When to retire

Find out when you can take your IWDC pot.

Planning for life after work

Understanding when you're able to take your IWDC pot (known as your Personal Retirement Account) will help you work out the best option for you and your own circumstances. Find out more below. 

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Pension Age

Your Pension Age is the age at which your pension pot is normally paid. Your Pension Age is set by your employer and is usually between 60 and 65. You can find out which Pension Age applies to you by checking your Key Features leaflet. This is available in the My Library area when you log in to your myRPS account. 

Log in to check your Pension Age now.

Your Pension Age may be different to your State Pension age, which is the age at which you can claim your State Pension. Your Pension Age is set out in the Scheme rules. Your State Pension age is set by the government and you can check it on the government website. Your State Pension is not paid as part of your Railways Pension Scheme benefits.

Visit the State Pension web page for more information. 

You can also check your State Pension age on the government website.

Taking your pot before or after your Pension Age

If you are considering taking your IWDC pot before your Pension Age, you may be able to take it from age 55 or 57 depending on when you joined the Scheme, or at age 50 if you have a Protected Pension Age (see below). 

You can keep your pot invested until after your Pension Age but you must take it by age 75.

Protected Pension Age

If you were an active member of the Scheme on 5 April 2006, you may have a Protected Pension Age (PPA). This gives you the right to apply for your pension from age 50. 

This does not apply if you have

  • opted out of the Scheme
  • transferred your pot to another pension arrangement

If you have a Protected Pension Age and take your pot before age 55, there are restrictions that apply:

  • you must take all your pension benefits from the RPS (both DB and DC) at the same time
  • you must leave employment before taking your pension benefits
  • You must leave a gap of at least 1 month if you return to either the same employer or another employer in the same corporate group.
  • You must leave a gap of at least 6 months if your new role is not materially different in nature to your previous role.

If you do not follow these restrictions then you could face a large tax bill. 

You can see more details on the staying in work page.  

PPA guide

You can find more information about the PPA and the conditions that need to be met in the Protected Pension Age Read as You Need guide. Download it below. 

If you were a member of the Railways Pension Scheme after 5 April 2006 but before 4 November 2021 and were born before 6 April 1973, you may have a Protected Pension Age (PPA) of 55. That means the earliest you can claim your pension is 55.

If you joined as a new entrant on and after 4 November 2021 and were born after 5 April 1973, you won’t have a PPA and the earliest you can claim your pension is 57.

Target Retirement Age (TRA)

If you invest some or all of your IWDC pot in a Lifestyle strategy, you should have chosen a Target Retirement Age (TRA).  

Your Target Retirement Age (TRA) is the age you plan to take your IWDC pot. It’s important because your investments will automatically move into lower risk investments 10 years before your TRA.

The earliest you could set your TRA would be either 50 or 55, depending on when you joined the Scheme and whether you have a Protected Pension Age (PPA). Your latest TRA would be 75, but you can choose any age between these limits that suits your plans.

Your chosen TRA could be earlier or later than your Pension Age, if you plan to take your pot at a different time. 

Visit the my Target Retirement Age page for more information about your TRA.  

You can also check the following pages for further information about Lifestyle strategies and all of the fund choices available to you: 

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Your Target Retirement Age (TRA)

You can set, check, and change, your TRA when you log in to you myRPS account. Go to ‘My Pension’, then ‘Funds’ and 'Change Target Retirement Age.'

Ill-health retirement

If you have to stop work due to ill health, you may be able to take your pot, to provide you with an income before age 55 or 57, depending on when you joined the Scheme, (or before age 50 or 55 if you have a PPA).

You can find information in your Member Guide. This is available in the My Library area when you log into your myRPS account. 

Log in now to check your Member Guide. 

Making the right decision for you

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).

Visit unbiased.co.uk to find an IFA in your area.

What to read next...

My Target Retirement Age

Your Target Retirement Age (TRA) is the age you plan to take your IWDC pot. You should set a TRA if you invest in a Lifestyle strategy so your funds are switched at the right time.

How I can take my IWDC pot

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

 

Guidance and advice

Where to go for further support on your options.