Sustainable Ownership blogs
Our blogs on Sustainable Ownership and environmental, social and governance (ESG) issues will help you learn more about the Scheme's approach to its investments.
Read our blog posts to learn more about how we incorporate Sustainable Ownership and environmental, social and governance (ESG) issues through the Scheme's investments.
You can read more about our work on Sustainable Ownership on the Railpen website.
The first step is to work out your income in retirement
Look at what money you’ll have coming in when you stop work.
You can find out how much your RPS pension could be worth by logging in to your myRPS account.
There you’ll find an estimate of your benefits, as well as tools specifically designed to show how much you might have saved by the time you stop work.
Once you find out what your RPS pension could be worth, add this to any other expected sources of income. This could include:
A full state pension is worth £9,339
Currently, the full new State Pension is worth £9,339. The State Pension is a regular payment from the government most people can claim when they reach State Pension age.
Most people in the UK who work, or undertake caring
responsibilities, will be eligible for a State Pension if they have worked and paid National Insurance contributions or been a carer for at least 10 years.
If they have done so for 35 years, they could receive a full state pension, currently worth around £9,339 per year. This can be drawn from when a person is between 66 and 68 years of age, depending on their date of birth. Adjustments to the full amount may apply to reflect past periods of contracted-out service, when reduced rates of National Insurance were paid.
Check your State Pension forecast to find out how much money you’ll get.
Combined, these figures should give you an idea of how much money you might get when you stop work.
Use the Retirement Budgeting Calculator to work out how much you might need, after tax, to cover your costs when you stop work.
The calculator allows you to estimate a wide range of expenses, and you can adjust each to a level that feels right for you. This includes:
It also takes into account the 'Retirement Living Standards' which set a benchmark for affording certain lifestyles as shown below.
At the end, the calculator will give you a personal target to aim for with your income after tax.
If you’re worried that your income in retirement, won’t cover your costs, there are a number of things you can do.
Whether you’re already approaching retirement, or looking ahead to the time that you do, it’s important to understand what choices you have.
Your RPS pension
In the ‘Planning for Retirement’ section of this website, you can read about:
All you need to do is pick the section that’s right for you.
You'll also find a video explaining your options in the video library here.
Other pensions
You should contact the providers of any other workplace or private pensions, to see how and when you can take those pension benefits.
The earliest you can get your State Pension is when you reach your State Pension age. You’ll have to wait to claim your State Pension if you retire before you reach that age.
You can keep working after you reach State Pension age. A forced retirement age of 65, known as ‘Default retirement age’, no longer exists.
The information provided on this website is intended for general information and illustrative purposes. Your benefits will be worked out in accordance with and subject to the governing trust deed and rules and relevant legislation.
Although every effort has been made to ensure the information given on this website is accurate, none of the information provided can give you, or your beneficiaries, legal rights to benefits that differ from those provided in the pension trust and rules.
We recommend that you get independent financial or specialist advice before making any important decisions about your pension arrangements.
Learn more about how the Scheme invests and the beliefs that underpin its approach.
We provide regular newsletters to help you navigate your pension whether you're paying into the Scheme, not paying in anymore, or receiving your pension.
Read the latest updates from the world of pensions and see how they affect you as a member of the Scheme.