Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
29/7/2025
Editorial
<p>When it comes to your pension, the decisions you make today can have a lasting impact on your future. </p><p>Defined Contribution (DC) pensions offer a lot of flexibility which may sound empowering but equally places a lot of responsibility on you - the regular saver. And research* tells us that many people find themselves worried about making costly mistakes.</p><p>With so many options to choose from at retirement and a jargon-heavy industry, it’s easy to feel unsure about what to do next – especially if you’re approaching retirement or thinking about taking your pension. </p><p>The good news? You don’t have to figure it all out on your own. There is support you can tap into and guidance you can receive. We tell you more about it below.</p><p> </p><h5>Get support that’s right for you</h5><p>Pension guidance is different to pension advice in the sense that you get free, impartial information to help you understand your options or the circumstances you find yourself in – without being told exactly what to do. </p><h6>Pension guidance</h6><p>The best known source of pension guidance to DC pension savers is <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Pension Wise from MoneyHelper</a>. </p><p>To qualify for this service, you need to be 50 or over and have a DC pension. People under 50 years of age may also be able to use the service if they have inherited someone else’s pension pot, or are retiring early due to ill-health. </p><p> A trained pension specialist will walk you through the following over a free 45-60 minute appointment:</p><ul><li>The different ways you can access your pot</li><li>How each option works</li><li>The tax implications</li><li>How to protect your pot from scams</li></ul><p>Appointments are available by phone or video, and you can bring a family member along if you want a second pair of ears.</p><p>If you’re not eligible for Pension Wise, MoneyHelper may still be able to help you. There’s a few ways to get in touch them. Find out more on the <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw" target="_blank" data-sf-ec-immutable="" data-sf-marked="">MoneyHelper website</a> and get the guidance you need today.</p><h6>Pension advice</h6><p>Receiving guidance on your DC pension is a great starting point to help you understand the options available to you. However, if you’re after regulated financial advice that is tailored to your personal circumstances and needs, check out <a href="https://www.lv.com/pensions-retirement" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Liverpool Victoria (LV=).</a></p><p>LV= has been chosen as the preferred partner to give RPS members access to financial advice. It is regulated by the FCA, covers all areas of pension and financial advice and has a dedicated team, with specific knowledge on the Scheme. Contact the advisers at LV= on 0800 023 4187.</p><p>If you want to find your own adviser, MoneyHelper’s website has a helpful <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser" target="_blank" data-sf-ec-immutable="" data-sf-marked="">retirement adviser directory</a>. All firms on the directory are FCA authorised and regulated.</p><p>Comparison sites such as <a href="https://www.unbiased.co.uk/?utm_source=Which?&utm_medium=affiliate&utm_campaign=Impact&utm_content=Homepage+Default+Link_884897&irclickid=Xk7ydiSF2xyPUOt0lHTtozXlUks20yRUCVYV1c0&irprogramid=11746&irgwc=1&Partner=Which?&mpid=3065153&sharedid=" target="_blank" data-sf-ec-immutable="">Unbiased</a> and <a href="https://offers.vouchedfor.co.uk/financial-consultation/which" target="_blank" data-sf-ec-immutable="" data-sf-marked="">VouchedFor</a> can also help you shop around for quotes from advisers.<a id="_anchor_2" href="https://railpen-my.sharepoint.com/personal/jenny_prodanova_railpen_com/Documents/0.Personal/2025/Blogs/Pension%20advice%20for%20DC%20members/Pension%20advice%20for%20DC%20members_blog_v2%20TST%20approved.docx#_msocom_2" name="_msoanchor_2" data-sf-ec-immutable=""></a></p><p>Unlike pension guidance, financial advice is a paid-for service, but qualified financial advisers are able to recommend specific retirement products or courses of action which are tailored to your own circumstances and financial goals.</p><p> </p><h5>The risks of doing it alone</h5><p>It might be tempting to just access your money when you need it – but that could lead to:</p><ul><li>Paying more tax than necessary</li><li>Missing out on valuable options like regular income</li><li>Leaving your money in poor-performing or unsuitable investments</li><li>Making irreversible choices without fully understanding the consequences</li></ul><p>Research shows that people who access guidance and advice are often more confident in their decisions and better prepared for retirement. So, it might be worth giving it a go.