News updates

18 March 2015

Hot topic

Pension Wise is here to help

Pension Wise helps people with defined contribution (DC) funds understand their new pension freedoms when planning retirement. The service is available at www.pensionwise.co.uk.
Members of DC pension schemes are no longer obliged to purchase a pension (annuity) from an insurance company when they retire.

Instead,  after the age of 55, members have much more choice over how they can use their pension pots.
 
The changes don’t affect your RPS pension, which is a defined benefit (DB) scheme. However, BRASS and AVC Extra funds are ​classed as defined contribution so the Pension Wise guidance service may be ​helpful if you are a member of either arrangement.
 
Free phone or face-to-face guidance will also be offered to DC members before they take their funds.
   
It is possible for RPS members to make use of these new flexibilities by transferring their benefits to an individual DC arrangement. However, independent financial advice has to be taken before doing so.

Find out more about pensions in general and the new DC flexibilities at www.moneyadviceservice.org.uk and www.pensionsadvisoryservice.org.uk.
 
Place icon

This might interest you...

Take control today

If you are an active or preserved member, you can view your pension details and choices by registering for your personal myRPS account - the easiest way to monitor and manage your benefits.  SIGN UP NOW »