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The Retirement Living Standards Awards are a new initiative which recognise excellence in adopting the Retirement Living Standards for communications to pension scheme members.

The Retirement Living Standards are designed to help savers picture the lifestyle they want in retirement and understand the costs.

Helping you plan for your future

To help members of the Railways Pension Scheme understand their retirement goals – and how to achieve them – we have developed the Retirement Budgeting Calculator tool.

The calculator gives you the estimated costs of different Retirement Living Standards levels, but also lets you edit them to suit your needs and factor in any extras you might want, such as care, donations or hobbies, for instance.

We've updated the calculator with the latest figures from the PLSA to help you keep your goals on track.

You can also use the information here to help you plan for your future and keep your pension savings on track for the retirement you want.