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<p>Here's a 12-point plan to pep up your pension.&nbsp;</p><p>Resolve from now to set a little time aside to plan ahead for a more comfortable future. Each of the following small tasks should just take a few minutes over the following months. We guarantee you’ll be pleased you did this regularly when you reach retirement!&nbsp;&nbsp; </p><h3>1&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Register for your own myRPS online account on our website&nbsp;<br></h3><p>Set up your own online pension account in 2022 and you can truly make this the year you take charge of your future and manage your pension.</p><p>&nbsp;It couldn’t be easier. If you’re not registered already, just go to the top right hand corner of the home page on this website and click on register. &nbsp;Follow the simple, on-screen instructions and once you’re signed in, you’ll be able to manage your pension and plan your future at any time to suit you, using the range of online tools available. You can see how to use many of these below.</p><h3>2&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Check how much you're likely to get on retirement </h3><p><strong></strong>No matter how near, or far away your retirement is, make sure you know what your income is likely to be when you finish work. It will be so much easier to plan your future from now on, if you do. Use our easy online Pension Planner (for DB members) or Retirement Modeller (for DC members) to find out. </p><p>&nbsp;If you’re signed in to your myRPS account, you’ll find these online tools under the 'Planning for the future’ section of your member home page.</p><h3>3&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Request pension estimates&nbsp;</h3><p>Another way to keep tabs on your savings is to request free online estimates to see how much you’re likely to get on retirement. You can request as many as you like, any time. &nbsp;</p><p>&nbsp;If you’re signed in to your myRPS account, you’ll see an option to ‘Request an estimate of Retirement Benefits’ under the ‘My Pension’ section of your home page. Click here and follow the on-screen instructions. </p><h3><strong></strong>4&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Work out your retirement lifestyle costs</h3><p><strong>&nbsp;</strong>This year, think ahead to what kind of life you would like in retirement. Knowing what this might cost, will help you to know if you’re saving enough for the future. </p><p>&nbsp;If you’ve used our Pension Planner or requested an estimate, you should already have an idea of what your annual pension is likely to be. By using our Retirement Budgeting Calculator, you’ll see if your expected pension income matches your lifestyle costs. If not, you may want to make some adjustments.</p><p>&nbsp;Find the <a href="/knowledge-hub/help-and-support/retirement-budgeting-calculator">Retirement Budgeting Calculator</a> in the ‘Resources’ section of <strong>railwayspensions.co.uk</strong>. </p><h3>5&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Check your State Pension<span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: &quot;Open Sans Condensed&quot;, sans-serif; font-size: var(--font-size-h3); font-weight: bold; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto"></span></h3><p>New Year is a good time to find out whether you’ll be eligible for the State Pension and what you’re entitled to, so you can plan for the future. &nbsp;You can check your entitlement at <a href="https://www.gov.uk/check-state-pension" data-sf-ec-immutable=""></a><a href="https://www.gov.uk/check-state-pension" target="_blank" data-sf-ec-immutable="">gov.uk/check-state-pension</a>.</p><h3>6&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Boost your pension benefits </h3><p>If you’ve discovered that your likely pension income isn’t going to be quite enough to fund the lifestyle you’d like in retirement, then you might want to consider Additional Voluntary Contributions (AVCs), known as BRASS* in the RPS. These are extra savings that you make into your pension.</p><ul><li>&nbsp;<span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto; font-size: inherit">You don’t need to save a set amount every month.</span></li><li>It’s a great way to save if you get overtime or bonus that doesn’t usually qualify for your pension </li><li>You get tax relief.</li><li>BRASS is invested in a range of funds aimed at building up extra pension savings over time.</li></ul><p>&nbsp;*If you pay the maximum BRASS amount and wish to pay more, you can pay AVC extra contributions.&nbsp; </p><p>See our Guides to BRASS and AVC extra in the <a href="/knowledge-hub/help-and-support/RAYN">Read as you Need Guides </a>on this website.<strong></strong></p><h3><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">7&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</span><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Trace your old pensions</span></h3><p>Over the years, if you’ve worked for several employers during your working life, you may have lost track of the different pensions you’ve paid into. The Department for Work and Pensions (DWP) say there will be around 50 million lost pensions by 2050. That’s a lot of unclaimed money! The Pension Tracing Service is free and can help you find a pension you’ve lost. Go to <a href="https://www.gov.uk/find-pension-contact-details" data-sf-ec-immutable=""></a><a href="https://www.gov.uk/find-pension-contact-details" target="_blank" data-sf-ec-immutable="">gov.uk/find-pension-contact-details</a> and follow the online steps.</p><h3><strong>&nbsp;</strong>8&nbsp; &nbsp; &nbsp; &nbsp; Make or update your nominations</h3><p>Making a nomination online should just take 2 minutes but it could make a big difference to your loved ones if you die before taking your pension. </p><p>&nbsp;To ensure your pension savings end up in the right hands, and avoid being taxed, you need to let us know, where or who you wish the money to go to, by completing a ‘nomination’. It’s also important to keep your nominations up to date if your circumstances change. &nbsp;<strong></strong></p><p>&nbsp;If you’re signed in to your online pension account you’ll find the nominations page in the ‘My Pension’ section. <strong></strong></p><h3><strong>&nbsp;</strong><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: &quot;Open Sans Condensed&quot;, sans-serif; font-size: var(--font-size-h3); font-weight: bold; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check your investments</span></h3><p>If you pay into a defined contribution (DC) pension within the RPS, or if you make BRASS contributions, your contributions are invested in a range of specially selected funds. </p><p>&nbsp;You can manage your own funds or have them managed for you. Either way, you can change your approach, manage your own investments or switch funds online any time.</p><p>With a DC pension, you can see more about your investment choices on this website here - ' <a href="/iwdc-members/managing-investments/fund-choices">My fund choices</a>'</p><p>With BRASS, you can see more about your investment choices on this website - <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra/brass-fund-choices">My fund choices</a>’.</p><h3>10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Speak to a trusted independent financial adviser</h3><p>If you need expert help with decision-making, it’s a good idea to talk to a trusted independent financial adviser. </p><p>&nbsp;Liverpool Victoria (LV) has been chosen as the official partner to give RPS members financial advice and has specific knowledge on the Scheme.&nbsp;You can contact LV on 0800 023 4187.&nbsp; </p><p>&nbsp;Alternatively you could choose your own adviser, but make sure your adviser is regulated by the Financial Conduct Authority (FCA).&nbsp;Use <a href="http://www.unbiased.co.uk/" data-sf-ec-immutable=""></a><a href="http://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a> to find a regulated adviser in your area.&nbsp;</p><h3><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: &quot;Open Sans Condensed&quot;, sans-serif; font-size: var(--font-size-h3); font-weight: bold; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check out MoneyHelper and Pension Wise</span></h3><p>If you’ve decided to tackle your pension this year, you’ll have many questions. As well your myRPS member website, which contains tons of guidance and free online calculating tools, you’ll find <a href="https://www.moneyhelper.org.uk/en" data-sf-ec-immutable=""></a><a href="https://www.moneyhelper.org.uk/en" target="_blank" data-sf-ec-immutable="">MoneyHelper.org</a> is a useful free government service to help you manage your money.&nbsp; <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement" data-sf-ec-immutable=""></a><a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement" target="_blank" data-sf-ec-immutable="">Pension Wise</a> is a free service within MoneyHelper which deals specifically with pensions. </p><h3>12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wise up on scams </h3><p>Pension scams are increasing every year. Scammers are often persuasive and financially knowledgeable, so no matter how savvy you are about money, you must be on your guard.</p><ul><li><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto; font-size: inherit">Always reject unexpected approaches about pensions.</span></li><li>Be very wary if you’re offered a free pension review.</li><li>Never allow yourself to be rushed into a decision. </li><li>Check that anyone offering you financial advice is FCA registered, or is exactly who they say they are. Check them out at<a href="https://www.fca.org.uk/" target="_blank" data-sf-ec-immutable=""> </a><a href="https://www.fca.org.uk/" target="_blank" data-sf-ec-immutable="">fca.org.uk</a>.