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News updates

Read the latest updates from the world of pensions and see how they affect you as a member of the Scheme.

Read all about it...

Select from the headlines below for the latest news about the Scheme and your pension.

A newspaper with the headline, Breaking News on the front.

If you could do one thing to boost your financial future, what would it be?

Nov 1, 2023
One step, one simple action - sometimes that’s all it takes to kick start a journey to a more financially-aware and happier you.

 

6-11 November is Talk Money Week – an awareness campaign designed to get us all talking more about the pennies in our pocket, our thoughts and feelings around money, and how and where to get help if and when we need it.

In support of the campaign, we are asking all members of the Scheme to do one thing today, tomorrow and any other day, to help get them a step closer to understanding their pension, their wider finances and the reason why it’s important to talk about money.

What’s your ‘one thing’?

What one thing will you do this week when it comes to your Scheme pension? Start with the basics. Do you have an online pension account? Are your contact details correct? Have you filled in your nominations? Do one thing today to get you on track.

We’ve provided you with some ideas below. Depending on how much time you have to spend, we encourage you take more than one of the actions listed. Ideally, you’d use the below as a checklist to refer back to every 3 months or so to ensure you’re in the driving seat when it comes to your retirement income. Consistency is key and we are here to support you get the most out of your pension.

  • Register for an online myRPS account, if you haven’t already done so
  • Complete your nominations so the Scheme’s Trustee knows who you want a lump sum to go to if you die before you come to claim them
  • Make sure the contact details we have for you are correct
  • Request an estimate of your pension – it’s never too early or too late to plan for retirement, the sooner you start the better
  • If you pay extra towards your pension – see or switch your Additional Voluntary Contribution funds
  • If you don’t currently save extra but would like to consider – joining BRASS and starting to save more towards a better life in retirement
  • Ask us a question if you’re unsure of anything

Talk money - any day, any time

Quite often, it’s saying the words out loud that’s the hardest part. But talking money is important for so many reasons. Research shows that people who talk about money:

  • make better and less risky financial decisions
  • have stronger personal relationships
  • help their children form good lifetime money habits
  • feel less stressed or anxious and more in control

Building money conversations into our everyday lives also helps us build financial confidence and resilience to face whatever the future throws at us. You may want to start chatting to your partner, sibling, parent or friend about your pension and wider financial priorities. If you have children, you may want to start laying the foundations of financial know-how and awareness in through through simple conversations on the topic of money.

Whatever your situation or approach, the importance of breaking the stigma around money talk and being more open about financial matters and their influence on our everyday lives could be said to be paramount in today’s world.  

What to read next...

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Railways Pensions is powered by Railpen Limited
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Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.

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