News updates

The Railways Pension Scheme has recently completed an actuarial valuation at 31 December 2022. You can read more about what a valuation is here. 

A key part of the valuation is to confirm what member and employer contribution rates need to be. Due to market conditions and the long-term outlook for investments being more positive than at the previous valuation, many members will see their contribution rates reduce from 1 July 2024. We will shortly be sending a Summary Funding Statement to all members to let them know the results of their Section’s valuation. 

How much you contribute does not affect the pension you earn in the Scheme. Your benefits are ‘defined’, so they are based on a calculation that uses your salary and length of pensionable service, not your contribution history.  
 
Benefits are paid from the Section’s assets, so the role of contributions, along with investment returns, is to make sure there will always be enough assets to pay pensions to members when they are due. Contributions will next be reviewed as part of the valuation to be performed at 31 December 2025. 

We have also put together some questions and answers for members who are seeing decreases in contribution rates, in case you have any queries about how this change might affect you and your planning for life after work. 
 
Read the Q&A now.  
 
If you’ve not registered for your personal myRPS account, it’s well worth taking a few minutes to do so. You can register here. The website is the best way to manage and learn more about your RPS pension.