</li></ul><p>For more information, visit <a href="https://www.fca.org.uk/scamsmart" data-sf-ec-immutable=""></a><a href="https://www.fca.org.uk/scamsmart" target="_blank" data-sf-ec-immutable="">fca.org.uk/scamsmart</a>. See also ‘<a href="https://member.railwayspensions.co.uk/resources/safety-and-scams" data-sf-ec-immutable=""></a><a href="/pension-essentials/pension-scams">the pension scams page.</a>&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; 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">So you’ve made the decision to retire. And now, after years, or even decades of saving, you’re ready to claim your Industry-Wide Defined Contribution (IWDC) pension.</span><br></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">Thanks to pension freedoms introduced by the Government in 2015, there are more ways than ever for members of a defined contribution (DC) scheme, like the IWDC section, to take their pension savings.</span><br></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">But with great choice, comes great responsibility.</span><br></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">The money you’ve built up in the IWDC section is known as your Personal Retirement Account (PRA). And how you choose to take that money can have a huge impact not only on how much you get, but on how much you have to pay in terms of fees and tax.</span><br></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">So let’s look at your options…</span><br></p><h2><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">What you can do with your PRA</span><br></h2><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">You have 3 main ways to take your PRA as a member of the IWDC section:</span><br></p><ol><li>Get a flexible income, taking it a bit at a time. This is known as drawdown&nbsp;</li><li>Get a regular, secure income, known as an annuity</li><li>Take all of the money in your PRA as a cash lump sum.&nbsp; We call this total encashment</li></ol><p>You can see a summary of your primary options, and how they differ in the table below. </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">You can also read about each option in more detail using the relevant link here</span><br></p><ul><li><a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-drawdown" target="_blank">Drawdown</a></li><li><a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-annuities">Annuity</a> </li><li><a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-encashment">Encashment</a></li></ul><p>The RPS doesn’t currently offer an annuity or drawdown option directly, so to access these you would need to transfer your PRA to another provider.</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">Options other than the 3 listed above may also be available in line with pension freedoms, however these are not currently offered in partnership with the RPS.</span><br><br></p><table style="border: 1px dotted rgba(0, 0, 0, 1)"><tbody><tr><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)">&nbsp;</td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>Drawdown</strong> </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>Annuity</strong> </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>Encashment</strong> </td></tr><tr><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>What is it?</strong></td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)">A drawdown is basically a flexible income. Your PRA remains invested in funds specifically designed for that purpose. And you take out cash whenever you want to, up until your PRA runs out.<br>&nbsp; </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)">An annuity is a policy that you buy using money from your PRA. It then guarantees you an income for the rest of your life. Or for a set period of time if it’s fixed term. </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)">Encashment basically means taking all of your PRA as a cash lump sum. </td></tr><tr><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>What are the benefits?</strong> </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><ul><li>Flexibility with how/when to take your money</li><li>An opportunity for the value that remains invested to go up</li><li>The ability to withdraw less if you’re coming close to a tax threshold</li><li>Money left in your pot can go to your spouse or dependants if you die</li><li>You can change to an annuity or another product at any time if you wish</li><li>The Trustee is partnering with Legal and General Investment Management (LGIM) to offer members access to its flagship product, the Retirement Income Multi Asset (RIMA) Fund, with preferential fees. See <a href="https://www.legalandgeneral.com/workplace/campaigns/rps-pas/" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Legal &amp; General</a>&nbsp;for details<br></li></ul>&nbsp; </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><p>Depending on what type you choose, an annuity could give you:<br></p><ul><li>A guaranteed income for life, or a set period of time</li><li>Income for your spouse or dependents, even if you die&nbsp; </li></ul></td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)">Instant access to all of the savings in your PRA </td></tr><tr><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><strong>What are the risks?</strong> </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><ul><li>The value of the money that remains in your PRA can go down</li><li>You may pay a higher rate of tax if you take out a large amount</li><li>If you take any money above your tax-free allowance (25% of your pot), your annual tax allowance could also reduce (as this triggers the Money Purchase Annual Allowance – MPAA)</li><li>Your pot could run out before you die</li><li>The income and additional features you receive, and the fees you need to pay, can vary widely from provider to provider.&nbsp; There may also be different qualifying criteria in place.&nbsp;<br></li></ul>&nbsp; </td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><ul><li>You need to buy an annuity using money from your PRA, so this reduces your pot initially</li><li>The income you receive can depend on which provider you use and what type of annuity you opt for</li><li>Once you’ve purchased an annuity, it’s very difficult to change your mind, or to adjust your choices, even if your circumstances change</li><li>Providers often charge an administration fee or other management fees for providing an annuity</li><li>The income and additional features you receive, and the fees you need to pay, can vary widely from provider to provider.&nbsp; There may also be different qualifying criteria in place</li><li>If you choose a fixed income annuity, you may find your money doesn’t go as far once inflation rates rise<br></li><li>If you choose a fixed term annuity, this could run out before you die<br></li><li>The terms offered by your annuity provider could appear to lose their value over time </li></ul></td><td style="width: 25%; border: 1px dotted rgba(0, 0, 0, 1)"><ul><li>The money could run out before you die</li><li>Any amount above your tax-free allowance (25% of your pot) may be taxed<br></li><li>You may pay a higher rate of tax if you take out a large amount</li><li>Withdrawing large amounts of cash may affect your eligibility for some Government benefits</li><li>Taking a large cash lump sum puts you at greater risk of scams</li><li>You will not have any remaining funds to provide a regular income for your spouse or any other dependants after you die </li></ul></td></tr></tbody></table><p>&nbsp;</p><p>Whichever option you choose, you could decide to take up to 25% of your PRA as a tax-free lump sum. </p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/old-site-images/avc-extra-link-images/ifgfx_dc_drawdown-pros-and-cons_v01-pra.jpg?sfvrsn=c2b0f48e_1" alt=""><p><br></p><p>It may also be possible to mix and match your options, with a combination of cash, annuity and drawdown if you wish. To do so you would need first select a primary option (drawdown, annuity or encashment) and then take the necessary steps, for example:</p><ul><li>If you take total encashment from the RPS you can then use your cash to buy an annuity or drawdown arrangement </li><li>If you set up an annuity, you can ask the provider to put some of your benefits into a drawdown arrangement </li><li>If you set up a drawdown arrangement, you can ask the provider to put some of your benefits into an annuity </li></ul><p>For both drawdown and annuity you would need to discuss this with your new provider and it would only happen after your entire PRA had transferred out of the Scheme.</p><h2>Tax and other things to keep in mind </h2><p>Before you jump straight in and start claiming your pension, there are a couple of things you may want to bear in mind. </p><p><strong>1. The tax implications</strong><strong> </strong></p><p>Depending on how you access your PRA there may be a limit on how much you can keep saving in your pension before paying tax. This is known as the Money Purchase Allowance (MPAA).</p><p>It is usually triggered if:</p><ul><li>you cash in a pension pot worth more than £10,000</li><li>take your pot through a flexi access drawdown</li><li>use your pot to purchase a fixed term annuity</li></ul><p>Where the MPAA is triggered, it means that the most you can pay into your DC pot in the future is currently £4,000 pa.