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Use the guides in this section to find out more about your pension benefits and how the Scheme is funded.​

In this section

A guide to taking your benefits

It’s important to plan ahead and know what to expect when you retire. The simple step-by-step guide below will help you understand what should happen and when.

This guide is based on the standard process for most members who are currently paying into the defined benefit sections of the Scheme. The timescales and process could change depending on your personal circumstances and if you no longer pay into the Scheme or you are a member of the IWDC Section.

Step 1 – Plan ahead

It’s important that you make informed decisions about your retirement and the option you take. We suggest you spend some time using the range of resources and planning tools that are available on the website and within your myRPS account to help you consider your options. Login or register here to find out more.

The following pages have information or tools that will help you plan ahead:

Step 2 – Discuss your plans and agree a Retirement Date with your employer

You’ll need to discuss your plans to retire directly with your employer. Your employer can  let the Scheme know 3 months before your intended retirement date. 

You don’t need to have any contact with the Scheme at this stage, but you may want to use the website and your myRPS account to make sure you have all of the information you need. 

Step 3 – Your employer gives the Scheme your retirement date

Unless your employer tells you otherwise, there shouldn’t be anything for you to do at this stage. 

Step 4 – The Scheme sends you your retirement option form(s)

The Scheme will send you a quotation, along with details of your options and the form(s) you need in the post. Please note the quote includes the current value of any BRASS holdings you have and will NOT take into account any additional payments you /your employer may be planning as part of your final pay package (for example, severance payments). See Step 9 below for how we deal with these additional payments. 

Step 5 – Confirm your retirement option choice

It’s important you understand the options available to you. You should read the form(s) carefully, and use the member website if you want to find out more information about your options. 

The form(s) need to be returned to the Scheme at least one month before your Retirement Date. If you do not return your form in time, your benefit payments may be delayed. 

If you have BRASS it is important that you review your current investment fund choices before retirement. The quote you receive will use the current value of your BRASS holdings, however fund values are exposed to risk and can go down as well as up. If you want to reduce the likelihood of changes to the value, you can go onto the website and make changes to your BRASS investment fund choices. There are fund factsheets available here to help you make informed decisions and take control.

Any investment fund changes should be requested before returning the completed retirement option form. Funds cannot be changed after the Scheme has calculated final retirement benefits and your investment fund choice will remain until we receive your final contributions. 

Once you have accepted your quotation, you can NOT change your mind, so please make sure you are happy with your chosen option. 

If you have decided not to take your benefits at this time, please let the Scheme know and we won’t send you any follow-up letters. 

You can find general information about retirement options here and in our online videos.

Step 6 – The Scheme receives your form(s)

Once the Scheme has received your form(s), we will review to check that we have all of the information we need. If there is any information missing that we need, we will ask you for it. This may lead to a delay in your retirement payments. Ensure your contact details are correct by checking on the website. 

The Scheme will send you a letter confirming receipt of your form(s).

Step 7 – The Scheme confirms your benefits and sets up payments

Just before, or around your retirement date, the Scheme will send a letter confirming your benefits. If you returned your form(s) late, your letter and pension payments may be delayed. This includes any lump sum amount and any regular pension amount you will be paid. 

Step 8 – Congratulations - You are now retired!

Congratulations – your retirement has begun!

If you are taking a lump-sum payment, it should be paid on (or shortly after) your retirement date. Your pension will be paid every 4 weeks. The payments will start after your retirement date, in line with the Scheme’s payroll dates.  

You can view your payslips by logging on to your online myRPS account. 

You will also receive:
  • the ‘Penfriend’ newsletter, twice a year
  • a calendar of your payment dates, with the Autumn issue of the Penfriend newsletter
Once you’re retired, you can use the ‘Retired’ area of the website to get more information about your pension, including copies of the pension payment calendar and Penfriend newsletter. You can learn more about your pension payments in the ‘Guide to your pension payments’.

Step 9 - Recalculation of benefits required for some members

In some circumstances, your benefits may need to be recalculated, usually because we receive additional contributions to your pension account after you have retired. 

Members with BRASS/ making final BRASS ‘Top-ups’
If you have BRASS, or have made a BRASS Top-up, your employer may need to send final contributions to the Scheme after your benefits have been calculated. This will only happen once you have received your final payment from your employer. Once the Scheme has received this payment, a recalculation may take place. If this happens, you will receive a letter confirming your revised benefits approximately one month after your retirement date. 

You can learn more about BRASS in the ’Guide for BRASS members’ and the ‘Save more with a BRASS top-up’ video.

Augmentation

If you and your employer have agreed augmentation, your employer will send the payment to the Scheme. The Scheme will then need to recalculate your benefits to take this into account. You will receive a letter confirming your revised benefits approximately one month after your retirement date. 

You can learn more about Augmentation in the ‘Guide on pension augmentation and redundancy’.