News updates
Read the latest updates from the world of pensions and see how they affect you as a member of the Scheme.
Read the latest news about the Scheme and your pension below.
You can also visit the blog for a deeper dive into a variety of pension topics.
The Trustee is keen to provide some financial wellbeing support to members, to help them manage their money beyond just their pension.
MoneyFit is a free, simple tool to help you take control of your personal finances. It offers practical tips to manage your money, and possibly free up more to save for your life after work.
According to research financial pressure is the top cause of stress outside of work. Don’t let money worries become overbearing. MoneyFit can help you budget, build your financial confidence and save more for your future.
The new MoneyFit has some fresh new features which make understanding your finances easier, and even fun.
You can try MoneyFit when you log into your myRPS account. You’ll find it in the ‘Planning for the future’ section.
MoneyFit has some brand-new features which help make your MoneyFit action plan more suited to your financial needs.
The new features include:
Plus there’s much more too.
MoneyFit is quick and easy to use when you log into your myRPS account. Here’s how it works, in 4 simple steps:
Step 1: Take the 5-minute Attitude to Money Quiz to learn more about your approach to money.
Step 2: You’ll get a MoneyFit score, and your unique ‘money personality’ based on your quiz answers.
Step 3: Receive your personal MoneyFit action plan, including ideas to possibly free up a little more to contribute to your pension savings.
Step 4: Use your personal action plan to look at the way you manage your money.
MoneyFit is completely anonymous and cost-free, so you can use it as many times as you want to. If your circumstances change, you might use MoneyFit to reassess your finances.
You could use your personal MoneyFit action plan to think about the way you manage your money, and possibly save more for life after work.
Taking control of your financial wellbeing now, and making some small positive changes, may mean you can save more in the future.
If you can afford to, you could pay more into your pension with Additional Voluntary Contributions (AVCs). These are extra payments, on top of your normal pension contributions. The main AVC arrangement in the Railways Pension Scheme (RPS) is called BRASS. You can learn about how it works here.
To see how contributing AVCs could make a difference to your retirement income, try experimenting with the pension planning tools in your myRPS account.
For a personalised estimate of how much you might need when you retire, try the Retirement Budgeting Calculator when you log into myRPS. It lets you add your personal costs such as where you’d like to live, and how many holidays you’d like to have. Your costs are then used to give you a general target to aim for with your retirement income after tax. You can learn more about how much you might need in retirement here.
Before making any changes to your pension, you may want to take financial guidance or advice. You can find a list of trusted professionals here.
We provide regular newsletters to help you navigate your pension whether you're paying into the Scheme, not paying in anymore, or receiving your pension.
Our blog gives you lots of insight and information to help support you on your journey to retirement.
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