&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; white-space: inherit; word-spacing: normal; caret-color: auto">This could be particularly problematic if you plan to continue paying in or leave part of your pot invested such as with drawdown.</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">For more information about the MPAA check out our </span> <a href="https://cdn3.railpen.com/mp-sitefinity-prod/docs/default-source/rayn/guides-for-all-members/annual-allowance-tax-limits.pdf?sfvrsn=d6e4ef2d_18" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal" target="_blank">Read As You Need Guide.</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">&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"><strong>2. </strong></span><strong>You</strong><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"> can hold off taking your pension if you prefer</strong></p><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">If you’re not quite ready to start taking your pension, then you don’t have to.</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 delay taking your benefits right up to the age 75.</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">On the plus side, this may give time for your benefits to increase, however there are still risks involved. For example the value of your PRA can go down, as well as up.</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 find out more about all your options, including what happens if you’re not ready to take your benefits, in the&nbsp;</span> <a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/how-i-can-take-my-iwdc-pot" target="_blank">how I can take my IWDC pot</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"> section of this website.</span></p><h2><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">Making the right decision for you</span></h2><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"></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 see a summary of your retirement options as a member of the IWDC section in a </span> <a href="/knowledge-hub/help-and-support/video-library">short video</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 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;You can also read about them in more detail in the </span> <a href="/iwdc-members/im-planning-to-take-my-iwdc-pot" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal">planning to take my IWDC pot</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"> section of the website.</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">A range of planning tools are then available within your&nbsp;</span> <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal">myRPS&nbsp;</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">account to help you consider these options and what might work best for you. This includes a </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">retirement modeller</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">, showing what your pension might be worth when you retire and the different ways you can choose to use that money.</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 may also want to speak to an Independent Financial Adviser (IFA).</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">Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187.&nbsp;&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"></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 Adviser (IFA). You can find an IFA in your area at&nbsp;</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><h2><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">What happens once you’ve made a decision</span></h2><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"></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">Once you’ve made your decision and are ready to take your PRA, you need to </span> <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" 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="">contact the Scheme administrator</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">, Railpen.</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">The information you need to provide, and the process involved in the next stages, will differ depending on whether you’ve chosen drawdown, annuity or encashment.&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"></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">Find out more in</span>&nbsp;<a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/applying-to-take-my-iwdc-pot">applying to take my IWDC pot</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 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><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>

<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>For example, you may have chosen <a href="https://member.railwayspensions.co.uk/iwdc-members/managing-investments/fund-choices" data-sf-ec-immutable="" data-sf-marked="">which funds to invest in</a> or have deliberately opted for a more ‘hands-off approach’ and had those funds selected for you.<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>Either way, as you approach retirement, you have a few key decisions you need to make. Perhaps the most important of those are:</p><ul><li><a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/when-to-retire" data-sf-ec-immutable="">When to retire</a> </li><li><a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/how-i-can-take-my-iwdc-pot" data-sf-ec-immutable="">How to take the money in your Personal Retirement Account (PRA)&nbsp;</a> </li></ul><h3>When to retire </h3><p>For most IWDC members, the <strong>Normal Retirement Age (NRA)</strong> is between 60 and 65 years old. If you’re unsure of what your NRA is, you can check it in your Member Guide. This can be found in the library section of your&nbsp;<a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a>.</p><p>You can also take your benefits earlier or later if your prefer. This could be from age 55 (or as early as 50 if you have a Protected Pension Age) up until your 75th birthday. </p><p>You may also be able to start taking your pension earlier if you need to stop work early due to ill-health.</p><p>If you’re invested in a Lifestyle Strategy you should think about choosing a <strong>Target Retirement Age (TRA), </strong>if you haven’t done so already<strong>, </strong>and regularly review your TRA to ensure it remains appropriate for you.&nbsp; </p><p>A Lifestyle strategy automatically moves your contributions into investment funds which are thought best for your circumstances. The aim is to protect your PRA from sudden swings in the markets, by gradually switching your investments from higher growth to more stable funds. This process starts ten years before your TRA or your NRA if you haven’t chosen a TRA. You can find out more about the fund choices available&nbsp;<a href="https://member.railwayspensions.co.uk/iwdc-members/managing-investments/fund-choices" target="_blank" data-sf-ec-immutable="" data-sf-marked="">here.&nbsp;</a>You can also find and change your TRA by logging in to your&nbsp;<a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a>.</p><p>When to retire is quite a personal choice and may be affected by other circumstances, and not just when you reach a suitable age. For example it may be a question of whether you feel you can afford to retire. You can read more about getting your savings on track and the options available to you if the numbers don’t quite add up, such as making Additional Voluntary Contributions (AVCs) <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/how-much-ill-need" data-sf-ec-immutable="" data-sf-marked="">here</a> </p><p>You can also read more about all of these options, and how they could affect your PRA, <a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/when-to-retire"></a><a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/how-i-can-take-my-iwdc-pot" data-sf-ec-immutable="" data-sf-marked="">here</a></p><h3>How to take your PRA&nbsp;</h3><p>You have 3 main options for taking the money built up in your PRA. </p><ol><li>get a flexible income, taking it a bit at a time. This is known as <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-drawdown" data-sf-ec-immutable="" data-sf-marked="">drawdown</a>&nbsp;</li><li>get a regular, secure income, known as an <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-annuities" data-sf-ec-immutable="" data-sf-marked="">annuity</a></li><li>take all of the money in your PRA as a cash lump sum.&nbsp; We call this <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/understanding-encashment" data-sf-ec-immutable="" data-sf-marked="">total encashment</a></li></ol><p>You can find a summary of these options in our short video <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/video-library" data-sf-ec-immutable="" data-sf-marked="">here</a> </p><p>Each comes with its own different tax implications, benefits and risks, so it’s important you consider your options carefully before making a decision. </p><p>Whichever option you choose, you could decide to take up to 25% of your PRA as a tax-free lump sum.&nbsp;</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/old-site-images/infographics/ifgfx_dc_options-for-using-your-pra_v02_bg-and-title.jpg?sfvrsn=9a646153_7" alt="Graphic showing how you can use your PRA by taking up to 25% as a tax free lump sum and taking the rest as either drawdown, annuity or total encashment"></p><h3><span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Making the right decision for you&nbsp;</span></h3><p>There’s a lot to consider here, but help is at hand.</p><p>You can use the <strong>retirement modeller</strong> in your myRPS account to experiment with your options.