News updates

Wherever you’re at in your pension journey, whether you’re new to the Scheme, approaching retirement or somewhere in the middle, you can use this Financial Wellness month (January 2024) to set new saving and budgeting goals to help you have a great year, and a stronger financial future.

Here are some useful tools, hints and tips to help you boost your financial wellness for 2024.

Get familiar with your pension

Register or log into your free myRPS account, where you can access all your important pension documents in one place, see your current savings and more. Learn all about the benefits of your membership here.

Use the Retirement Budgeting Calculator to see how much you need

Your retirement budgeting calculator is a quick and easy tool to help you see if your savings are on track for the life you want after work.

This will help you to get a rough estimate of how much you’ll need to save for your desired future. It considers lifestyle factors, such as how many holidays you’d like to take per year, how many club memberships you’d like to have, and where you plan on living. It’ll help you get a clearer vision of what you need to save now for the life you want after work.

Use the modeller or planner to see how much you might get

If you’re an Industry-Wide Defined Contribution (IWDC) member

You can use the DC retirement modeller tool in your myRPS account to see what your pension could be worth when you reach retirement and help you work out how you may want to use it.

If you’re a Defined-Benefit (DB) member

You can use the Pension Planner in your myRPS account. Based on the most up-to-date information from your member record, it will estimate what your benefits might be when you retire, and see what options may be available to you for taking them.

Request an estimate of your benefits

You can request an estimate anytime, and you get one estimate free of charge per year. You can do this in your myRPS account.

Use the MoneyFit tool for ways to improve your financial wellness

Once you’re logged into your myRPS account, use the MoneyFit tool to help you understand your current financial circumstances and take practical steps to improve the way you manage your money. All you have to do is fill in a short questionnaire and you’ll get a personalised action plan to help you manage your money more effectively. This may even free up a little more for your pension savings. It will also guide you towards further support and information if needed.

Think about saving more with Additional Voluntary Contributions (AVCs)

You can pay as little as £2 a week as AVCs, and make one-off payments, to increase your pension savings. If you earn extra money, like bonuses or overtime, this could be a real boost to your savings.

Get some advice if needed

Visit MoneyHelper to get free advice on getting rid of some debt. You can also speak to a financial advisor if you’re unsure about your pension.

Visit The Railway Benefit Fund, an independent charity that supports railway workers and their families. It offers financial assistance, practical help and advice, all in strict confidence.

Visit the Government website, which offers clear information on a wide range of financial issues. The 'Workplace and personal pensions' section in particular addresses a variety of pension-based topics in a handy A to Z list. There is also a separate section on the State Pension.