My investment choices

In May 2022, we changed the range of investment funds available to members of the Railways Pension Scheme who have savings in the Industry-Wide Defined Contribution (IWDC) Section, or in the BRASS or AVC Extra Additional Voluntary Contribution arrangements.

We wrote to you at the end of April to confirm when we would introduce the new fund range and move any of your savings in the existing funds into new funds.


How has the fund range changed?

Read the investment fund range summary to see the new fund range that is available to you.

We have introduced the following investment funds:

  • Socially Responsible Equity Fund
  • Corporate Bond Fund
  • UK Government Fixed-Interest Bond Fund, and
  • UK Government Index-Linked Bond Fund.

These are available alongside 3 of the previous investment funds:

  • Deposit Fund
  • Global Equity Fund, and
  • Long Term Growth Fund

We are also working on the introduction of a new Sharia-Compliant Equity Fund. This fund would invest in shares in companies across the world that comply with Sharia investment principles. We will let you know as soon as we have an update to share on this.


View the full range of investment funds and factsheets >>


There are also three new Lifestyle strategies. With Lifestyle strategies, your investment switches are managed for you, with your holdings moved automatically into the most appropriate funds based on the time left until you want to take your benefits. The new strategies are:

  • Annuity Purchase Lifestyle
  • Flexible Drawdown Lifestyle and
  • Full Cash Withdrawal Lifestyle
View the full range of Lifestyle strategies and factsheets >>


Two of the existing investment funds have closed: the Aggregate Bond Fund and Index-Linked and Global Bond Fund. The Global Equity Lifestyle Strategies and Long Term Growth Lifestyle Strategies have also closed.


What happened if I was investing in a fund that closed?

If you were invested in one (or more) of the strategies and funds that closed, we automatically moved your holdings into the new strategy or fund(s) that most closely matched your existing one(s) in terms of its retirement objectives.

How your previous investments moved into the new range >>


What are investment funds?

Investment funds are individual fund options, each with a different objectives and a risk rating. They may be suitable if you want to actively manage your investments.

Higher risk funds are expected to get higher returns, but they could also drop more sharply in value. Lower-risk funds are less likely to grow much in value but are also more stable so less likely to drop in value. You might want to consider higher risk funds if you're further from retirement and are willing to take a bit more risk for potentially higher rewards. 

All funds can experience rises and falls over the short to medium term. The higher the risk rating, the larger the rises and falls are likely to be.

You can invest in as many (or as few) of the investment funds as you wish. You can also invest in both investment funds and lifestyle strategies at the same time. Think carefully about your retirement aims and how you plan to use your pension pot when you're able to take it before you choose which funds to invest in.


What are Lifestyle strategies?

Lifestyle strategies are investment options that allow you to take a hands-off approach if you don't want to actively manage your fund choices. 

Your money will be invested in a selection of underlying funds and your allocation to each fund will change as you get closer to your Target Retirement Age (TRA).

Before you decide which strategy to invest in, you should think carefully about how you plan to use your pension pot when you're able to take it.

The Lifestyle strategies each aim to help you build up a pot of money in a way that supports your plans for how to use it. For instance, you might want to use it to purchase an annuity, use it for flexible drawdown or take it all as cash.

While you are still a long way from retirement, more of your money will be allocated in higher-risk funds to try to help them grow more. As you get within ten years of your TRA, your money will gradually be moved into lower-risk funds to help reduce the risk and protect the value of the pension pot you've already built up.

You can invest in as many of the Lifestyle strategies as you like. You can also invest in any of the investment funds as well as the strategies.


Where can I get advice?

You may want to take independent financial advice to help you make the right choices for your circumstances.

Liverpool Victoria (LV) can offer RPS members access to financial advice. You can contact LV on 0800 023 4187. This service is authorised and regulated by the Financial Conduct Authority. Alternatively, you can find independent financial advisers in your local area at

It is important to be aware that the value of any investments may go down as well as up.