</p><p>The modeller works out how much your total pension pot could be when you retire by taking into account the following:</p><ul type="disc"><li>your current age</li><li>salary</li><li>current personal retirement account balance</li><li>Target Retirement Age (TRA)</li><li>contribution rate (this is set automatically depending on which section you’re in)</li><li>any additional contributions (AVCs) already made and expected to be paid in the future </li><li>whether your fund choices are low, medium or high risk</li></ul><p>It also lets you test out the different options for taking your money, such as annuity, drawdown and encashment, to see what impact they would have on your income.</p><p>In addition, the modeller can illustrate the impact on your pension pot and potential benefits at retirement if you make changes to your:</p><ul type="disc"><li>TRA (when you retire) </li><li>contributions</li><li>and/or fund choices</li></ul><p>Once you have this information, you may find it helpful to <strong>speak to a financial advisor</strong></p><p>Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187.&nbsp;&nbsp;</p><p>You are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at&nbsp;<a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a></p><p>More free and general information is also available from&nbsp;<span style="text-decoration: underline">MoneyHelper, </span>created by the Government. &nbsp;</p><p>You can also find more tips for making the right decision for you <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/making-the-right-decision" data-sf-ec-immutable="" data-sf-marked="">here.</a>&nbsp;</p><h3>Applying for your PRA </h3><p>Once you’ve decided how you want to go ahead, you will need to apply for your PRA.</p><p>You can do this by contacting the scheme administrator, Railpen, using the details <a href="/knowledge-hub/help-and-support/get-in-touch">here</a></p><p>What happens after that depends on the ways you’ve chosen to take your PRA. </p><p>For example, neither drawdown nor annuity are offered directly by the RPS, so if you opt for either of these routes you will need to:</p><ul><li>identify a new provider </li><li>contact that provider directly, to set up your new arrangement </li><li>return all of the necessary paperwork to RPMI for processing</li></ul><p>You can read more about applying for your PRA and how to identify a new provider if required <a href="https://member.railwayspensions.co.uk/iwdc-members/im-planning-to-take-my-iwdc-pot/applying-to-take-my-iwdc-pot" data-sf-ec-immutable="" data-sf-marked="">here</a></p>

<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">How much you’ll get is based primarily on:</span></p><ul><li>how long you’ve paid into the Scheme (your membership) and</li><li>your final average pay </li></ul><p>While knowing this in advance can help take away some of the worry, there are still 2 decisions you need to make. These are: </p><ol><li><a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/when-to-retire" style="font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit" data-sf-ec-immutable="" data-sf-marked=""><strong>When to retire with a DB pension</strong></a></li><li><a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/ways-to-take-my-pension" data-sf-ec-immutable="" data-sf-marked=""><strong>How to take your DB pension</strong></a><strong> </strong></li></ol><p>You can find a summary of your options for each point below. </p><h3><strong>When to retire with a DB pension&nbsp;</strong></h3><p>Many members in a DB pension scheme will stop work once they reach <strong>Normal Retirement Age (NRA)</strong>. This is usually between 60 and 65 years old, depending on the section of the Scheme you’re a member of. </p><p>You can check your NRA in your Member Guide. This can be found in the library section once you have logged in to your&nbsp;<a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS</a>&nbsp;account.</p><p>If you’re 55 or over (or 50 with a Protected Pension Age) you may be able to take <strong>early retirement. </strong></p><p>You may also be able to start taking your benefits early if you have to stop work due to<strong> ill health. </strong></p><p>Alternatively, you may be able to <strong>delay taking your pension up to the age of 75</strong>. </p><p>Each of these options will have an impact on how much pension you receive each month and may have additional consequences, particularly if you decide to start claiming your benefits early and then return to work. You can find out more <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/staying-in-work" data-sf-ec-immutable="" data-sf-marked="">here</a> </p><p>We understand that when to retire is very much a personal choice and may depend on what you can afford to do, as well as when the rules will allow it. You can find out more about getting your pension savings on track, and what to do if the numbers don’t add up, such as making Additional Voluntary Contributions (AVCs) here </p><h3><span style="background-color: rgba(0, 0, 0, 0); font-size: var(--font-size-h1); font-weight: bold; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-family: &quot;Open Sans Condensed&quot;, sans-serif; color: inherit"></span></h3><h3><strong>How to take your DB pension&nbsp;</strong></h3><p>There are 4 main ways to take your benefits from DB pension within the RPS. These are outlined below, although the rules of your specific section may vary so please check your Member Guide for more details. </p><p style="margin-left: 30px"><strong>1. Part lump sum/part pension </strong>– so you get some of your pension as a one off lump sum and the rest as regular pension payments. Depending on the rules of your section, you can usually decide how this is split, for example:<img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/old-site-images/infographics/db-lump-sum-options_v01_bg-and-title.jpg?sfvrsn=8a94cbb7_5" style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; font-size: inherit" alt="Graphic showing that you can either take a larger lump sum and less pension OR a smaller lump sum and more pension"></p><p style="margin-left: 30px">And generally, as long as the lump sum is worth 25% of your entire benefits, or less, then it will be tax free.&nbsp;</p><p style="margin-left: 30px"><strong>2. All pension – </strong>so you take all of your benefits as regular pension payments, and none as a lump sum. This may be restricted if you have paid any Additional Voluntary Contributions (AVCs) and by the rules of the particular section of the Scheme you’re paying into</p><p style="margin-left: 30px"><strong>3. All cash –</strong>This is only possible in very limited circumstances, such as:</p><ul style="list-style-type: disc"><li>Under small pot/trivial commutation</li><li>Commutation on the grounds of serious ill health or</li><li>Short service leaver refunds</li></ul><p style="margin-left: 30px">And where the rules of your specific section allows.</p><p style="margin-left: 30px"><strong>4. Transfer out –</strong> you may be able to transfer your entire DB pension to another type of pension within the RPS, or to a different provider all together. This will depend on whether or not you’re still paying in, the rules of your specific pension section and whether the new provider accepts transfers. You can also choose to transfer just your Additional Voluntary contributions (AVCs) if your section rules allow.&nbsp; Transferring your pension does, however, carry significant risks and you should read the details <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/transferring-my-pension" data-sf-ec-immutable="" data-sf-marked="">here</a> carefully, before making any decisions.&nbsp; By law you will also need to get financial advice if you’re considering a transfer of DB benefits worth more than £30,000. </p><p>In addition to these 4 main choices, you can also opt to tweak how you claim your benefits in a number of different ways. </p><p>The first is to take a <strong>level pension option.</strong> This means taking more of your RPS pension before you reach State Pension age and then less RPS pension after you reach State&nbsp;Pension age. This is designed to make sure you have a consistent level of income throughout your retirement, as shown below:</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/old-site-images/infographics/pension-levelling_v02_horizontal.jpg?sfvrsn=3f0631f_7" alt="Diagram showing how pension levelling works, with levelling giving you a higher Scheme pension before State Pension age and a higher one afterwards."></p><p>The second option is to give up part of your pension to<strong> leave extra pension for your dependants. </strong>This would give a named dependent 15% more of your pension when you die, than they would have otherwise received as standard according to the rules of the Scheme. However, the money will be lost if your dependant dies before you do and you cannot change your named dependant once this option has been taken. Exactly how of your pension you give up will depend on your age and sex, as well as those of your dependant.</p><p>You can read more about all of these options, including how they can be affected if you have any Additional Voluntary Contributions (AVCs) in our <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/ways-to-take-my-pension" data-sf-ec-immutable="" data-sf-marked="">written guide</a> or <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/video-library" data-sf-ec-immutable="" data-sf-marked="">short video</a> </p><h3><strong>Making the right decision for you&nbsp;</strong></h3><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 here, but help is at hand.