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<p>The planner is designed to show you what your annual income could be when you stop work and how much you may be able to take as a tax-free lump sum.&nbsp;<br><br>It also lets you see&nbsp;<span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">what it might look like if you decide to start taking your benefits before claiming your State Pension and then level your income out afterwards. This is known as the ‘level pension’ option.&nbsp;<br></span></p><div><p>The planner is a quick and easy way to take control and make your pension work better for you. And we’ll be making even more improvements to it in the future.<br></p></div><div><strong>This planner is for anyone with a Defined Benefit pension.&nbsp; If you are a member of the Industry-Wide Defined Contribution (IWDC) Section, you should use the DC retirement planner instead. If you’re unsure which type of pension you have, please check your member guide. You can find a copy in the My Library section of your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account.&nbsp;&nbsp;<br></a><br></strong></div><h2>How can I try the pension planner?</h2><p><a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">Log into your myRPS account</a> and go to the ‘Your pension planner’ section on the dashboard. Click ‘Try the planner’. Alternatively log into your online account and hover over the ‘myRPS account’ menu. Go to the ‘Planning for the future’ section and click on ‘Pension Planner’.&nbsp;<br><br><br><img alt="Your pension planner" src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/pension-planner/your-pension-planner.png?sfvrsn=17119713_5"><br><br><br>There is also a list of FAQs at the bottom of the page.<br><br><br><img alt="Pension planner FAQs" src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/pension-planner/pension-planner-faqs.png?sfvrsn=76e5590a_5"><br><br><br>You will already see the improvements we've made in comparison to the previous planner. This includes the use of real-time data to calculate your benefits.<br><br>While this will give you a more accurate result, it might also take a little longer to perform the calculation.&nbsp; Please be patient and if it looks to be taking a little longer than expected, this is probably because your real-time calculation is a little more complex.&nbsp;&nbsp;<br><br></p><h2>What does the pension planner do?</h2><p>Like the old one, the planner:<br></p><ul><li>works out what your annual pension is likely to be </li><li>shows your BRASS (if you have it) fund's current value and the projected future value</li><li>shows how much of a lump sum you may be able to take when you retire and how it would then affect your annual pension. If you have BRASS, it shows you how your BRASS fund works as part, or all of, your lump sum depending on the amount of BRASS you have and the size of lump sum you want</li></ul><p>The improved planner also:</p><ul><li>lets you see what it may look like if you go for a 'level pension' option</li><li>uses the latest salary data your employer has sent us, rather than the data from your last Annual Pension Estimate, to give you the most accurate results</li></ul><p>The planner's estimates are based on:</p><ul><li>your salary</li><li>retirement age</li><li>BRASS contributions made to date</li><li>weekly BRASS contributions going forward</li></ul><h2>How can I experiment with the pension planner?</h2><p>By simply using the plus and minus buttons in the planner, you can experiment with increasing or decreasing your: </p><ul><li>retirement age</li><li>weekly BRASS contributions</li><li>lump sum<br></li></ul><p><img alt="Using the pension planner" src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/pension-planner/using-the-pension-planner.png?sfvrsn=d6a2577_7"></p><p><br>This lets you see what may happen to your annual pension and lump sum if you're considering making any changes. It also lets you model different scenarios to see what your annual pension could be as a result.&nbsp;<br><br>Don't worry, the planner won't make any changes to your record. But it will show you what could happen if you did make the changes.&nbsp;<br><br>It's all about giving you the information you need to make the right decision for you. It's also a great way to see your pension benefits come to life and get a better view of what the future may hold.&nbsp;<br></p><h2>Will the pension planner tell me if I'm saving enough?</h2><p>The planner will show you how much your annual income is likely to be when you retire.&nbsp;<br><br>You can then compare this to the Retirement Living Standards (RLS) and decide for yourself whether it's likely to be enough for you.<br><br>As a guideline, the RLS shows that an individual will need between £10,200 and £33,000 per year when they finish work. You can find out more by visiting the <a href="https://www.retirementlivingstandards.org.uk/" target="_blank" data-sf-ec-immutable="">Retirement Living Standards website.&nbsp;</a> <br><br>We're busy building another new calculator using this RLS data to make it easier for you to judge how you may need and compare that to the results in the pension planner.