Financial wellness support

Financial wellness is about feeling confident and in control of your money now, and in the future. MoneyFit offers financial wellness support to help you manage your money beyond your pension.

Try MoneyFit

MoneyFit is a simple financial wellness tool designed to help you understand your current financial circumstances.

It offers practical steps to improve the way you manage your money, and possibly free up more to save for your life after work. It will also guide you towards further support and information if needed.

The service is secure, completely anonymous and it’s free. You can use MoneyFit as many times as you like, and re-evaluate if your circumstances change.

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How does MoneyFit work?

When you visit MoneyFit, you’ll be asked to complete a short, online questionnaire to find out about your attitude to money. It only takes around 15 minutes to complete, and you don’t need to log in or provide any personal information.

Based on your answers you will get a MoneyFit score, and your unique ‘money personality’.

MoneyFit will use this to create your personal MoneyFit action plan, including helpful tips to manage your money more effectively, and ideas to possibly free up a little more to contribute to your pension savings.

You can access MoneyFit by selecting the link in the blue box below. 

How can MoneyFit help with my financial wellness?

Whether you’re a beginner or an expert, MoneyFit can help with financial wellness support.  

MoneyFit brings research from the top resources on the internet together in one place. It explains financial topics in a way that’s easy to understand, to help you make informed decisions about money.

As well as the online questionnaire, MoneyFit has a range of free financial resources for you to explore at your own pace, including:

  • The MoneyFit Gym where you can ‘work out’ a plan for your retirement
  • Money Modellers to see the impact of small savings over time
  • The Resource Zone to learn about financial topics, such as saving for life after work
  • The Money Glossary which explains financial terms with simple, clear definitions
  • Help and support with debt, mental health and how to identify and avoid scams
  • Financial wellbeing tips, including creating your personal budget

You could bookmark the MoneyFit webpage links to topics that matter to you, and revisit the information when you need it. 

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MoneyFit

Take the short, online questionnaire to find out more about your attitude to money and explore the free financial resources. 

How can MoneyFit help me plan for retirement?

You could use your personal MoneyFit action plan to think about the way you manage your money, and possibly save more for your life after work.

Taking control of your financial wellbeing now, and making some small positive changes may mean you can save more for your future.

 

Save more with AVCs

If you can afford to, you could pay more into your pension with Additional Voluntary Contributions (AVCs) to boost your pension savings. These are extra payments, on top of your normal pension contributions. You can learn more about how AVCs work on the Saving more page.

To see how contributing AVCs could make a difference to your retirement income, try experimenting with the pension planning tools in your myRPS account.

  • Defined benefit members can use the Pension Planner tool
  • Industry-Wide Defined Contribution (IWDC) members can use the Retirement Modeller

It’s important to remember that the Pension Planner and Retirement Modeller give an estimate of what you might receive from your retirement income before tax.

 

Think about your costs in life after work

For a personalised estimate of how much you might need when you retire, try the Retirement Budgeting Calculator when you log into your myRPS account. It lets you add your personal costs such as where you’d like to live, and how many holidays you’d like to have. Your costs are then used to give you a general target to aim for with your retirement income.

The Retirement Living Standards (RLS) offer a general guide to how much you might need when you stop work. Visit the Retirement Living Standards website to learn more.

The Retirement Living Standards and Retirement Budgeting Calculator figures are based on the retirement income you may need after tax.

You can learn more about the cost of retirement and how to work out if your savings add up in the defined benefit and IWDC members areas of your member website.

 

Take financial guidance or advice from an expert

MoneyFit can offer financial education, but not financial advice. Before making any changes to your finances or your pension, you may want to take advice from an expert.

You can find a list of trusted financial professionals on the Guidance and advice page. 

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About the Scheme

Learn more about the Railways Pension Scheme (RPS) and the Trustee.