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<p><span style="background-color: rgba(0, 0, 0, 0); font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-family: inherit; color: inherit">There’s a lot to consider when it comes to stopping work. And many of our members find themselves facing some tricky questions…</span></p><ul><li>Have I saved enough?</li><li>Should I put off retirement? </li><li>How will I get my money? </li><li>Will I have to pay tax on my pension? </li><li>What will happen to my AVCs?</li></ul><p>You’ll find a whole host of resources designed to help you understand all of this and more in the I'm Planning to Take My pension areas of the website.&nbsp;&nbsp;</p><h3><strong>Your retirement options </strong></h3><p>This section of the site includes information covering all of your retirement options, including:</p><ul><li>When you can retire</li><li>How you can take your pension </li><li>Working out what’s best for you </li><li>How to apply for your pension&nbsp;</li></ul><p>All you have to do is choose the area that’s tailored for you.</p><ul style="list-style-type: disc"><li>For&nbsp;<strong>DB</strong>&nbsp;members it’s&nbsp; <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension" data-sf-ec-immutable="" data-sf-marked=""><strong>here</strong></a></li><li>For&nbsp;<strong>IWDC</strong>&nbsp;members it’s&nbsp; <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot" data-sf-ec-immutable="" data-sf-marked=""><strong>here</strong></a>&nbsp;</li></ul><h3><strong>Getting your savings on track</strong></h3><p>Within the ‘Planning to take my Pension’ sections of the site, you’ll also find ideas for making sure your pension savings are on track before you stop work. </p><p>This includes using our <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/retirement-budgeting-calculator" data-sf-ec-immutable="" data-sf-marked="">retirement budgeting calendar</a>, to help you estimate how much you’ll need in retirement and give you a personal target to aim for with your income. &nbsp;</p><p>And tools that will help you to see if your pension might give you enough to meet this target. </p><ul><li>For DB members it’s the <strong>pension planner</strong> – designed to show what your annual income could be when you stop work. And how this might be affected by different options, such as taking a lump sum or opting for a level pension. <p><span style="background-color: rgba(0, 0, 0, 0); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit; font-family: inherit; color: inherit">&nbsp;</span></p></li><li><p><span style="background-color: rgba(0, 0, 0, 0); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit; font-family: inherit; color: inherit">And for IWDC members it’s the </span><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit">retirement modeller</strong><span style="background-color: rgba(0, 0, 0, 0); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit; font-family: inherit; color: inherit"> - designed to show you what your pension pot might be worth when you retire. And the different ways you can choose to use that money, such as an annuity or drawdown.</span></p></li></ul><p>All the tools are quick and easy to use. And you can access the one that’s relevant for you by logging in to your&nbsp;<a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS</a>&nbsp;account. </p><h3><strong>Getting help and advice </strong></h3><p>If all of this sounds a little daunting, you can find out how to get help and advice to guide you through the retirement process <a href="/defined-benefit-members/Im-planning-to-take-my-pension/guidance-and-advice"> here</a></p><p>You’ll also find short videos talking you through your retirement options in the <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/video-library" data-sf-ec-immutable="" data-sf-marked="">video library </a>&nbsp;</p><h3><strong>Watching out for scams </strong></h3><p>When you’re approaching retirement and looking at what to do with your pension, you may be at risk from scammers trying to get their hands on your savings. </p><p>You can find some top tips for spotting a scam and protecting yourself, <a href="https://member.railwayspensions.co.uk/pension-essentials/pension-scams" data-sf-ec-immutable="" data-sf-marked="">here</a>&nbsp;</p>

<p><span style="background-color: rgba(0, 0, 0, 0); color: var(--color-h2); font-family: inherit; font-size: var(--font-size-h2); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">The first step is to work out your income in retirement</span></p><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>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 providers</li><li>Your State Pension – the amount you receive is set by the Government. You can request an estimate online at&nbsp;<a href="https://www.gov.uk/check-state-pension" target="_blank" data-sf-ec-immutable="">gov.uk/check-state-pension</a><br></li></ul><p><strong>A full state pension is worth £9,339</strong><strong><br></strong></p><p>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.<strong><br><br></strong>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.<br></p><p>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.</p><p><a href="https://www.gov.uk/check-state-pension" data-sf-ec-immutable="">Check your State Pension forecast</a>&nbsp;to find out how much money you’ll get.<br></p><p>Combined, these figures should give you an idea of how much money you might get when you stop work.<br></p><h2>Now work out your costs</h2><p>Use the <a href="/knowledge-hub/help-and-support/retirement-budgeting-calculator">Retirement Budgeting Calculator</a> to work out how much you might need, after tax, 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</li></ul><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><p><img src="00ddcd22-bb33-4a45-9ba4-28b0d6aff300" alt="retirement Living Standards are benchmarks for how much you might need in retirement based on a minimum, moderate or comfortable lifestyle"></p><p>At the end, the calculator will give you a personal target to aim for with your income after tax.<br></p><h2>Compare your costs with your income and take action if needed</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 read more in our&nbsp; <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2021/08/06/a-guide-to-saving-more-for-your-pension-with-avcs" data-sf-ec-immutable="" data-sf-marked="">guide to saving more with AVCs</a>.&nbsp;</li><li>Get advice – speak to an Independent Financial Adviser for guidance.&nbsp;<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><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><li>Clear your debts – if possible, try to pay off any debts you owe before you retire.<br></li></ul><h2>Understand your options for taking your pension</h2><p>Whether you’re already approaching retirement, or looking ahead to the time that you do, it’s important to understand what choices you have.</p><p><strong>Your RPS pension</strong></p><p>In the ‘Planning for Retirement’ section of this website, you can read about:<strong></strong></p><ul><li>How and when you can retire</li><li>How you can take your benefits or Personal Retirement Account (PRA)</li><li>How to apply for your pension</li><li>Ways to check your savings are on track</li><li>Tips for protecting yourself from scams, and</li><li>Where to go for help and advice.</li></ul><p>All you need to do is pick the section that’s right for you.&nbsp;</p><ul><li>For&nbsp;DB&nbsp;members it’s&nbsp; <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension" data-sf-ec-immutable="" data-sf-marked="">here</a></li><li>For&nbsp;IWDC&nbsp;members it’s&nbsp; <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot" data-sf-ec-immutable="" data-sf-marked="">here</a></li></ul><p>You'll also find a video explaining your options in the video library&nbsp;<a href="https://member.railwayspensions.co.uk/resources/video-library/your-retirement-options" data-sf-ec-immutable="">here</a>. &nbsp;</p><p><strong>Other pensions</strong></p><p>You should contact the providers of any other workplace or private pensions, to see how and when you can take those pension benefits.</p><p>The earliest you can get your State Pension is when you reach&nbsp;<a href="https://www.gov.uk/calculate-state-pension/y/age" data-sf-ec-immutable="">your State Pension age</a>. You’ll have to wait to claim your State Pension if you retire before you reach that age.</p><p>You can&nbsp;<a href="https://www.gov.uk/working-retirement-pension-age" data-sf-ec-immutable="">keep working after you reach State Pension age</a>. A forced retirement age of 65, known as ‘Default retirement age’, no longer exists.</p>