Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
23/1/2023
Editorial
<p>Switching jobs means you’re probably going to leave a pension behind. Save yourself the hassle by keeping track of all your pensions as your career progresses.</p><p>Staying connected with your old pension plans could make your life much easier when you come to retire as you’d know exactly how much you’ve got to live on and where that money is.</p><p>Your financial diligence will pay off in the long run so here are few tips on how to make sure you won’t lose track of your retirement income and have it all at hand:</p><p> </p><p><strong>Keep checking your online account</strong></p><p>Your online pension account is your go-to place for up-to-date information on your pension. Not all pension schemes offer this but if you’ve paid into the Railways Pension Scheme (RPS), you’ll have one. Even if you move jobs and stop paying into a pension plan, you’ll still have access to your online pension account. The only difference would be that you’d be classed as a ‘preserved’ or ‘deferred’ member rather than an ‘active’ one who is actively contributing to that pension plan. As a preserved member, you may have a restricted view of some of the tools and information that were available to you as an active member. However, the essential information about your pension like its value and performance should be available to you. If you are a preserved member of the RPS and have BRASS and/or IWDC benefits, it is important to actively check and manage your investment choices. You can do this from <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">your online account</a>. </p><p>It’s good to get into the habit of checking your account every few months or so – a reminder on your phone could be an ideal solution for this. </p><p> </p><p><strong>Keep old pension providers in the loop of any changes to your contact details</strong></p><p>This is something many of us are guilty of not doing on time or not doing at all. Equally this quick and simple job could make a huge difference to both you and your old pension provider. Every time you move house, change your email address or get a new phone number, you should tell your old pension providers. That way you’d ensure they can get in touch with you should there is anything you need to know about your pension plan with them. If you’ve paid into the RPS, you can easily update your details when you log into <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">your online account</a> – it takes less than a minute. </p><p>Reviewing your details on a regular basis, for example every three to six months, to ensure they are correct, might be a good idea.</p><p> </p><p><strong>Retain old paperwork</strong></p><p>Keep hold of any letters or other correspondence you’re received from your old pension. They may come in handy when you come to retire and having them somewhere in the house means you’ll never lose track of your old pensions. It may be worth starting a folder to help you keep them all in one place. </p><p> </p><p><strong>Keep an eye on your old pension plan’s website </strong></p><p>A quick scan of your old pension plans’ websites every now and then might help you stay in the loop of any news and updates from your old pension providers. Plus, it means you won’t miss out on any new pieces of functionality or tools they’ve introduced that could help with your retirement planning when the time comes.</p><p> </p><p><strong>Connect with your old pension on social media</strong></p><p>Check if your old pension providers are on social media and connect with them. That way, you’ll get to see bite-size snippets of all the important updates about your pension with the option to find out more about the ones that are of interest to you by clicking on the relevant links. </p><p> </p><p><strong>Having a personal budget plan? Count in your old pension</strong></p><p>Planning! Dubbed by many as a true game changer when it comes to personal finances and saving, it’s an equally helpful habit to get into when it comes to keeping track of your pension plans. No matter what program you use for your budget planning, you could always add an extra tab, column or sheet and save all the important information about your old pension plans there. Or if you’re a traditionalist and prefer the good old pen and paper, our suggestion of retaining your old paperwork might work best for you. </p><p> </p><p><strong>Transferring your pension</strong></p><p>It sounds tempting to have all your old workplace pensions under one roof but it is highly advisable you seek independent financial advice if you are thinking of going down that route. This is particularly valid if you’re thinking of transferring defined benefit pension savings to a defined contribution arrangement. This is because the value of a defined contribution pension is not a set amount and may go up as well as down.</p><p>It is a legal requirement to take advice if you are thinking of transferring defined benefit pension worth over £30,000. </p><p>For members of the RPS, we have prepared some <a href="/pension-essentials/transferring-my-pension">useful information on transferring</a> and a <a href="/knowledge-hub/help-and-support/video-library">handy video guide</a> that explain it all in simple terms.<br></p>
<p>Switching jobs means you’re probably going to leave a pension behind. Save yourself the hassle by keeping track of all your pensions as your career progresses.</p><p>Staying connected with your old pension plans could make your life much easier when you come to retire as you’d know exactly how much you’ve got to live on and where that money is.</p><p>Your financial diligence will pay off in the long run so here are few tips on how to make sure you won’t lose track of your retirement income and have it all at hand:</p><p> </p><p><strong>Keep checking your online account</strong></p><p>Your online pension account is your go-to place for up-to-date information on your pension. Not all pension schemes offer this but if you’ve paid into the Railways Pension Scheme (RPS), you’ll have one. Even if you move jobs and stop paying into a pension plan, you’ll still have access to your online pension account. The only difference would be that you’d be classed as a ‘preserved’ or ‘deferred’ member rather than an ‘active’ one who is actively contributing to that pension plan. As a preserved member, you may have a restricted view of some of the tools and information that were available to you as an active member. However, the essential information about your pension like its value and performance should be available to you. If you are a preserved member of the RPS and have BRASS and/or IWDC benefits, it is important to actively check and manage your investment choices. You can do this from <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">your online account</a>. </p><p>It’s good to get into the habit of checking your account every few months or so – a reminder on your phone could be an ideal solution for this. </p><p> </p><p><strong>Keep old pension providers in the loop of any changes to your contact details</strong></p><p>This is something many of us are guilty of not doing on time or not doing at all. Equally this quick and simple job could make a huge difference to both you and your old pension provider. Every time you move house, change your email address or get a new phone number, you should tell your old pension providers. That way you’d ensure they can get in touch with you should there is anything you need to know about your pension plan with them. If you’ve paid into the RPS, you can easily update your details when you log into <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">your online account</a> – it takes less than a minute. </p><p>Reviewing your details on a regular basis, for example every three to six months, to ensure they are correct, might be a good idea.