</p><p> </p><h5>The broader context on DC pensions in the UK</h5><p>A common theme in pension talk over the past decade is the need for more DC pension guidance for pension savers, and the root cause for this could be the pension freedoms that were introduced in 2015. </p><p>Pension freedoms give people much more flexibility over how they access their DC pensions from age 55 (rising to 57 in 2028). But with greater freedom comes greater responsibility, and for many members, that’s where things get complicated.</p><p>Under pension freedoms, DC members are no longer required to buy an annuity (a guaranteed income for life). Instead, they have the following options to choose from:</p><ul><li>Encashment – take your whole pension pot as cash</li><li>Drawdown – take flexible amounts over time</li><li>Still choose an annuity if you want a guaranteed income</li><li>Mix and match different options</li></ul><p>With all of these options, you will usually be able to take 25% of your pension pot tax-free, and the rest is charged as income. </p><p>While pension freedoms can be appreciated by some, they can cause anxiety in others who struggle to make decisions about their pension money, worried they could be making a potentially significant mistake they can’t undo. </p><p>So before accessing your pension pot, you may want to get the support you need.</p><p> </p><h5>The threat of scams is persisting – stay on your guard</h5><p>You should always be mindful of the threat that pension scams pose to your retirement income and future. </p><p>It is vital you stay alert to the common tactics they use to trick people out of their pensions and know what warning signs to watch out for.</p><p>Find out more on <a href="/pension-essentials/pension-scams">the pension scams page</a>.</p><p> </p><p><em>* Link to report: <a href="https://actuaries.org.uk/document-library/thought-leadership/freedom-and-choice/freedom-and-choice-public-attitudes-a-decade-on-2025-updated-study/" target="_blank" title="Freedom and choice: public attitudes a decade on – 2025 updated study" data-sf-ec-immutable="" data-sf-marked="">Freedom and choice: public attitudes a decade on</a>, Institute and Faculty of Actuaries April 2025</em></p>
<p>When it comes to your pension, the decisions you make today can have a lasting impact on your future. </p><p>Defined Contribution (DC) pensions offer a lot of flexibility which may sound empowering but equally places a lot of responsibility on you - the regular saver. And research* tells us that many people find themselves worried about making costly mistakes.</p><p>With so many options to choose from at retirement and a jargon-heavy industry, it’s easy to feel unsure about what to do next – especially if you’re approaching retirement or thinking about taking your pension. </p><p>The good news? You don’t have to figure it all out on your own. There is support you can tap into and guidance you can receive. We tell you more about it below.</p><p> </p><h5>Get support that’s right for you</h5><p>Pension guidance is different to pension advice in the sense that you get free, impartial information to help you understand your options or the circumstances you find yourself in – without being told exactly what to do. </p><h6>Pension guidance</h6><p>The best known source of pension guidance to DC pension savers is <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Pension Wise from MoneyHelper</a>. </p><p>To qualify for this service, you need to be 50 or over and have a DC pension. People under 50 years of age may also be able to use the service if they have inherited someone else’s pension pot, or are retiring early due to ill-health. </p><p> A trained pension specialist will walk you through the following over a free 45-60 minute appointment:</p><ul><li>The different ways you can access your pot</li><li>How each option works</li><li>The tax implications</li><li>How to protect your pot from scams</li></ul><p>Appointments are available by phone or video, and you can bring a family member along if you want a second pair of ears.</p><p>If you’re not eligible for Pension Wise, MoneyHelper may still be able to help you. There’s a few ways to get in touch them. Find out more on the <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise?source=pw" target="_blank" data-sf-ec-immutable="" data-sf-marked="">MoneyHelper website</a> and get the guidance you need today.</p><h6>Pension advice</h6><p>Receiving guidance on your DC pension is a great starting point to help you understand the options available to you. However, if you’re after regulated financial advice that is tailored to your personal circumstances and needs, check out <a href="https://www.lv.com/pensions-retirement" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Liverpool Victoria (LV=).