</span></p><p>If you’re still paying into your pension, then you can get an idea of how much it might be worth when you retire by using the <strong>pension planner</strong> in your myRPS account. </p><p>This will 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.</p><p>The planner will also let you see how this might change depending on how and when you choose to take your pension, for example if you go for the level pension option mentioned above. </p><p>If you’re no longer paying into your pension (are a preserved member) you won’t have access to the pension planner, but you can still <strong>get an estimate of your pension benefits</strong> by logging in to your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS</a>&nbsp;account.</p><p>While the pension planner and estimates offer no guarantee of your future benefits, they will give you a rough idea of what your pension might be worth and give you a starting point for considering your options. </p><p>From there, you may find it helpful to <strong>get independent financial advice</strong>. </p><p>Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187. &nbsp;</p><p>You are still free to choose your own Independent Financial Adviser (IFA). You can find an IFA in your area at&nbsp;<a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk</a></p><p>More free and general information is also available from <a href="https://www.moneyhelper.org.uk/en" data-sf-ec-immutable="">MoneyHelper</a>, sponsored&nbsp;by the Department for Work and Pensions. &nbsp;</p><p>You find more tips for making the right decision for you <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/making-the-right-decision" target="_blank" data-sf-ec-immutable="" data-sf-marked="">here.</a>&nbsp;</p><h3><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal">Applying for your pension</strong></h3><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">Once you’ve decided how you want to go ahead, you will need to apply for your pension.</span></p><p>You should do this around three months before you want payments to start, just to make sure there is time for everything to be processed. </p><p>If you’re still paying into your pension, all you need to do is tell your employer that you’re ready to start claiming your benefits and they will tell the scheme administrator. </p><p>If you’re not currently paying in (and are a preserved member) you’ll need to <a href="https://member.railwayspensions.co.uk/knowledge-hub/help-and-support/get-in-touch" data-sf-ec-immutable="">contact the scheme administrator</a>&nbsp;directly. </p><p>You can find out more about applying for your pension <a href="https://member.railwayspensions.co.uk/defined-benefit-members/Im-planning-to-take-my-pension/applying-for-my-pension" data-sf-ec-immutable="" data-sf-marked="">here</a>&nbsp; </p><p>&nbsp;</p>

<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>When the word ‘pension’ is mentioned, people’s faces often say it all, from screwed-up expressions to looks of confusion. But these are justified - there is so much pension misinformation and complicated jargon that many can be put off by before they’ve even started.&nbsp;<br><br>But saving for your pension doesn’t have to be complicated at all. We have lots of tools and information available so you can navigate your pension with ease and relax knowing that you’ve got that part of life covered.&nbsp;<br><br>Before we tell you more about what is available to you as an RPS member, let’s debunk some pension myths that are out there.&nbsp;<br><br></p><h2>Myth — All pension schemes are the same&nbsp;</h2><p>Although the end goal for all schemes is to help you save money for when you retire, there are different types of pension arrangement available. <br><br>As of 2020, The Railways Pension Scheme had over 347,000 active and retired members and provides pensions for 147 companies. Commonly known as the RPS, it is one of the UK’s largest pension arrangements and paid out £1,191m in benefits at the end of 2020.&nbsp;<br><br>Advantages of the RPS include:<br></p><ul><li>Contributions are made by both members and their employer and invested into pooled investment funds, which mean they benefit from economies of scale in terms of management costs and access to a wide range of investments. However, the assets for each section are separately identifiable</li><li>There is a single Trustee that oversees investments management and governance</li><li>Movement of employees between participating rail companies is simplified, and it may be possible to change employer while staying in the Scheme. You can check this with RPMI, the pensions administrator, by emailing <a href="mailto:csu@railpen.com">csu@railpen.com</a>, or you can phone the Helpline on 0800 012 1117</li></ul><p>The RPS is open to all eligible rail employees and those who have a legal right to join.<br><br></p><h2>Myth — The State Pension alone is enough</h2><p>At the time this article is published, the full State Pension is £179.60 a week, however the actual amount you get depends on your National Insurance record – you’ll usually need to have 10 qualifying years on your NI record to get any of the State Pension. <br><br>You’ll also only be able to start claiming your State Pension when you reach your State Pension age. The Government is gradually increasing State Pension age and is currently 66 but set to increase to 67 by 2028. <br><br>So it’s important to think about whether this is enough for your future plans. Life expectancy is ever-increasing so if you don’t want to compromise your current lifestyle and salary, taking an interest in your pension planning is a great way to ensure you’re prepared for the future.&nbsp;<br><br></p><h2>Myth — Pensions are difficult to manage and too complicated&nbsp;</h2><p>Pensions can seem daunting, but on the RPS website we have lots of helpful articles, tools, and information to help you, wherever you are on your pension journey. <br><br>Our <a href="AE2AAFE8-1836-4E1F-92C6-5F79EB807681">FAQs section</a> answers everything from how a pension works and who looks after the money you save to paying extra and investment funds. <br><br>There are also plenty of <a href="D74B6C1C-A60C-4811-A066-F5D3959845F5">videos</a> available that cover <a href="B5339AA3-CE53-4CD9-AF71-0F28EB46AC42">where to start</a> as well as <a href="C922E3E9-BC84-4688-82A4-69419EF61481">tax and other complex pension topics</a> in a way that may be easier to digest. Make sure to register and/or log into your myRPS account today so you can take advantage of our:<br></p><ul><li>Pension Planner (for active members of the defined benefit sections) – to show what your annual income could be when you stop work</li><li>Retirement Modeller (for IWDC members) – also to show what your annual income could be when you stop work</li></ul><p>By <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">using your myRPS account</a>, you can also request estimates of your retirement benefits, nominate those you love so the Trustee knows who you want your money to go to, and ask us a question via the Virtual Assistant.<br></p><ul></ul><h2><br>Myth — If you've lost track of your pension, it's gone forever&nbsp;</h2><p>When you change your place of work, it’s likely that you will be enrolled into a new works pension scheme. This often means that you end up with lots of different pension pots if you move from job to job. <br><br>If you’ve paid into a pension in any of your previous jobs, you can use the <a href="https://www.gov.uk/find-pension-contact-details" target="_blank" data-sf-ec-immutable="">Pensions Tracing Service</a> to find details about your own workplace or personal pension scheme and contact details. You can find out the value of your pots by contacting the pension provider.</p><p>If you can’t remember who your pension provider is and you’re trying to trace a workplace pension, you can also contact your former employer and they should be able to tell you who the provider is.<br><br></p><h2>Myth — It's too late to start&nbsp;</h2><p>Not true! Of course, the earlier you start saving, the easier putting together a decent-sized pension pot can be, but it’s never too late to start saving for the future. Make sure to use our <a href="9701C5A0-2465-483D-ADD4-BB6EC70DFF22">retirement budgeting calculator</a>&nbsp;to estimate how much you may need for the lifestyle you want. The figures are only a guideline so please ask for financial advice via the details below if you need it.&nbsp;<br></p><p><em><br>Neither your pensions administrator, RPMI, or your employer can offer advice. Liverpool Victoria (LV) 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.<br></em> <em 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"><br>You can also find an Independent Financial Adviser in your area on the <a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">Unbiased website</a>.&nbsp;</em><br></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>