&nbsp;<br><br></p><h2>What can I do with my pension planner results? </h2><p>Once you have your pension planner results, you can decide whether to take any further action.&nbsp;<br><br>For example, you may choose to:<br><br></p><ul><li>change your Target Retirement Age (TRA)</li><li>change your weekly BRASS contributions</li><li>make a one-off BRASS contribution</li></ul><p>Before making any changes, you may want to get advice from an Independent Financial Adviser. You can find one in your area by using the <a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">Unbiased website.</a> Remember to show them your pension planner results.&nbsp;<br><br>Please remember this planner has been designed to show you what your retirement benefits could be based on the information we currently hold for you and the options you have selected.&nbsp;<br><br><strong>The results shown by the planner are for illustration and comparison purposes only and do not guarantee any future outcome or entitlement. The results should not be replied upon for retirement planning. Your actual benefits in retirement could differ from the estimated figures shown.&nbsp;</strong><br><br></p><h2>Why wasn't the planner live before now?</h2><p>We know that many members really valued the planner on the old website and we wanted to reinstate it as soon as possible after the new site launched in September/October last year.&nbsp;<br><br>The main delay came from making sure we improved the planner and give members what they wanted most.&nbsp;<br><br>Based on survey results, thousands of members told us there were clear priorities for us to deliver on the new site:<br></p><ul><li>Online estimates</li><li>See more periods of membership under one log-in</li><li>Use more up-to-date salary data in the planner</li><li>Improve the planner to be able to model a level pension</li></ul><p>We put the new site live as soon as we had the online estimates ready and we're really pleased that more than 30,000 of you have already used the estimate tool.<br><br>You can now also see other periods of membership without having to log in with a separate ID.&nbsp;<br><br>Improving the planner did take a little longer than points 1 and 2 listed above, but we're pleased to say:<br></p><ul><li>it's now based on the latest salary data your employer has sent us, rather than on your last Annual Pensions Estimate as previously</li><li>it also lets you model what a level pension may look like. You can learn more about level pensions [here]<br></li></ul><p>For more information on what you can do with your online account, why not visit our <a href="https://member.railwayspensions.co.uk/resources/video-library" data-sf-ec-immutable="">Video Library?</a> We also have videos on there about planning and saving, your retirement options, and tax and other pension topics.<br></p>

<p>You may also need to re-register even if you were signed up to the old site. Here’s how to do it.</p><p>Before you start make sure you have the following to hand:</p><ul><li>Pension Reference Number </li><li>National Insurance number</li><li>Email address </li></ul><p>Then follow the steps below.<br><br></p><ol><li><strong>Visit any page of the member website - railwayspensions.co.uk</strong> <p>The site works well on most browsers but is not supported by Internet Explorer 11 or Android using IOS versions 10 and under.</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/rps-website.jpg?sfvrsn=88d07dda_2" title="RPS website" data-displaymode="Original" alt="RPS website"></p><p>&nbsp;</p></li><li><strong>Look at the top right hand corner of your screen. </strong> <p>If you’re on a desktop or laptop, click ‘login/register’. </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/log-in-or-register.jpg?sfvrsn=c9962e19_2" title="log in or register" data-displaymode="Original" alt="log in or register"></p><p>If you’re on a tablet or phone, select ‘menu.' Then login/register.</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/log-in-register-mobile.jpg?sfvrsn=25f02133_2" title="log in register mobile" data-displaymode="Original" alt="log in register mobile"></p></li><li><strong>Select create an account</strong></li></ol><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/create-an-account.jpg?sfvrsn=288ff569_2" title="create an account" data-displaymode="Original" alt="create an account"></p><p><strong>4. Fill in your pension reference number</strong></p><p>You can find this on any recent letters we’ve sent you. It should be a series of nine numbers, followed by /00 or a series of letters, followed by a series of numbers.&nbsp;<br><br><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/pension-reference-number.jpg?sfvrsn=ed13bf1b_2" title="pension reference number" data-displaymode="Original" alt="pension reference number"><br><strong><br></strong><strong>5.