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Every year that passes brings you closer to leaving work! So make sure you start 2023 with your pension plan in good shape for your future. Use those days before the New Year to check it all out.  

Each of the following small tasks should just take a few minutes. You could make this an annual custom. We guarantee you’ll be so pleased you did this regularly when you finally reach retirement!  

1         Register for your myRPS online account

Set up your own online pension account before the New Year and you can truly make 2023 the year you take charge of your pension planning and manage your future.

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.  Follow the simple, on-screen instructions and once you’re signed in, you’ll be able to manage your pension savings and plan your future at a convenient time for you, using the range of online tools available. You can see how to use many of these below.

2         Check how much you're likely to get on retirement

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.

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 on the right hand side.

3         Request pension estimates 

A very easy way to check your pension 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, at any time.  

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.

4         Work out your retirement lifestyle costs

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 your pension saving is on track for the future.

If you’ve requested an online 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.  Find the  Retirement Budgeting Calculator in the ‘Resources’ section of railwayspensions.co.uk.

5         Check your State Pension

New Year is a good time to find out whether you’ll be eligible for the State Pension and what you’re entitled to. You can check this at gov.uk/check-state-pension.

6         Boost your pension benefits

If you’ve discovered 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 making Additional Voluntary Contributions (AVCs), known as BRASS in the RPS. These are extra savings that you make which can boost your pension.

• You don’t need to save a set amount every month.
• It’s a great way to save if you get overtime or bonus that doesn’t usually qualify for your pension
• You get tax relief.
• AVCs are invested in a range of funds aimed at building up extra pension savings over time.

See our Guides to AVCs, BRASS and AVC extra in the Read as you Need Guides 

7         Trace your old pensions

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 Pension Tracing Service is free and can help you find a pension you’ve lost. Go online to gov.uk/find-pension-contact-details and follow the steps.

 8        Make or update your death benefit nominations

Making a nomination online should just take a couple of minutes but it could make a big difference to your loved ones if you die before taking your pension.

To ensure your pension savings end up in the right hands, and avoid being subject to tax, 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.  

If you’re signed into your online pension account you’ll find the nominations page in the ‘My Pension’ section.

 9        Check your investments

If you pay into a defined contribution (DC) pension, or if you have AVC or BRASS, these contributions are invested in a range of specially selected funds.

You can manage your own funds or have them managed for you. If you’re signed into myRPS, you can change your approach, manage your own investments or switch funds online at any time.

With BRASS, you can see more about your investment choices on this website on the my fund choices page.

With an IWDC pension, you can see more about your investment choices on IWDC my fund choices page.

10       Support and guidance

If you need to find out more about your pension, you’ll find lots of guidance throughout this website, especially in the Frequently Asked Questions section or Read as you Need guides. You can also visit MoneyHelper.org  which provides free and impartial money and pension guidance for people all across the UK.