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A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
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A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
Our blogs will give you information, tips, insights and guidance to help you get to know your pension and support you on your journey to retirement.
Deciding when to retire isn't always easy. And there are a lot of factors that can come into play:
You'll find more information to help you make the right decisions for you in the I'm planning to take my pension sections of the website and in the summaries below.
Most RPS members will have a Normal Retirement Age, also known as NRA, of between 60 and 65 years old. This can differ depending on the section you're a member of.
If
you're unsure what your NRA is, you can check it in your Member Guide. This is available in the Library section once you've logged into your online account.
Keep in mind that your NRA is likely to be different to the age for claiming
your State Pension. This is because your NRA is set by the Scheme, while the State Pension age is set by the government and is based entirely on when you were born. You can check your State Pension age on the government website.
Your NRA
may also differ from scheme to scheme and from section to section. If you're a member of another scheme, such as previous workplace pensions or private pensions, you'll need to contact each provider directly, or refer to the relevant paperwork to find
out your NRA for those schemes.
If you have preserved pensions in other sections of the RPS, please check your myRPS account for more details on those.
In some circumstances, you may be able to start taking your RPS pension
earlier or later than your NRA. If you're a DB member, go to the dedicated DB section of this website, or if you're a IWDC member, go to the dedicated IWDC section.
Working out whether
or not you can afford to stop work will depend primarily on 3 things:
1. How much your retirement is likely to cost
To work out how much your retirement is likely to cost, you can use the Retirement Living Standards, or RLS, as a
benchmark. The RLS was created by the Pensions and Lifetime Association, also known as the PLSA, to show how much you may need each year in order to fund a 'minimum', 'moderate' or 'comfortable' lifestyle.
You can find out more on the RLS website, but as
a rough guide, they suggest the following:
A retirement budgeting calculator is also available on this website, which takes into account the RLS and lets you add other individual costs that are tailored to you. This includes your household bills, travel expenses, leisure costs and the money you
spend on others. Combined, this will give you a personalised estimate of how much your retirement lifestyle may cost each year.
2. How much income you're likely to have coming in
Once you know how much you're likely to
spend in retirement, you can then work out whether you're likely to have enough money coming in to cover those costs. You'll need to take into account all your possible sources of income. These can include:
3. Whether your spending and income will match up
If after following steps 1 and 2, you're worried that your income in retirement won't cover your costs, there are things you can do:
There are planning tools available to help you see the impact of making some of these changes and help guide you towards your retirement goals. For DB members, this includes a Pension Planner, and for IWDC members, there's a Retirement Modeller. Log into your online account to give them a try.
The move from working to retirement can often have an emotional impact, as well as a financial one.
For those preparing to retire, the
British Heart Foundation has a few top tips for making the mental adjustment. This includes:
You'll find further specialist support available from a range of railway-based organisations, including:
There's also Age UK, which is the UK's largest charity for older people. They provide many local services, aimed at inspiring, supporting and enabling people to get the most from life, and can offer a wide range of information and advice.
19/7/2021
Author: Editorial
<p><strong></strong>Your pension is effectively a safeguard for the future. A way to make sure you have money to spend when you stop work.<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></p><p>With that in mind, it’s important you understand what your pension can do for you and how to make the most of it. That’s where a financial adviser might be able to help.<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></p><h2><strong>Do I HAVE to get financial advice? </strong></h2><p><strong></strong>There are a limited number of circumstances where getting financial advice is a legal requirement. For example, if the value of your DB benefits is more than £30,000 and you are looking to transfer to a Defined Contribution/Personal Pension Arrangement, then by law you have to get financial advice before the transfer can be made. </p><p>And the Government are currently considering more circumstances where financial or pension advice may be legally required.</p><p>In most cases though, whether or not to get financial advice is entirely your choice. </p><p>Before that, you may find some of the answers you’re looking for in your Member Guide, or in the wide range of informative content available across the member website. </p><p>This includes a number of tools designed help you understand your pension and consider your options, such as:</p><ul><li>The <a href="/knowledge-hub/help-and-support/retirement-budgeting-calculator">Retirement Budgeting Calculator</a>, to help you work out how much income you might need, to enjoy the lifestyle you hope when you stop work</li><li>A retirement modeller for IWDC members and a pension planner for DB members, showing how much your pension might be worth by the time you retire. These can be found by logging in to your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a> </li><li>A range of videos in the <a href="https://member.railwayspensions.co.uk/resources/video-library" data-sf-ec-immutable="">video library</a>, covering topics such as planning and saving, tax and your retirement options <strong></strong></li></ul><h2><strong>When to think about getting financial advice for your pension </strong></h2><p>Reasons for consulting a financial adviser can include getting help with:</p><ul><li>General financial planning</li><li>Tax </li><li>Deciding how to take your pension when approaching retirement </li><li>Avoiding pension scams by getting an expert opinion and/or a steer toward reputable services/products</li></ul><p>Getting advice for your pension could also be particularly useful if things in your life have changed, or if you’re considering a change of another kind. </p><p>For example: </p><ul><li>If you are starting a pension </li><li>If you are considering whether to transfer your pension</li><li>If you’ve recently received money, such as inheritance, or a lump sum pension pay-out and are unsure what to do with it </li><li>If your personal situation has changed, for example through divorce </li></ul><h2><strong>The benefits of getting financial advice for your pension</strong></h2><p>Getting financial advice usually means having an expert in your corner. For example, someone who can: </p><ul><li>guide you through any difficult decisions relating to your pension and recommend a way forward to suit your needs</li><li>point you towards products and options that will best match