</a></p><p>LV= has been chosen as the preferred partner to give RPS members access to financial advice. It is regulated by the FCA, covers all areas of pension and financial advice and has a dedicated team, with specific knowledge on the Scheme. Contact the advisers at LV= on 0800 023 4187.</p><p>If you want to find your own adviser, MoneyHelper’s website has a helpful <a href="https://www.moneyhelper.org.uk/en/pensions-and-retirement/taking-your-pension/find-a-retirement-adviser" target="_blank" data-sf-ec-immutable="" data-sf-marked="">retirement adviser directory</a>. All firms on the directory are FCA authorised and regulated.</p><p>Comparison sites such as <a href="https://www.unbiased.co.uk/?utm_source=Which?&utm_medium=affiliate&utm_campaign=Impact&utm_content=Homepage+Default+Link_884897&irclickid=Xk7ydiSF2xyPUOt0lHTtozXlUks20yRUCVYV1c0&irprogramid=11746&irgwc=1&Partner=Which?&mpid=3065153&sharedid=" target="_blank" data-sf-ec-immutable="">Unbiased</a> and <a href="https://offers.vouchedfor.co.uk/financial-consultation/which" target="_blank" data-sf-ec-immutable="" data-sf-marked="">VouchedFor</a> can also help you shop around for quotes from advisers.<a id="_anchor_2" href="https://railpen-my.sharepoint.com/personal/jenny_prodanova_railpen_com/Documents/0.Personal/2025/Blogs/Pension%20advice%20for%20DC%20members/Pension%20advice%20for%20DC%20members_blog_v2%20TST%20approved.docx#_msocom_2" name="_msoanchor_2" data-sf-ec-immutable=""></a></p><p>Unlike pension guidance, financial advice is a paid-for service, but qualified financial advisers are able to recommend specific retirement products or courses of action which are tailored to your own circumstances and financial goals.</p><p> </p><h5>The risks of doing it alone</h5><p>It might be tempting to just access your money when you need it – but that could lead to:</p><ul><li>Paying more tax than necessary</li><li>Missing out on valuable options like regular income</li><li>Leaving your money in poor-performing or unsuitable investments</li><li>Making irreversible choices without fully understanding the consequences</li></ul><p>Research shows that people who access guidance and advice are often more confident in their decisions and better prepared for retirement. So, it might be worth giving it a go.</p><p> </p><h5>The broader context on DC pensions in the UK</h5><p>A common theme in pension talk over the past decade is the need for more DC pension guidance for pension savers, and the root cause for this could be the pension freedoms that were introduced in 2015. </p><p>Pension freedoms give people much more flexibility over how they access their DC pensions from age 55 (rising to 57 in 2028). But with greater freedom comes greater responsibility, and for many members, that’s where things get complicated.</p><p>Under pension freedoms, DC members are no longer required to buy an annuity (a guaranteed income for life). Instead, they have the following options to choose from:</p><ul><li>Encashment – take your whole pension pot as cash</li><li>Drawdown – take flexible amounts over time</li><li>Still choose an annuity if you want a guaranteed income</li><li>Mix and match different options</li></ul><p>With all of these options, you will usually be able to take 25% of your pension pot tax-free, and the rest is charged as income. </p><p>While pension freedoms can be appreciated by some, they can cause anxiety in others who struggle to make decisions about their pension money, worried they could be making a potentially significant mistake they can’t undo. </p><p>So before accessing your pension pot, you may want to get the support you need.</p><p> </p><h5>The threat of scams is persisting – stay on your guard</h5><p>You should always be mindful of the threat that pension scams pose to your retirement income and future. </p><p>It is vital you stay alert to the common tactics they use to trick people out of their pensions and know what warning signs to watch out for.</p><p>Find out more on <a href="/pension-essentials/pension-scams">the pension scams page</a>.</p><p> </p><p><em>* Link to report: <a href="https://actuaries.org.uk/document-library/thought-leadership/freedom-and-choice/freedom-and-choice-public-attitudes-a-decade-on-2025-updated-study/" target="_blank" title="Freedom and choice: public attitudes a decade on – 2025 updated study" data-sf-ec-immutable="" data-sf-marked="">Freedom and choice: public attitudes a decade on</a>, Institute and Faculty of Actuaries April 2025</em></p>
Blog
Guidance and advice for defined contribution members
DC members, don’t do it alone! Help is at hand. Read this blog if you’re in need of guidance or advice about your pension.
