I'm new to the Scheme
Welcome to the Railways Pension Scheme (RPS). Here’s a brief introduction to pensions and the different types within the RPS.
Within the first few weeks of joining the Scheme, you should receive a welcome letter and leaflet in the post. This will tell you your unique Pension Reference Number and useful details about the benefits of your membership, so keep it safe.
Your RPS workplace pension will be one of these 2 types. You can find out which type of pension you have by registering for your myRPS account. Once you log in, go to the Membership Details page.
A defined benefit (DB) scheme pays you a regular income based on your salary and how long you’ve been a member of the scheme, rather than the amount of money you’ve paid into your pension.
A defined contribution (DC) scheme builds up a pension pot to be used in retirement. The size of the pot will largely depend on how much you and/or your employer pay in and how much it grows through investment returns. The Industry-Wide Defined Contribution Section (IWDC) of the RPS is a DC scheme.
The next step is to register for your online myRPS account and follow the link from your account dashboard to your Welcome to the Scheme page. Here, you can:
To register for your myRPS account, you'll need your:
The easiest way to manage your RPS pension and actively plan for retirement is to use your myRPS account.
You can get a copy of your Member Guide, ask for estimates, use planning tools, check/update your details... and more!