your personal circumstances and goals. And in some cases access products you wouldn’t necessarily have found on your own. </li><li>put together a plan and make sure it stays on track over the longer term, even making adjustments with your permission if necessary </li><li>help make sure you’re within the relevant tax allowances and advise on alternatives if you’re reaching them </li><li>look at ways to boost your pension</li></ul><h2><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Finding the right financial adviser for your pension</strong></h2><p>It’s important to first understand the different between guidance and advice. They may sound similar, but from a financial perspective there is an important difference. </p><p>Individuals and organisations offering financial guidance can simply provide you with information about your options. Whereas financial advisers can actually recommend which product they think would suit you best. </p><p>Unlike guidance services, financial advisers are regulated by the Financial Conduct Authority (FCA). This means they have to agree to a certain level of standards and you can get additional support through the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.</p><p>Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. </p><p>LV covers all areas of pension advice, including:</p><ul type="disc"></ul><ul><li>retirement</li><li>financial planning</li><li>transfers</li></ul><p>And has a dedicated team, with specific knowledge on the Scheme.</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">LV can be contacted on 0800 023 4187.</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"></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">You are still free to choose your own Independent Financial Advisor (IFA). You can find an IFA in your area at </span> <a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal">unbiased.co.uk</a> </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">More information about getting help and advice is also available <a href="/pension-essentials/guidance-advice">here</a><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></span> </p><h2><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><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Considering the cost of financial advice</strong></h2><p><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></strong><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">Getting financial advice can be expensive. </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"></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">Any member who contacts LV will be evaluated for free first, to make sure that only those who truly need advice will progress to the chargeable stage. And even then, LV will offer its services at a discounted rate for RPS members.</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"></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">If you chose to find your own independent adviser, then keep in mind that not everyone offers a free introductory session and that their charges and areas of expertise may differ. So it’s best to shop around to find the best fit.</span></p><h2><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><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Looking out for scams offering financial advice</strong></h2><p><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></strong><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">Scammers sometimes pose as financial advisers, or claim to be offering financial guidance and advice, as a way of getting their hands on your pension.</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"></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">You should be particularly cautious if anyone contacts you out of the blue, or offers you a free pension review or no-obligation consultation. Especially if they actively encourage you to transfer your pension or ‘unlock your benefits early.’</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"></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">Before entering a conversation with anyone, you should check their details against the </span> <a href="https://register.fca.org.uk/s/" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal" data-sf-marked="" target="_blank">Financial Conduct Authority (FCA) register</a> <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"> to make sure they are fully regulated and have the FCA’s permission to provide the services they’re claiming to offer.</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"></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">You can also check the FCA’s </span> <a href="https://www.fca.org.uk/consumers/unauthorised-firms-individuals" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal" data-sf-marked="" target="_blank">warning list</a> <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"> to see the names of companies who are known to be operating without proper authorisation.</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"></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">You can read more about staying safe from scams </span> <a href="https://member.railwayspensions.co.uk/resources/safety-and-scams" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal">here</a> </p>
Even someone who feels financially savvy can benefit from advice surrounding their pension. Here’s why…
25/8/2021
Author: Editorial
<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. </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 </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 <strong>DB</strong> members it’s <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 <strong>IWDC</strong> members it’s <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> </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. </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"> </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 <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS</a> 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> </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> </p>
Are you approaching retirement? Or looking ahead to the day that you do? If so it’s important you understand all of your options.
1/10/2021
Author: Editorial
<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 <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 </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 <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> 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>' 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 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 <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>. </li><li>Get advice – speak to an Independent Financial Adviser for guidance. <strong>Liverpool Victoria (LV)</strong> has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187. This service is authorised and regulated by the Financial Conduct Authority. </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. </p><ul><li>For DB members it’s <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 IWDC members it’s <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 <a href="https://member.railwayspensions.co.uk/resources/video-library/your-retirement-options" data-sf-ec-immutable="">here</a>. </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 <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 <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>
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