&nbsp;Add your National Insurance number<br><br><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/national-insurance-number.jpg?sfvrsn=d5087c91_2" title="national insurance number" data-displaymode="Original" alt="national insurance number"></strong></p><p><strong>6. Enter your date of birth<br><br><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/date-of-birth.jpg?sfvrsn=5035a485_2" title="date of birth" data-displaymode="Original" alt="date of birth"></strong></p><p><strong>7. Enter your personal email address</strong> </p><p>You will need to re-enter it in the box underneath just to make sure we’ve got it right </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/email-address.jpg?sfvrsn=21456b76_2" title="email address" data-displaymode="Original" alt="email address"></p><p><strong>8. Create a password</strong></p><p>This must be between 8 and 20 characters long. And contain at least:</p><ul><li>1 upper case letter</li><li>1 lower case letter</li><li>1 number</li><li>1 special character or symbol</li></ul><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/password.jpg?sfvrsn=4df1910_2" title="password" data-displaymode="Original" alt="password"><br><p>You will see green ticks displayed when you have met all of these requirements</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/password-again.jpg?sfvrsn=695cdc64_2" title="password again" data-displaymode="Original" alt="password again"><br><br></p><p><strong>9. Choose a security question from the drop down menu</strong> </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/security-question.jpg?sfvrsn=1e1e160c_2" title="security question" data-displaymode="Original" alt="security question"></p><p><strong>10. Type your answer to the security question</strong> <strong>in the box where requested</strong> </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/security-answer.jpg?sfvrsn=1b9c4d14_2" title="security answer" data-displaymode="Original" alt="security answer"></p><p><strong>11. Read the terms and conditions. Then tick the box to confirm you have done so</strong> </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/terms-and-conditions.jpg?sfvrsn=6a60bea6_2" title="terms and conditions" data-displaymode="Original" alt="terms and conditions"></p><p><strong>&nbsp;12.&nbsp;Select ‘register now’</strong></p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/register-now.jpg?sfvrsn=30fa2406_2" title="register now" data-displaymode="Original" alt="register now"></p><p><strong>13. Check your email.</strong></p><p>You should have received an email to the email address you entered when registering. This confirms that your registration has been successful. It may be in your spam/junk folder rather than your inbox. </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/check-your-email.jpg?sfvrsn=b11dd4e2_2" title="check your email" data-displaymode="Original" alt="check your email"></p><p><strong>14. Click the link in the email asking you to verify your account.</strong></p><p><strong>15. The link will take you back to the RPS website</strong>. <strong>You will then need to re-enter the email address and password you used to register.</strong></p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/login-again.jpg?sfvrsn=caacb456_2" title="login again" data-displaymode="Original" alt="login again"><br><br><strong>16. Select log in to myRPS<br><br><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/select-login.jpg?sfvrsn=2837cfb5_2" title="select login" data-displaymode="Original" alt="select login"><br></strong></p><p><strong>17. Add a final piece of memorable information</strong></p><p>For added security, you’ll use this together with your password each time you log in. It should be at least 8 characters in length and be easy for you to remember. </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/create-memorable-information.jpg?sfvrsn=5699eff1_2" title="create memorable information" data-displaymode="Original" alt="create memorable information"></p><p><strong>18. Select create memorable information.</strong></p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/click-create-memorable-information.jpg?sfvrsn=fde22575_2" title="click create memorable information" data-displaymode="Original" alt="click create memorable information"></p><p><strong>19. You should then be taken to your myRPS dashboard. And you’re all done.</strong> </p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/myrps-dashboard.jpg?sfvrsn=fc2992da_2" title="myRPS dashboard" data-displaymode="Original" alt="myRPS dashboard"></p><p>To log back in at any time, simply </p><ul><li>visit the website</li><li>select login/register on a laptop or desktop or menu on a mobile </li><li>re-enter your email address, password and memorable information</li></ul><p>You can see a short video of these steps<a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable=""> here</a></p><p>You can also find video other video guides for using the website <a href="https://member.railwayspensions.co.uk/resources/video-library/how-to-use-this-website " data-sf-ec-immutable="">here</a></p><p>This includes: </p><ul><li>How to request an estimate&nbsp;</li><li>How to nominate</li><li>How to switch investment funds</li><li>How to use the DC retirement modeller</li></ul>And read more about what you can do online in the news story <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/news-updates/2021/06/14/log-in-and-leap-into-the-future" data-sf-ec-immutable="">here&nbsp;&nbsp;</a>&nbsp; <p>&nbsp;</p>