<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>If you’re expecting a new child into the family, it’s an exciting and busy time, so it’s easy to ignore your pension.&nbsp; But it’s important to know what you’re entitled to, and how your leave might affect your pension arrangements.</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>Maternity Leave</strong></span><br></p></div><div>You are entitled to Statutory Maternity Pay if you:</div><div>• have worked for your employer for 26 weeks when you reach the 15th week before your due date, and&nbsp;</div><div>• earn at least £120 per week.</div><div><br></div><div>You’ll be entitled to 52 weeks off and receive Statutory Maternity Pay for 39 weeks. For the first six weeks, you’ll get 90% of your average weekly earnings. For the next 33 weeks, you receive 90% of your weekly earnings, or £151.20 a week, whichever is lowest.&nbsp; The remaining 13 weeks are unpaid.&nbsp;</div><div><br></div><div>The earliest your paid maternity leave can start is the 11th week before your baby is due. If your baby is born early, your leave starts the day after the birth.</div><div><br></div><div>You don’t have to take the 52 weeks you’re entitled to, but you must take at least two weeks off work following the birth.</div><div><br></div><div><p><strong>Paternity Leave</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">Under the same rules as Statutory Maternity Pay, you are entitled to two weeks’ Statutory Paternity Pay. The weekly rate is £151.20 or 90% of your average weekly earnings, whichever is lower.</span><br></p></div><div><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>Adoption Leave</strong></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">If you’re adopting or having a child through surrogacy, you’re usually entitled to paid time off work. This is subject to the same rules and requirements (as above) for Maternity Pay and the pay structure is identical.&nbsp;</span><br></p></div><div><p>If you’re adopting as a couple, only one person can get adoption leave. The other might be able to get paternity leave or shared parental leave.</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>Shared Parental Leave&nbsp;</strong></span><br></p></div><div>Alternatively, you and your partner may be able to get Shared Parental Leave and Statutory Shared Parental Pay. You can share up to 50 weeks of leave and up to 37 weeks of pay between you.</div><div><br></div><div><p><strong>Your pension during family leave&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">Your pension Scheme membership will be continuous while you are off, unless you have an agreement with your employer for this to be different.</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">Your pension contributions may change during family leave, because pension contributions are calculated using a percentage of your earnings.&nbsp;</span><br></div><div><br></div><div>If you don’t get any pay while on family leave, or if your pay reduces to nil, then your contributions will stop, but your employer may continue to pay them on your behalf. You may have to pay these back once you return to work.&nbsp;</div><div><br></div><div>While you’re on family leave, your pension benefits won’t be affected (as long as you haven’t opted out and contributions are paid) and your overall benefits will still be based on your final average pay.&nbsp;</div><div><br></div><div><p><strong>Additional Voluntary Contributions (AVCs)&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">During your family leave, if you’re still earning enough to cover AVC contributions, then they will continue.&nbsp; But if you wish, you can change or stop these extra contributions while you’re receiving lower wages. You can easily do this if you log in to your myRPS account, go to the ‘My Pension’ section of your home page and click on ‘Funds’.&nbsp;</span><br></p></div><div><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>Nominate your new family member&nbsp;</strong></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">Once your new child has joined you, make sure he or she is looked after in the event of your death.</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">Your child (or all your children), could benefit from a tax-free, lump sum of money if you die before your pension is taken.&nbsp;</span><br></div><div><br></div><div><p>This will depend on the benefits you have built up in your pension plan and is not a fixed amount, but it could be a substantial sum. And it won’t cost you a penny!&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">To make sure the money is paid in line with your wishes, it’s important to let us know where you would like this money to go. We then inform the Trustee.&nbsp;</span><br></p></div><div><p>If your circumstances change after you have completed your nomination, you can change your choice simply by updating your wishes in your online account.</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">The easiest way to nominate is by logging in to your online pension account at railwayspensions.co.uk. You’ll find the nominations page in the ‘My Pension’ section of your account.</span><br></p></div><div><p>Find out more in the Read as you Need 'Guide to family leave' <a href="/knowledge-hub/help-and-support/RAYN">here</a>.</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">You can also contact your employer directly or visit the Government website <a href="https://www.gov.uk/browse/childcare-parenting/pregnancy-birth" target="_blank" data-sf-ec-immutable="">here</a>, where you can find more details on support if you’re expecting a new baby.&nbsp;</span></p></div>

<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)&nbsp;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&nbsp;</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">.&nbsp;</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.&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"></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>

<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>&nbsp;</p><p>At the Railways Pension Scheme, we always endeavour to ensure your pension is invested sustainably. </p><p>We work hard to consider relevant environmental, social and governance (ESG) factors into the full range of investments we make. </p><p>This is because we believe that companies with good corporate governance practices and engaged shareholders are more likely to achieve the best, long-term financial performance that members need. </p><p>Strong governance tends to ensure effective management of all relevant risks and opportunities, including those related to environmental and social factors. By actively engaging with these companies, it is possible to have a positive influence. This helps us to enhance long-term investment returns for members.</p><p>We always examine environmental, social and governance (ESG) factors when considering investment decisions as they are considered crucial to the long life and success of a company. Companies that follow high quality environmental, social and governance standards are more likely to outperform others in the long-run.&nbsp; </p><p>In order to achieve the wisest balance, we consider investment opportunities in four ways: </p><ol><li>How does it improve our investment returns?</li><li>How does it reduce our investment risk? </li><li>How does it affect the future world our members retire into?</li><li>How does it impact our reputation as a responsible investor? </li></ol><p>Here are some examples of where we have invested recently: </p><ul><li>&nbsp;<span style="background-color: rgba(0, 0, 0, 0); color: inherit; font-family: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto; font-size: inherit">In 2017 we invested in Community Fibre, a UK-based broadband provider offering superfast broadband in dense urban areas.</span><p><br></p></li><li>In 2018 we invested in Two Chairs, a mental health therapy platform intended to offer in-person psychotherapy at clinics. They use modern technology on their platform to match therapists with clients for better outcomes. <p>&nbsp;</p></li><li>In 2019, we invested in a mixed-use development site in Dartford with five high quality detached warehouse units. This is expected to create around 400 new jobs and will have excellent sustainability credentials expected to achieve BREEAM Excellent. BREEAM is the world’s leading sustainability assessment method for infrastructure and buildings<p>&nbsp;</p></li><li>In 2020 we purchased the majority interest in an onshore wind farm in Scotland, Carraig Gheal Wind Farm.&nbsp; This investment is expected to generate renewable energy over the next 30 years and help the decarbonisation of the UK energy supply.<p>&nbsp;</p></li><li>In 2020 we co-invested in Sleaford Renewable Energy Plant, a biomass facility in Lincolnshire.&nbsp; The plant has been operational since 2014 and converts local straw into heat and energy, as a renewable source of power.<p>&nbsp;</p></li><li>In 2021, we invested in MIPS, a company that makes a patented Brain Protection System for helmets that mimics the brain’s own protection system, offering a scientifically-proven element and much better protection than current products. </li></ul><p>&nbsp;Our Sustainable Ownership team has played a leading role in a number of investment industry initiatives aimed at raising industry standards. Team members sit on several government working groups such as the Pensions Climate Risk Industry Group, which produces guidance for other pension schemes to help them consider climate investments, and the Occupational Pension Schemes Council, which supports schemes to become good stewards of members’ savings. </p><p>We recognise that members and employers trust us with a significant responsibility, and that the decisions and actions we take affect members’ future lives and wellbeing. We are proud of this responsibility, take it very seriously and are committed to and passionate about improving the lives of members.</p><p>For more information on how your contributions are invested and the people behind your pension, visit our earlier blog “From payslip to pension” <a href="https://member.railwayspensions.co.uk/knowledge-hub/news-and-views/blog/rps-blog/2021/05/28/from-payslip-to-pension" data-sf-ec-immutable="" data-sf-marked="">here</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">As an IWDC member, you can choose not only how and when you want to retire, but how your money is invested in the meantime.