The Scheme has partnered with AHC Gallagher to give every member access to Moneyfit - a free and simple tool designed to help you understand your current financial circumstances and take practical steps to improve the way you manage your money.
All you have to do is follow the link here using your phone, desktop or tablet.
How does MoneyFit work?
When you visit MoneyFit, you’ll be asked to fill in a short, online questionnaire to find out more about your attitude to money.
This should only take around 15 minutes to complete and does not require you to log in or provide any personal information.
Based on your answers, you will be given a MoneyFit score and a unique ‘money personality’.
This will form the basis of your personal MoneyFit action plan, including helpful tips for managing your money more effectively and ideas for possibly freeing-up a little more to contribute to your pension savings. It will also guide you towards further support and information if needed.
The service is completely anonymous and it’s free, so you can use MoneyFit as many times as you like, allowing you to re-evaluate if your circumstances change.
What can I do with my MoneyFit results?
Once you have your MoneyFit results, you can use the ideas from your personal action plan to look at the way you manage your money.
If you are able to make some savings, you might want to consider putting a little more towards your pension by making additional voluntary contributions (AVCs).
You can use the planning tools in your myRPS account to find out roughly how much your pension might be worth when you stop work and how this could be boosted through AVCs.
And there’s a separate retirement budgeting calculator here to help you understand how much you might need for your retirement and whether your pension is likely to measure up.
Please remember that the Scheme’s administrator Railpen, the Trustee and AHC Gallagher are not financial advisers and you may want to seek independent financial advice before making any major changes.
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