<p>Figuring out your future can be a daunting task but these simple steps might help...<strong style="background-color: rgba(0, 0, 0, 0); color: var(--color-h2); font-size: var(--font-size-h2); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></strong></p><h2><strong style="background-color: rgba(0, 0, 0, 0); color: var(--color-h2); font-size: var(--font-size-h2); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">1. Work out your costs</strong></h2><p>Use the <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/retirement-budgeting-calculator" data-sf-ec-immutable="" data-sf-marked="">Retirement Budgeting Calculator</a> to work out how much you might need to cover your costs when you stop work. </p><p>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:</p><ul><li>Transport</li><li>Holidays and leisure</li><li>Household costs</li><li>Food and drink</li><li>Helping others </li><li>Clothing and personal and</li><li>Anything else you expect to pay for, including care costs or charity donations <p>It also takes into account the '<a href="https://www.retirementlivingstandards.org.uk/" target="_blank" data-sf-ec-immutable="">Retirement Living Standards</a>'&nbsp;which set a benchmark for affording certain lifestyles as shown below.</p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/infographics-(current)/rps-retirement-living-standards_v04_matrix-on-own.svg?sfvrsn=2b554472_3" alt="A grid showing how much 3 different levels of retirement lifestyle might cost"><p>&nbsp;</p><p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">At the end, the calculator will give you a personal target to aim for with your income.</span></p></li></ul><h2><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto; font-size: inherit">2. Work out your income</strong><br></h2><p>Look at what money you’ll have coming in when you stop work. </p><p>You can find out how much your RPS pension could be worth by logging in to your&nbsp;<a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a>.</p><p>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. </p><ul><li>For IWDC members it’s the retirement modeller </li><li>For DB members currently paying into the Scheme it’s the pension planner </li></ul><p>Once you find out what your RPS pension could be worth, add this to any other expected sources of income. This could include:</p><ul><li>Your State Pension – the amount you receive is set by the Government. You can request an estimate online at <a href="https://www.gov.uk/check-state-pension" target="_blank" data-sf-ec-immutable="">gov.uk/check-state-pension</a> </li><li>Other pensions – you may have a private pension or pensions linked to previous employment. You’ll need to speak to each of the providers individually for estimates on those accounts. If you’ve lost their contact details, the Pensions Tracing Service may be able to help. It’s a free, Government-backed, service available online (<a href="https://www.gov.uk/find-pension-contact-details" target="_blank" data-sf-ec-immutable="">gov.uk/find-pension-contact-details</a>) and over the phone (0800 731 0193). Other companies offer a similar service but many charge a fee&nbsp; </li><li>Savings and investments – if you have savings outside your pension, get those statements from your bank or other provider </li><li>Combined, these figures should give you an idea of how much money you might get when you stop work. You can then compare this to your target income from step 1.</li></ul><h2><strong>3. Compare your costs with your income and take action if needed</strong></h2><p>If you’re worried that your income in retirement, won’t cover your costs, there are a number of things you can do. </p><ul><li>Consider topping up your pension pot &nbsp;if you’re still paying into the Scheme – think about paying more into your pension if you can. This is known as making Additional Voluntary Contributions (AVCs). It’s tax-free up to certain limits. You can find out more <a href="/pension-essentials/saving-more">here.</a>&nbsp;</li></ul><ul type="disc"><li>Get advice – speak to an Independent Financial Adviser for guidance. <strong>Liverpool Victoria (LV)</strong>&nbsp;has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187. &nbsp;This service is authorised and regulated by the Financial Conduct Authority.&nbsp;</li></ul><ul><li>Think about changing your retirement age – you can delay taking your pension, giving you more time to increase it. This is not a decision to be taken lightly and we suggest you speak with a Financial Adviser first.</li></ul><ul><li>Clear your debts – if possible, try to pay off any debts you owe before you retire. </li></ul><ul></ul>

<p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">&nbsp;</span></p><p><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Nobody likes to imagine getting older, so many of us choose to ignore our pensions.&nbsp; It’s nothing new, but it’s unwise. A recent study* has found two-thirds of adults retiring in 2021 in the UK won’t have enough in their pension to fund their post-work life. Many people are now facing a difficult retirement.</span> <span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></span><br></p><h2>Women especially should consider their position<br></h2><p>Society and family structures have changed hugely since the UK pension system was first created in the early 1900s. The traditional nuclear family was the norm, with men typically earning the money and women raising the children at home. But now, this family model has changed. There are more women than ever in the workplace, there are many single-parent families and different family structures.