</p><p> </p><p><strong>Retain old paperwork</strong></p><p>Keep hold of any letters or other correspondence you’re received from your old pension. They may come in handy when you come to retire and having them somewhere in the house means you’ll never lose track of your old pensions. It may be worth starting a folder to help you keep them all in one place. </p><p> </p><p><strong>Keep an eye on your old pension plan’s website </strong></p><p>A quick scan of your old pension plans’ websites every now and then might help you stay in the loop of any news and updates from your old pension providers. Plus, it means you won’t miss out on any new pieces of functionality or tools they’ve introduced that could help with your retirement planning when the time comes.</p><p> </p><p><strong>Connect with your old pension on social media</strong></p><p>Check if your old pension providers are on social media and connect with them. That way, you’ll get to see bite-size snippets of all the important updates about your pension with the option to find out more about the ones that are of interest to you by clicking on the relevant links. </p><p> </p><p><strong>Having a personal budget plan? Count in your old pension</strong></p><p>Planning! Dubbed by many as a true game changer when it comes to personal finances and saving, it’s an equally helpful habit to get into when it comes to keeping track of your pension plans. No matter what program you use for your budget planning, you could always add an extra tab, column or sheet and save all the important information about your old pension plans there. Or if you’re a traditionalist and prefer the good old pen and paper, our suggestion of retaining your old paperwork might work best for you. </p><p> </p><p><strong>Transferring your pension</strong></p><p>It sounds tempting to have all your old workplace pensions under one roof but it is highly advisable you seek independent financial advice if you are thinking of going down that route. This is particularly valid if you’re thinking of transferring defined benefit pension savings to a defined contribution arrangement. This is because the value of a defined contribution pension is not a set amount and may go up as well as down.</p><p>It is a legal requirement to take advice if you are thinking of transferring defined benefit pension worth over £30,000. </p><p>For members of the RPS, we have prepared some <a href="/pension-essentials/transferring-my-pension">useful information on transferring</a> and a <a href="/knowledge-hub/help-and-support/video-library">handy video guide</a> that explain it all in simple terms.<br></p>
Blog
Moving jobs? Stay connected with your pension!
If you're moving jobs, make sure you keep track of your pension.
Switching jobs means you’re probably going to leave a pension behind. Save yourself the hassle by keeping track of all your pensions as your career progresses.
Staying connected with your old pension plans could make your life much easier when you come to retire as you’d know exactly how much you’ve got to live on and where that money is.
Your financial diligence will pay off in the long run so here are few tips on how to make sure you won’t lose track of your retirement income and have it all at hand:
Keep checking your online account
Your online pension account is your go-to place for up-to-date information on your pension. Not all pension schemes offer this but if you’ve paid into the Railways Pension Scheme (RPS), you’ll have one. Even if you move jobs and stop paying into a pension plan, you’ll still have access to your online pension account. The only difference would be that you’d be classed as a ‘preserved’ or ‘deferred’ member rather than an ‘active’ one who is actively contributing to that pension plan. As a preserved member, you may have a restricted view of some of the tools and information that were available to you as an active member. However, the essential information about your pension like its value and performance should be available to you. If you are a preserved member of the RPS and have BRASS and/or IWDC benefits, it is important to actively check and manage your investment choices. You can do this from your online account.
It’s good to get into the habit of checking your account every few months or so – a reminder on your phone could be an ideal solution for this.
Keep old pension providers in the loop of any changes to your contact details
This is something many of us are guilty of not doing on time or not doing at all. Equally this quick and simple job could make a huge difference to both you and your old pension provider. Every time you move house, change your email address or get a new phone number, you should tell your old pension providers. That way you’d ensure they can get in touch with you should there is anything you need to know about your pension plan with them. If you’ve paid into the RPS, you can easily update your details when you log into your online account – it takes less than a minute.
Reviewing your details on a regular basis, for example every three to six months, to ensure they are correct, might be a good idea.
Retain old paperwork
Keep hold of any letters or other correspondence you’re received from your old pension. They may come in handy when you come to retire and having them somewhere in the house means you’ll never lose track of your old pensions. It may be worth starting a folder to help you keep them all in one place.
Keep an eye on your old pension plan’s website
A quick scan of your old pension plans’ websites every now and then might help you stay in the loop of any news and updates from your old pension providers. Plus, it means you won’t miss out on any new pieces of functionality or tools they’ve introduced that could help with your retirement planning when the time comes.
Connect with your old pension on social media
Check if your old pension providers are on social media and connect with them. That way, you’ll get to see bite-size snippets of all the important updates about your pension with the option to find out more about the ones that are of interest to you by clicking on the relevant links.
Having a personal budget plan? Count in your old pension
Planning! Dubbed by many as a true game changer when it comes to personal finances and saving, it’s an equally helpful habit to get into when it comes to keeping track of your pension plans. No matter what program you use for your budget planning, you could always add an extra tab, column or sheet and save all the important information about your old pension plans there. Or if you’re a traditionalist and prefer the good old pen and paper, our suggestion of retaining your old paperwork might work best for you.
Transferring your pension
It sounds tempting to have all your old workplace pensions under one roof but it is highly advisable you seek independent financial advice if you are thinking of going down that route. This is particularly valid if you’re thinking of transferring defined benefit pension savings to a defined contribution arrangement. This is because the value of a defined contribution pension is not a set amount and may go up as well as down.
It is a legal requirement to take advice if you are thinking of transferring defined benefit pension worth over £30,000.
For members of the RPS, we have prepared some useful information on transferring and a handy video guide that explain it all in simple terms.
