News updates

24 May 2017

Main News

Do you have DC benefits in the Scheme?

This important update from the Trustee is for you.
The Trustee exists purely to look after your interests as a member of the Railways Pension Scheme. 

We keep a close eye on the Scheme to make sure it offers good value for members, by being efficiently run, and offering investments that meet your needs.

Here’s a brief roundup of our work for the DC arrangements (IWDC, BRASS and AVC Extra) over the past year.

Value for members

We’re happy to say that your DC arrangements represent good value. We’re working continually with RPMI to improve the services on offer, and to achieve an excellent rating in the future.
 

Our good value assessment is based on:

  • investment fund strategy and charges
  • current returns on investments
  • accurate, timely administration
  • the services and benefits of Scheme membership
  • informative, engaging communications
  • high standards of Scheme governance
  • comparison with other schemes, where possible

 

Investments

DC fund choices 

 

You may be happy with these choices, but it’s still a good idea to check them regularly … at least once a year. It’s easy to switch funds online if you want to – and if you’re invested in one of the Lifestyle Strategies, make sure your Target Retirement Age (TRA) is still in line with your retirement plans.

 

You must keep your TRA updated if necessary because this is what we use to change how your money is invested as you approach retirement. Check your investments now.

 

Why not pay a bit more into your pension? See what you’re currently contributing and the value of your investments.

 

Work out how much you’ll need to live on in retirement … a little extra saving could make a big difference when investment returns are added over time.  Try the Lifestyle Calculator in myRPS to check your outgoings.

 

The Trustee regularly reviews your investment choices to make sure they still meet your needs.

 

Your charges and costs

Member charges were lower for all the investment funds in 2016 than in the previous year (see table below).

 DC fund charges

RPMI Railpen (which looks after your investments) is constantly making improvements to try and obtain the best possible returns after fees and transaction costs are taken into account. The fund factsheets on this website show estimated costs for the year ahead.

 

We also checked throughout the year that member contributions and payments are being processed efficiently and quickly. Again, we’re happy to report that no errors were found which would affect calculations and payments. In fact, the quality of work was found to be of a very high standard.

 

Our expertise

To make sure the Trustee Board has the right level of knowledge and understanding, we all take part in regular training programmes.  Our combined expertise means we can effectively carry out our duties as ‘caretaker’ of the DC Arrangements and the Scheme.

 

We also have a committee dedicated to DC matters, whose members have a greater specialist knowledge than the Trustee, and can spend time on development in DC law and best practice.

 

Read the Trustee Chairman’s latest governance statement in full. 

 

Tell us what you think

We’re very keen to hear your views about the Scheme, its benefits, your investments and retirement plans, and the parts of your DC pension that you value the most.

 

Regular surveys are included in your newsletters and retirement statements. You can also contact any of the trustees, get in touch with RPMI at dcadmin@rpmi.co.uk, or press the Feedback button at the side of this page to leave your comments.

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