</p><p>According to a report published by Barnett Waddingham in March 2021**, women who take time off work have fewer pension savings than women who don’t.</p><p>For a woman taking two 12 month career breaks in her early 30s, with no pension savings or salary increase during this time, it can lead to a level of pension savings at retirement of around 10% lower compared to a woman with no career breaks.</p><h2>Lack of pension parity for women<br></h2><p>It’s not just career breaks that impact women’s pension savings. The report found that the pension gap between men and women is most stark in the high affluence group – typically because men’s pay in this group is significantly higher than women’s.</p><p>There are many more contributing factors, including:</p><ul><li>Taking on caring responsibilities for children, ageing parents or other family members typically gives less flexibility for many women to progress in their careers, earn more and contribute more to workplace pensions;</li><li>The imbalance of women working in lower paid or lower skilled occupations;</li><li>Women are more likely to be on zero-hour contracts or working multiple part-time roles so do not reach workplace pension auto-enrolment thresholds;</li><li>The increasing rates of divorce, particularly in later life;</li><li>The low level of default contribution rates in general.</li></ul><h2>Will you have enough for the retirement you want?<br></h2><p>Women in particular should carefully consider their options well before retirement, and whether they have enough saved to maintain their current lifestyle. </p><p>Our planning tools can help. &nbsp;</p><p>When you log in, or register for an account, you will see two modellers in the ‘Planning for the future’ section of your ‘myRPS account’.</p><ul><li>Defined benefit members can use the <strong>pension planner</strong></li><li>IWDC members can use the <strong>retirement modeller</strong>.</li></ul><p>All members can then use the <strong>retirement budgeting calculator</strong> to find out if your current level of pension benefits and/or savings will be enough, or whether you might want to make adjustments.</p><p>You can use the calculator together with your latest benefit statement, or <strong>request an estimate. </strong>It’s free to do, you can request as many as you like, and the estimate is usually ready within an hour. </p><p>These planners will show you what your annual income is likely to be when you retire. As a rough guideline, current research shows you will need between £10,200 (basic) to £33,000 (comfortable) per year when you finish work.</p><p>The Retirement Living Standards are benchmarks for the income you might need in order to afford different lifestyles - minimum, moderate and comfortable. Full details can be found at <a href="http://www.retirementlivingstandards.org.uk/" data-sf-ec-immutable="">retirementlivingstandards.org.uk</a>. But as a general rule, they suggest the following:</p><img src="00ddcd22-bb33-4a45-9ba4-28b0d6aff300" style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto" alt="retirement Living Standards are benchmarks for how much you might need in retirement based on a minimum, moderate or comfortable lifestyle"><p><br>It’s never too early – or too late- to start making extra contributions to your pension savings.</p><h2>How to save more with Additional Voluntary Contributions</h2><p>Additional Voluntary Contributions (AVCs) are flexible extra pension savings you can make from your pay (before tax is taken) on top of the normal contributions you make to your pension.</p><ul type="disc"><li>One of the perks of AVCs is that you don’t need to save a set amount every month. If you’ve got an expensive time coming up, you can reduce your contributions, or equally you can add more in if you have some to spare.&nbsp;</li><li>AVCs are a great way to save extra money for retirement if you get large payments that don’t qualify for your pension, such as overtime and bonus payments.</li><li>You’ll also get government tax relief on anything you put in up to your annual allowance - currently £40,000 for most people. &nbsp;If you’re a high earner with an income of more than £200,000 a year, your annual allowance might gradually reduce to as low as £4,000 in the current tax year.</li></ul><h2>AVCs for defined benefit members</h2><p>The main AVC arrangement open to defined benefit (DB) members is called BRASS. When you join the Scheme, you’ll get a separate BRASS account, and your AVC contributions are then invested in a range of funds with the aim of building up extra pension savings over time.</p><p>&nbsp;You’ll be able to&nbsp;<a href="https://member.railwayspensions.co.uk/my-rps" data-sf-ec-immutable="">log in to your account</a>&nbsp;(or&nbsp;<a href="https://member.railwayspensions.co.uk/register" data-sf-ec-immutable="">register</a>) any time to:</p><ul><li>make changes to the BRASS amount you contribute</li><li>view your investment fund holdings</li><li>see how the funds are performing​</li><li>change the funds you invest in.</li></ul><h2>How much more should I save?