New drawdown and advice service launches for members

Apr 30, 2021
RPS members now have access to a new drawdown facility, in partnership with Legal & General, and a new advice service, in partnership with Liverpool Victoria (LV).

The new drawdown facility for IWDC members and those with AVCs

Members of the Industry-Wide Defined Contribution (IWDC) section and those with an AVC, like BRASS, have a number of options for taking their benefits.

One of these options is to get a flexible income, taking it a bit at a time. This is known as drawdown.

The RPS does not offer drawdown directly, so we’ve partnered with Legal & General, to offer members access to a new, value-for-money, high-quality, drawdown facility.

Before this, members choosing a retirement option would have been exposed to the open market, where many of the products came with costly fees.

While you are still free to shop around, the Trustee identified the need to give members access to a solution that was more competitively priced. Legal & General was chosen as the preferred option for members, following a detailed selection process.

You can find more information about drawdown and the arrangement with Legal & General here.

Details about the other options available to you in retirement can also be found here and members of the IWDC Section can find a video explaining their options here. This is in line with pension freedoms introduced by the Government in 2015 to give people more scope for their defined contribution (DC) pensions. 

The new advice service, available to all members

Advice is important for financial wellbeing and making sure your pension works for you.

Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice.

LV covers all areas of advice, including:

  • retirement
  • financial planning
  • transfers

And has a dedicated team, with specific knowledge on the Scheme.

LV will be offering its services at a discounted rate for RPS members. And can be contacted now on 0800 023 4187.

LV’s retirement advice service was carefully chosen by the Trustee, based on both quality and cost. However, you are still free to choose your own Independent Financial Advisor (IFA).

You can find an IFA in your area at unbiased.co.uk

More information about getting help and advice is also available here