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You can log into you myRPS here. 

The statements will also be mailed out to members throughout July.

Here’s some information about these important documents:

What is a Summary Funding Statement?

A Summary Funding Statement is a document that updates members on the financial situation of the pension scheme. It explains whether there are enough assets in a Section of the Railways Pension Scheme, at a given point in time (the valuation date), to cover what it will need to pay out in future. We also refer to this as ‘the funding position’ of a Section of the Scheme.

To work this out, an Actuary carries out a formal financial assessment known as a ‘valuation’ every 3 years. You can read more about what a valuation is here.

The Summary Funding Statements are produced to give you an overview of the funding position of the Section you’re paying in. They also tell you the reasons for any changes in the funding position.

Why are the Summary Funding Statements produced?

By law, Trustees must send Summary Funding Statement to members each time a three-yearly valuation or an annual funding update is completed. The administrator of the Scheme is responsible for the production of the statements. It takes up to 15 months to complete a full valuation, so for most Sections the 31 December 2022 valuation was completed by 31 March 2024. Summary Funding Statements are produced and sent once the valuation is complete. Annual updates don’t take as long to complete, so your next Summary Funding Statement will be sent towards the end of this year, based on the annual funding update at 31 December 2023.

What does it mean if the Section has a ‘shortfall’ or has a ‘surplus’?

If a Section has a shortfall, it means there aren’t enough assets to make all future pension payments as and when they are due. The employer must agree a ‘recovery plan’ with the Trustee, to top-up the Section’s assets over time and make sure there is enough money to pay future pensions.

If a Section has a surplus, the Section has more than enough assets to meet future pension payments. No additional contributions are required from the employer or members.

The funding position of the Section doesn’t affect your pension

Importantly, whether a Section has a surplus or shortfall does not affect the benefits members receive. Benefits are based on your length of pensionable service and your pensionable pay; there is no direct link between the level of contributions paid and the benefits members receive.

Summary Funding Statements are produced for all sections of the Scheme

The statements are produced for all sections, other than the 1994 Pensioners Section and the BR Section.  Both of these sections have Crown guarantees which means that there isn’t a requirement to produce statements for them.

So, if you have paid contributions into more than one section of the Scheme, you will get one for each section you have paid in or continue to pay in.