I'm new to the Scheme

There is a variety of benefits when you save into a pension, and the sooner you start, the better.

Welcome to your new IWDC pension

Welcome to the Railways Pension Scheme (RPS) - by joining the Scheme, you've already made a great start towards a better future. 

A welcome mat
How your IWDC pot works

As a member of the Industry-Wide Defined Contribution (IWDC) Section, you get lots of benefits and support to help you plan for your retirement. Once your employer has set up your membership, we'll send you a welcome pack. This includes some important details about your membership and how you can plan for your future. It will also include your Pension Reference Number. You'll need this to set up your online myRPS account. You'll also need it if you get in touch with us, so please keep it safe.

The IWDC Section is a ‘defined contribution’ (DC) arrangement.

This means that while you're working, both you and your employer pay into your pot (known as your Personal Retirement Account). Your contributions are taken before tax so you get tax relief on the money you pay in, up to certain limits.

Your pot is invested into funds, which aim to help it grow over time.  When you're ready to take your pot,  there are a number of options available.

What should you do first?

The first thing to do is to  register for your secure online myRPS account. This website offers a whole host of information and tools to help you plan for your life after work and your personal myRPS account will help you stay on track every step of the way.

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Once you register and log in, you'll be able to:

  • visit the New Joiner section for an overview of how your membership works. You'll find a link to this area on your dashboard once you log in
  • watch a short video explaining how to use the website
  • find your Member Guide and Key Features, which explain everything you need to know about being a member of the IWDC Section, including your options
  • check or change the funds you invest in
  • use the Retirement Modeller to keep track of your Personal Retirement Account
  • ask for estimates of your retirement options
  • complete a 'Nomination' to say who you'd like us to make a payment to if you die
How to set up your myRPS account

Registering for your myRPS account is quick and easy! You'll be able to see all your personal pension information, and manage your Personal Retirement Account whenever it's convenient for you.

To register, you'll need:

  • Pension Reference Number – you can find this on your welcome letter
  • National Insurance number
  • Date of birth
  • Email address (use a personal email address if you have one, rather than your workplace one)

If you would like to use a mobile number to log in to your account in the future, you can add one in at the registration stage. This will need to be verified once you've logged in to your account.

Once you have these to hand, please visit the registering page.

What should I do after I register?

Log into your myRPS account and watch the video to understand where you can find some of the most useful tools.

As soon as possible, you should:

1. Check your investment funds

It’s very important that you keep an eye on your investments to make sure that they meet your needs. The main things to think about is which funds you're invested in, how they're performing and whether they still feel like the right choice for you. 

You can see which funds you invest in by logging in to you myRPS account and going to the 'Funds' page in the 'My Pension' area. You can also change your fund choices if you wish.

Read more about funds and the choices available on the how my investments work page.

2. Complete a 'Nomination'

Your family and/or beneficiaries could get a cash lump sum if you die while you’re still a member of the Scheme, so it’s really important that your nominations are up to date. You can update your Nomination online when you log in to your account. You'll find the 'My Nominations page in the 'My Pension' area of your myRPS account. 

Read more on the nominations for death benefits page.

Manage your pension

The easiest way to manage your RPS pension and actively plan for retirement is to use your myRPS account.

You can get a copy of your Member Guide, ask for estimates, use planning tools, check/update your details... and more.

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