My Target Retirement Age
Find out whether you need to set a Target Retirement Age (TRA) and how to do it.
You should choose a Target Retirement Age (TRA) if you invest in one of the Lifestyle strategies. You don't need to set a TRA if you're only invested in the self-select funds.
In a Lifestyle Strategy, your money will be invested in a selection of underlying funds. Your allocation to each fund will change as you get closer to your Target Retirement Age (TRA). While you are still a long way from retirement, more of your money will be allocated in higher-risk funds to try to help them grow more. As you get within 10 years of your TRA, your money will gradually be moved into lower-risk funds to help reduce the risk and protect the value of the pension pot you've already built up.
It's important to think carefully about your plans for the future and when you intend to take your IWDC pot. Setting a TRA that's suitable for your personal retirement plans, means the funds will start to be moved at the right time to protect their value more as you get closer to taking your pot.
Your Target Retirement Age (TRA) could be from age 50 if you have a Protected Pension Age. For all other members, the earliest you could set your TRA is age 55 or 57 depending on when you joined the Scheme, and the latest would be age 75.
If you don't choose a TRA, it will automatically be the same as your Pension Age for the IWDC Section. This is usually between 60 and 65, depending on the date your employer chooses. You can find details of your Pension Age in your Key Features leaflet. This is available in the My Library area when you log into your myRPS account.
To check or update your Target Retirement Age (TRA) you need to log in to your myRPS account. Once you’re signed in, go to the ‘My pension’ section and ‘Funds’ page. When you select to manage your funds, you’ll see an option to change your TRA. Please remember to review your TRA regularly in case your retirement plans change.
You can also speak to an independent financial adviser to talk about your retirement planning and financial options. 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 the Unbiased website to find an IFA in your area.