When it comes to your pension, the decisions you make today can have a lasting impact on your future.
Defined Contribution (DC) pensions offer a lot of flexibility which may sound empowering but equally places a lot of responsibility on you - the regular saver. And research* tells us that many people find themselves worried about making costly mistakes.
With so many options to choose from at retirement and a jargon-heavy industry, it’s easy to feel unsure about what to do next – especially if you’re approaching retirement or thinking about taking your pension.
The good news? You don’t have to figure it all out on your own. There is support you can tap into and guidance you can receive. We tell you more about it below.
Get support that’s right for you
Pension guidance is different to pension advice in the sense that you get free, impartial information to help you understand your options or the circumstances you find yourself in – without being told exactly what to do.
Pension guidance
The best known source of pension guidance to DC pension savers is Pension Wise from MoneyHelper.
To qualify for this service, you need to be 50 or over and have a DC pension. People under 50 years of age may also be able to use the service if they have inherited someone else’s pension pot, or are retiring early due to ill-health.
A trained pension specialist will walk you through the following over a free 45-60 minute appointment:
- The different ways you can access your pot
- How each option works
- The tax implications
- How to protect your pot from scams
Appointments are available by phone or video, and you can bring a family member along if you want a second pair of ears.
If you’re not eligible for Pension Wise, MoneyHelper may still be able to help you. There’s a few ways to get in touch them. Find out more on the MoneyHelper website and get the guidance you need today.
Pension advice
Receiving guidance on your DC pension is a great starting point to help you understand the options available to you. However, if you’re after regulated financial advice that is tailored to your personal circumstances and needs, check out Liverpool Victoria (LV=).
LV= has been chosen as the preferred partner to give RPS members access to financial advice. It is regulated by the FCA, covers all areas of pension and financial advice and has a dedicated team, with specific knowledge on the Scheme. Contact the advisers at LV= on 0800 023 4187.
If you want to find your own adviser, MoneyHelper’s website has a helpful retirement adviser directory. All firms on the directory are FCA authorised and regulated.
Comparison sites such as Unbiased and VouchedFor can also help you shop around for quotes from advisers.
Unlike pension guidance, financial advice is a paid-for service, but qualified financial advisers are able to recommend specific retirement products or courses of action which are tailored to your own circumstances and financial goals.
The risks of doing it alone
It might be tempting to just access your money when you need it – but that could lead to:
- Paying more tax than necessary
- Missing out on valuable options like regular income
- Leaving your money in poor-performing or unsuitable investments
- Making irreversible choices without fully understanding the consequences
Research shows that people who access guidance and advice are often more confident in their decisions and better prepared for retirement. So, it might be worth giving it a go.
The broader context on DC pensions in the UK
A common theme in pension talk over the past decade is the need for more DC pension guidance for pension savers, and the root cause for this could be the pension freedoms that were introduced in 2015.
Pension freedoms give people much more flexibility over how they access their DC pensions from age 55 (rising to 57 in 2028). But with greater freedom comes greater responsibility, and for many members, that’s where things get complicated.
Under pension freedoms, DC members are no longer required to buy an annuity (a guaranteed income for life). Instead, they have the following options to choose from:
- Encashment – take your whole pension pot as cash
- Drawdown – take flexible amounts over time
- Still choose an annuity if you want a guaranteed income
- Mix and match different options
With all of these options, you will usually be able to take 25% of your pension pot tax-free, and the rest is charged as income.
While pension freedoms can be appreciated by some, they can cause anxiety in others who struggle to make decisions about their pension money, worried they could be making a potentially significant mistake they can’t undo.
So before accessing your pension pot, you may want to get the support you need.
The threat of scams is persisting – stay on your guard
You should always be mindful of the threat that pension scams pose to your retirement income and future.
It is vital you stay alert to the common tactics they use to trick people out of their pensions and know what warning signs to watch out for.
Find out more on the pension scams page.
* Link to report: Freedom and choice: public attitudes a decade on, Institute and Faculty of Actuaries April 2025
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