</h2><p>If you’ve used the planning tools, you’ll have a better idea of how much more to save, to have the retirement you imagined. </p><p>Some employers allow contributions to be paid via a ‘salary sacrifice’ arrangement, which reduces your National Insurance bill. And they may even increase the amount they pay into the scheme if you choose to save more. It’s worth checking! </p><p>Most members making additional voluntary contributions pay in more than £100 per month, but you can put in as little as £10 per month and top up your regular payments or make one-off payments at any time. No matter how big or small your contribution, it all helps.</p><p>There is a maximum amount that you can pay into BRASS. If you want to pay more AVCs, most members can apply to join AVC Extra. <a href="/knowledge-hub/help-and-support/RAYN">Check the Read as you Need guides</a> for the rules that apply to your section of the Scheme.</p><h2>AVCs for IWDC members</h2><p>If you’d like to make extra contributions, you’ll need to speak to your employer. The contributions will be deducted from your pay like your usual pension deductions. </p><p>Get more information on BRASS and AVC Extra <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra">here</a>.<span style="text-decoration: underline"></span></p><h2>What if the numbers don’t add up?</h2><p>The more you save now, the more time your money has to grow. Over the long-term, the investment returns on your AVCs could make a big difference to the amount you have to live on when you retire.</p><h2>Get advice before making any decisions. </h2><p>We can help you understand the Scheme rules that apply to you and tell you how it works, but we can’t give you advice relating to your personal circumstances. If you need help deciding what to do with your money, you’ll need to talk to a financial advisor. </p><p>Liverpool Victoria has been carefully chosen to give members access to independent financial advice. LV can be contacted on 0800 023 4187. </p><p>You are still free to choose your own Independent Financial Adviser. You can find an IFA in your area at <strong><a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a></strong></p><p><strong><a href="https://www.moneyhelper.org.uk/en" target="_blank" data-sf-ec-immutable="">Moneyhelper.org.uk</a> </strong>offers free support on a wide range of financial matters, online and over the phone.</p><p>And there’s a wealth of information in the <strong>‘</strong><strong>Resources</strong><strong>’</strong> and <strong>‘In the Scheme’</strong> sections of the RPS website.</p><h3>Sources</h3><p><strong>*</strong>&nbsp;<a href="https://www.abrdn.com/corporate/media-centre/media-centre-news-article/uk-retirees-at-risk-of-running-pension-pots-dry" target="_blank" data-sf-ec-immutable="">UK retirees at risk of running pension pots dry</a> </p><p>**&nbsp;<a href="https://www.barnett-waddingham.co.uk/comment-insight/research/gender-pension-gap/" target="_blank" data-sf-ec-immutable="">Bridging the gap: the gender pension gap and what can be done about it</a></p><p>&nbsp;</p>

<div><p>No matter how clued-up financially we think we are, many of us could benefit from professional, financial advice at times.</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">But, in an uncertain financial world that often appears to be full of crooks, scammers and people posing as experts, it can be difficult to tell the good guys from the bad guys – never mind finding a genuine financial adviser who’s perfect for our needs.&nbsp;&nbsp;</span><br></p></div><div><p>So, to help you decide, we’re suggesting 10 questions that you should ask a financial adviser BEFORE you sign them up. Their answers should make it easier for you to choose a trustworthy adviser who is best suited to you.</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"><strong>1. Who are you regulated by?&nbsp;</strong>&nbsp;</span><br></p></div><div><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">All UK independent financial advisers should be regulated by the Financial Conduct Authority (FCA). You should always double check them and their firm on the FCA website <a href="https://www.fca.org.uk/" target="_blank" data-sf-ec-immutable="">here</a> and not just via the details or website the adviser gives you. Using an FCA regulated adviser means they have been professionally assessed and that you will be protected by UK law if anything goes wrong.&nbsp;&nbsp;</span><br></div><div><br></div><div><strong>2. What qualifications do you have and are you authorised by the FCA to provide financial advice?&nbsp;</strong></div><div><br></div><div>Proven qualifications will show the adviser is legitimate and competent, and that they have the specialist knowledge that you may need. Financial advisers must be qualified at a minimum QCF (Qualifications and Credit Framework) Level 4 or above (equivalent to the first year of a university degree). They also need to have an annual Statement of Professional Standing (SPS). You can also call the FCA on 0800 111 6768 to double check they are actually authorised to give you financial advice.</div><div><br></div><div><p><strong>3. How much do you charge for providing advice and when do I pay?