</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">&nbsp;</span> </p><p>All of this can have a real effect on how much you end up with, so it’s worth taking the time to get to know your pension and make sure you have all the information you need to make the right decisions for you. <br></p><p>Here’s a few things to look out for: </p><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">1. Your investment funds</strong></h2><p>As an IWDC member, the money you pay into your pension (known as contributions) is invested in a variety of specially selected funds.<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"> </strong></p><p>You can choose these funds for yourself, or take a more hands-off approach and have them managed for you by the Scheme’s investment manager, RPMI.<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>If you decide to manage the funds yourself, there are five ‘self-select’ funds to choose from, each with different levels of risk.&nbsp;<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>If you would prefer to have the funds managed for you, then you will be invested into a Lifestyle Strategy. This means your investments will automatically change over time as you move towards your retirement.<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>Either way, it’s important to keep an eye on your funds and consider regularly whether they still meet your needs.&nbsp;<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>For example, if you have just joined the Railways Pension Scheme and don’t plan to retire soon, you may want to take more risks for higher returns.&nbsp;</p><p>&nbsp;If you are getting closer to retirement, you may have a more cautious approach to investments and opt for more ‘stable’ funds which have a lower risk of losing value.&nbsp;</p><p>More information about all of the fund options available can be found <a href="/iwdc-members/managing-investments/fund-choices">here<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></a></p><p>And you can review your investment funds at any time by logging in to your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable=""></a><a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a> <br></p><h2><strong>2. Your Target Retirement Age</strong><br><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></h2><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">If you’re invested in one of the lifestyle strategies mentioned above you can choose a Target Retirement Age (TRA).&nbsp;&nbsp;</span><br></p><p>This sets the age at which you hope to stop work. And it’s important because it affects the way your investments are handled. </p><p>Ten years before your TRA, your contributions will be automatically moved into investment funds that are deemed more stable. While these funds may grow at a smaller rate, they should protect your Personal Retirement Account (PRA) from any sudden changes in the market and, in particular, from any losses you wouldn’t have time to recoup. </p><p>Your TRA can be anywhere between 55 and 75 years old, or from age 50 if you have a Protected Pension Age. </p><p>It can be checked and changed at any time, by logging in to your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable=""></a><a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a>t </p><p>Once logged in you can also use the retirement modeller to see what impact changing your TRA could have on your pension overall. </p><h2><strong>3. Your savings </strong></h2><p>You can check how much is in your PRA at any time by logging in to your <a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable=""></a><a href="https://member.railwayspensions.co.uk/login" data-sf-ec-immutable="">myRPS account</a> </p><p>Once logged in you can also use our retirement modeller to see what your PRA might be worth by the time you retire. </p><p>If you’re not sure whether it’s going to be enough, then you can use our <a href="/knowledge-hub/help-and-support/retirement-budgeting-calculator">retirement budgeting calculator</a> to work out how much it might cost to get the retirement lifestyle you want, and compare the two. </p><p>More information about getting your savings on track can be found <a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/how-much-ill-need">here</a></p><p>And if you’re still paying in to your IWDC pension, you can find more details about how to boost your PRA through Additional Voluntary Contributions (AVCs) <a href="/iwdc-members/Im-still-working/saving-more">here</a> </p><h2><strong>4. Your helping hand</strong><br></h2><p>Before making any changes to your IWDC pension, you may wish to get independent financial advice. <br></p><p>Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187. &nbsp;&nbsp;</p><p>You are still free to choose your own Independent Financial Adviser (IFA).&nbsp;You can find an IFA in your area at&nbsp;<a href="https://www.unbiased.co.uk/" target="_blank" style="font-family: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto" data-sf-ec-immutable=""></a><a href="https://www.unbiased.co.uk/" target="_blank" data-sf-ec-immutable="">unbiased.co.uk.</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">&nbsp;&nbsp;</span></p><p>You can find out more about your retirement options as an IWDC member in the RPS <a href="/iwdc-members/im-planning-to-take-my-iwdc-pot/how-i-can-take-my-iwdc-pot">here<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></a></p><p>You can also get general pensions information and guidance through<a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/" target="_blank" data-sf-ec-immutable=""> </a><a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/" data-sf-ec-immutable=""></a><a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/" data-sf-ec-immutable="">MoneyHelper</a> </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>You will see how and why it all works, where your contributions are invested and how your money grows.</p><h2>The Trustee</h2>The funds from your Railways Pension Scheme contributions are carefully managed by a group of employer and elected member representatives, known as “The Trustee”. The Trustee’s job – along with the help of our team of pensions and investment specialists - is to regularly check that the Scheme administration and financial investments are doing well and to keep you informed.&nbsp;<br><br><h2>Our financial experts&nbsp;</h2>The Trustee works closely with our team of pensions and investment experts. Together, their responsibility is to pay your pension securely, affordably and sustainably. With their combined professional knowledge and financial market insight, this team makes careful and informed decisions on where to invest your money, so that your pension pot grows and you receive the benefits you were promised. These investment and financial specialists are known as the Scheme’s “investment manager” or <a href="https://www.railpen.com" target="_blank" data-sf-ec-immutable="" data-sf-marked="">RPMI Railpen</a>. <p><br>The Trustee and Investment Manager invest members’ pension contributions into a range of assets including shares, bonds and property. Investing widely like this helps to limit risk and this diverse approach also gives your retirement savings the best possible chance of increasing in value over the years.<br></p><h2>How your pension contributions are invested&nbsp;</h2><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">Your pension contributions are combined into “pooled” or collective investment funds. This means your money immediately benefits from economies of scale and the team can choose from a wider, more valuable range of investments.</span><br><p><br><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">Our investment team uses these funds to meet the specific needs of over 100 individual Sections within the Railways Pensions Scheme.&nbsp;</span></p><div>If your money was only held in cash savings, inflation could reduce its value, whereas investing gives your pension a much better chance to grow, whilst also helping the organisations your funds are supporting. The idea is that as these organisations grow, so too does the value of your pension.<br><br></div><div>Every Section has its own specific requirements, so we work with each Section and its representatives, to create the most suitable investment strategy for them.&nbsp;<br><br></div><div>To guide all their decisions, the team follows firm investment beliefs and principles on valuation, risk, diversification, costs and ESG (environmental, social and governance) factors.<br><br></div><div>While we are researching investments, we look at how companies behave. Do they operate honestly and fairly? Do they care for the environment and the communities they serve and operate in?&nbsp; We examine our potential investments carefully as we believe that sustainable, ethical organisations have sustainable futures. These are the organisations that will grow and last and we want to be part of them.&nbsp;<br><br></div><div>How these organisations use the money they receive from pension investors like you, via the Railway Pensions Scheme and RPMI Railpen, can make a big difference on behalf of us all, to the future of the world.&nbsp;</div><br><h2>Some examples of our recent investments&nbsp;<br><br></h2><ul><li>In 2017, we invested in Gigaclear, a company dedicated to building and operating ultrafast, pure fibre-to-the-premises broadband networks in rural Britain<br><br></li><li>In 2020, we purchased the majority interest in an onshore wind farm in Scotland, Carraig Gheal Wind Farm.