment to if you die

How to set up your myRPS account

Registering for your myRPS account is quick and easy! You'll be able to see all your personal pension information, and manage your Personal Retirement Account whenever it's convenient for you.

To register, you'll need:

Pension Reference Number – you can find this on your welcome letter
National Insurance number
Date of birth
Email address (use a personal email address if you have one, rather than your workplace one)

Once you have these to hand, please visit the registering page.

What should I do after I register?

Log into your myRPS account and watch the video to understand where you can find some of the most useful tools.

As soon as possible, you should:

1. Check your investment funds

It’s very important that you keep an eye on your investments to make sure that they meet your needs. The main things to think about is which funds you're invested in, how they're performing and whether they still feel like the right choice for you.

You can see which funds you invest in by logging in to you myRPS account and going to the 'Funds' page in the 'My Pension' area. You can also change your fund choices if you wish.

Read more about funds and the choices available on the how my investments work page.

2. Complete a 'Nomination'

Your family and/or beneficiaries could get a cash lump sum if you die while you’re still a member of the Scheme, so it’s really important that your nominations are up to date. You can update your Nomination online when you log in to your account. You'll find the 'My Nominations page in the 'My Pension' area of your myRPS account.

Read more on the nominations for death benefits page.

Manage your pension

The easiest way to manage your RPS pension and actively plan for retirement is to use your myRPS account.

You can get a copy of your Member Guide, ask for estimates, use planning tools, check/update your details... and more.

A man relaxes on the sofa looking at a tablet computer and smiling

What to read next...

Benefits of my membership

Your RPS membership offers great benefits for you and your family so make sure you understand them.

Read more

Saving more

Find out how to boost your pension savings by making Additional Voluntary Contributions (AVCs).

Read more

How I can take my IWDC pot

Find out more about the different ways you can take your IWDC pot.

Read more

I'm here to help.

Railways Pensions is powered by Railpen Limited
© Railpen Limited 2023. Registered Office: 100 Liverpool Street, London EC2M 2AT
Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.

Welcome to your new IWDC pension

Welcome to the Railways Pension Scheme (RPS) - by joining the Scheme, you've already made a great start towards a better future.

How your IWDC pot works

What should you do first?

Once you register and log in, you'll be able to:

How to set up your myRPS account

What should I do after I register?

Manage your pension

What to read next...

Benefits of my membership

Saving more

How I can take my IWDC pot

Hi there...