&nbsp;</strong></p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">A financial adviser has a legal duty to tell you how they charge, and how much, before they start working with you. Some advisers will offer a free initial consultation, but others charge.&nbsp; A ‘suitability report’ - a document where some advisers will make their financial recommendations for you - is usually chargeable, so find out if this adviser provides one, and&nbsp; how much this would be, beforehand.&nbsp;&nbsp;</span><br></p></div><div><p>Some advisers charge hourly, others charge a fixed fee or percentage of the value of your pension, or it can be deducted from your ongoing investments.&nbsp; It also depends on the service you want, but it should be agreed in advance. Advisers should not be paid commission from your investment by product providers.&nbsp;</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"><strong>4. What specific financial services do you offer?&nbsp;</strong></span><br></p></div><div>Look for an adviser with the proven knowledge, qualifications and experience in the areas where you need help.&nbsp; Some advisers will just focus in certain fields, such as investments and taxes, while others are experienced in pensions, retirement planning, or in complete financial plans, where all your financial needs are covered. Most advisers also offer an ongoing service which should include a regular meeting and review of your investments.</div><div><br></div><div><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"><strong>5. How independent are you?&nbsp;</strong></span><br></div><div><br></div><div>To be called “independent”, a financial adviser must offer a range of products and providers from across the whole market and offer unrestricted and impartial advice. An adviser is called ‘restricted’ if they are only permitted to recommend certain types of investment products from a limited number of providers.&nbsp; A truly independent adviser will have access to a much broader range of products.</div><div><br></div><div><strong>6. What experience do you have advising people in my particular situation?&nbsp;</strong></div><div><br></div><div>You need to make sure this is not the first time the adviser is dealing with someone in your situation. If they have worked with people like you regularly, and can give you some examples, that’s ideal. Remember they can only answer this accurately if they know enough about your circumstances and what you’re looking for.&nbsp;</div><div><br></div><div><strong>7. How would an ongoing service work?&nbsp;</strong></div><div><br></div><div>As well as providing a one-off recommendation, some advisers offer an ongoing service.&nbsp;<span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">This might include an annual review to check the value of your investments and to consider possible changes. If you decide this arrangement is suitable for you, you should establish how you would work together, and what it will cost you.&nbsp;</span></div><div><br></div><div><strong>8. What is your attitude to risk?</strong>&nbsp;</div><div><br></div><div><p>You should find out if the investments or actions this financial adviser recommends for you, are suitable for your ‘risk profile’.&nbsp; The adviser should ask you questions beforehand about your own attitude to risk and how long you wish to invest for. The investments chosen for your financial plan should be carefully selected and discussed with you, so they suit your own personal needs.</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"><strong>9. Would I work just with you, or with a team?&nbsp;</strong></span><br></p></div><div><p>Many financial advisers will remain your point of contact throughout. However, advisers who work for large organisations may sometimes get a colleague to deal with some of their work. You need to know what to expect, and decide if this suits you.</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"><strong>10. How would I receive the advice?&nbsp;</strong></span><br></p></div><div><p>Ask if the potential advice will be given face to face, on the phone, via email, via report or through an online portal.&nbsp; Find out if you can choose one way over another and if there are different prices for each.</p><p>Once you've received answers to all of these questions, and checked out any credentials, you should be able to tell if your potential adviser is reliable, trustworthy and a perfect fit for your needs, or whether you should start searching again.</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">&nbsp;</span></p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Liverpool Victoria (LV) has been chosen as the official partner to give our members financial advice and has specific knowledge on the Scheme.&nbsp; You can contact LV on 0800 023 4187.&nbsp;</span><br></p></div><div><p>But you are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at <a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a>.&nbsp;</p><p><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">See more information on getting financial advice in our website blog ‘</span> <a href="/knowledge-hub/news-and-views/blog/rps-blog/2021/07/19/who-needs-advice-anyway">Who needs advice anyway?</a><span style="background-color: initial; font-size: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">’</span></p></div>