&nbsp; This investment is expected to generate renewable energy over the next 30 years and help the decarbonisation of the UK energy supply<br><br></li><li>In 2021, we invested in MIPS, a company that makes a patented Brain Protection System for helmets that mimics the brain’s own protection system, offering a scientifically-proven element and much better protection than current products<br><br></li><li>In 2020, we co-invested in Sleaford Renewable Energy Plant, a biomass facility in Lincolnshire.&nbsp; The plant has been operational since 2014 and converts local straw into heat and energy, as a renewable source of power<br><br></li><li>In 2021, we invested in Lonza Group, a leading manufacturer of products and services to the biopharma and consumer health industries. Lonza offers direct exposure to the growth of tomorrow’s drugs<br><br></li></ul><p>We have been paying members’ pensions securely, affordably and sustainably for over 50 years.&nbsp; To achieve this, we continue to invest the Scheme’s assets to generate strong investment returns over the long term.&nbsp; <br><br>You are in very good hands.</p><p>&nbsp;</p><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; white-space: inherit; word-spacing: normal; caret-color: auto">It might sound strange, but the costs associated with climate change can have a significant impact on companies and the financial markets.</span><br></p><p>This in turn means it can affect the assets of a pension scheme like ours. And ultimately affect the value of your savings, especially if you’re an <a href="https://member.railwayspensions.co.uk/in-the-scheme/paying-into-iwdc" data-sf-ec-immutable="">IWDC member</a> or pay <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra">Additional Voluntary Contributions (AVCs)</a>. </p><p>So what are we doing about it?<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><h3><strong>Our role in combating climate change</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"></span></h3><p>We understand that the large-scale financial industry has a responsibility, not only to protect members’ savings and investments. But also to play its part in tackling the impact of climate change on the world in general. </p><p>With this in mind, the scheme’s investment manager, <a href="https://www.railpen.com/investing/" data-sf-ec-immutable="">RPMI Railpen</a>, has long considered climate change in its investment decisions on behalf of our Trustees.</p><p>This includes:</p><ul><li>sourcing low carbon investment opportunities </li><li>encouraging the companies we invest in to act on climate change and </li><li>withdrawing investment on climate grounds where necessary </li></ul><p>As one of the UK’s largest pension schemes, we also work directly with policymakers and the wider industry to create a regulatory framework which supports the transition to a net zero world.</p><p><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: var(--font-size-h3); text-align: inherit; text-transform: inherit; white-space: inherit; word-spacing: normal; caret-color: auto">Our work on climate change to date</strong></p><p><strong></strong>In 2019, RPMI Railpen formally committed to voting in Annual General Meetings (AGMs) against any companies that were believed to lack robust oversight of climate change at management level. </p><p>Earlier this year the policy was expanded to include voting against companies in key climate-affected sectors that do not make the impact of climate change clear in their financial accounts.</p><p>It’s the latest in a series of steps RPMI Railpen have taken on behalf of the Trustees, which recognise the importance of climate change and its impact on your savings. Others can be found in the timeline below.</p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/old-site-images/infographics/sustainable-ownership-investments_graphic-v2.jpg?sfvrsn=5e657a93_1" alt="A list of our climate change actions by year "><h3><strong></strong><strong>Plans on climate change moving forward</strong></h3><p>RPMI Railpen recently published its first Climate-Related Disclosure explaining its work on climate change and our plans for the future. This will be updated every year to reflect the fast moving nature of climate change. You can read it in full <a href="https://www.railpen.com/knowledge-hub/reports/climate-related-disclosure-2020/" data-sf-ec-immutable="">here</a>. </p><p>We’ve also set up a cross-team Climate Working Group, chaired by Railpen’s Chief Investment Officer, Richard Williams, to look at how we can play our part in helping the UK achieve its ambition to bring greenhouse gas emissions to net zero by 2050.<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>We are actively involved in the Government’s Pensions Climate Risk Industry Group (PCRIG), which supports the pensions industry in responding to climate change and aims to raise standards of climate-aware investment.<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>And we will continue to use our voice, alongside those of other investors, to publicly call for positive corporate action on climate change and to apply positive influence on the companies we invest in.<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>We also hope that the UK hosting the 26th UN Climate Change Conference (UKCOP26)&nbsp;later this year will provide more opportunities to discuss the impact of climate change, not only on your pension but on the world you will retire into.</p><h3><strong>Find out more about our approach to climate change</strong><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></h3><p>If this blog has piqued your interest, you can read more about the Trustees’ and Railpen’s approach to protecting members’ futures, including our work on climate change and other environmental, social and governance factors (ESG) in the Stewardship Report <a href="https://www.railpen.com/knowledge-hub/reports/stewardship-report-2022/" data-sf-ec-immutable="" data-sf-marked="">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></p>

<p>It's now even easier for you as a pensioner to keep a close eye on your benefits and manage them quickly and conveniently online.&nbsp;<br><br>Log into your myRPS account that is personalised for each individual member and holds your private pension information.&nbsp; <br><br>Once you've logged in, you can:<br></p><ul><li>Check and download your payslips</li><li>Check your P60</li><li>Check and update your contact details (such as your email address, phone number and postal address)</li><li>View and update your death benefit nominations (if you retired within the last five years)</li><li>Access messages about your pension account</li></ul><p>&nbsp;</p><p><img src="https://cdn3.railpen.com/mp-sitefinity-prod/images/default-source/default-album/payslips/payslips.png?sfvrsn=1a347dfc_3" alt="Payslips in your online account"></p><p>&nbsp;</p><h2>Download your payslip</h2>You can now download your payslip when you log into your myRPS account as a retired member. Simply go to the 'Check your payslips' section of the dashboard and click 'View payslips'.&nbsp;<br><br>Under your current payslip, you can select 'Download payslip' which is next to the 'Print payslip' option. When you click to download your payslip, a new tab will open with your payslip displayed in a new web page.&nbsp;<br><br>The payslip will also download and open as a PDF if you have a PDF viewer or editor installed. If you don't have a PDF viewer or editor, you'll be able to go into your downloads and select how to open it from there - you may choose to open it in Chrome, for example.&nbsp;<br><br>You can also scroll down to see your previous payslips, and when you click the little arrow next to each one, you'll get the option to download or print.&nbsp;<br><br>If you have any issues with downloading your payslip, please contact our Helpline on 0800 012 1117 or by emailing&nbsp; <a href="mailto:csu@railpen.com">csu@railpen.com</a>.<br><br><h2>Your P60</h2>As a retired member, you can log into your online account and view your P60s.&nbsp;<br><br>Your P60 will be moving to the Payslips section within your account. Your P60 shows the tax you've paid on your pension in your tax year.&nbsp;<br><br>As usual you receive a message straight to your inbox saying that your P60 is available to view, however you can also find your P60 in the Payslips section of your account.&nbsp;<br><br>Simply log into your online myRPS account and go to the 'My Pension' section. Then, go to the 'Payslips' tab. Here you can see your payslip, a history of the details we hold for your payslips, and an option to view and download your P60. You can pick the tax year you want before you view and/or download.&nbsp; <br><br>You can only view your P60 if you're a UK tax payer - anyone in an Irish or Guernsey payroll will not be able to see their P60.&nbsp;<br><br><strong>If you're a RPS member with multiple schemes, use the Scheme Switch function in the top left corner of your account to switch between schemes to find which one your P60 sits in.&nbsp;</strong><br><br><h2>Downloading your P60&nbsp;</h2>When you select the tax year you want from the dropdown list, the download button will appear if your P60 is available.<br><br>If your P60 is not available, you will see a message that says 'P60 is unavailable' in place of the download button.&nbsp;<br><br>If you have any questions about your P60, please get in touch with the Helpline by emailing <a href="mailto:csu@railpen.com">csu@railpen.com</a> or calling 0800 012 1117.&nbsp;<p>&nbsp;</p>

<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>