When to retire
Find out when you can take your IWDC pot.
Your Pension Age is the age at which your pension pot is normally paid. Your Pension Age is set by your employer and is usually between 60 and 65. You can find out which Pension Age applies to you by checking your Key Features leaflet. This is available in the My Library area when you log in to your myRPS account.
Your Pension Age may be different to your State Pension age, which is the age at which you can claim your State Pension. Your Pension Age is set out in the Scheme rules. Your State Pension age is set by the government and you can check it on the government website. Your State Pension is not paid as part of your Railways Pension Scheme benefits.
If you are considering taking your IWDC pot before your Pension Age, you may be able to take it from age 55 or 57 depending on when you joined the Scheme, or at age 50 if you have a Protected Pension Age (see below).
You can keep your pot invested until after your Pension Age but you must take it by age 75.
If you were an active member of the Scheme on 5 April 2006, you may have a Protected Pension Age (PPA). This gives you the right to apply for your pension from age 50.
This does not apply if you have
If you have a Protected Pension Age and take your pot before age 55, there are restrictions that apply:
If you do not follow these restrictions then you could face a large tax bill.
If you were a member of the Railways Pension Scheme after 5 April 2006 but before 4 November 2021 and were born before 6 April 1973, you may have a Protected Pension Age (PPA) of 55. That means the earliest you can claim your pension is 55.
If you joined as a new entrant on and after 4 November 2021 and were born after 5 April 1973, you won’t have a PPA and the earliest you can claim your pension is 57.
If you invest some or all of your IWDC pot in a Lifestyle strategy, you should have chosen a Target Retirement Age (TRA).
Your Target Retirement Age (TRA) is the age you plan to take your IWDC pot. It’s important because your investments will automatically move into lower risk investments 10 years before your TRA.
The earliest you could set your TRA would be either 50 or 55, depending on when you joined the Scheme and whether you have a Protected Pension Age (PPA). Your latest TRA would be 75, but you can choose any age between these limits that suits your plans.
Your chosen TRA could be earlier or later than your Pension Age, if you plan to take your pot at a different time.
You can also check the following pages for further information about Lifestyle strategies and all of the fund choices available to you:
You can set, check, and change, your TRA when you log in to you myRPS account. Go to ‘My Pension’, then ‘Funds’ and 'Change Target Retirement Age.'
If you have to stop work due to ill health, you may be able to take your pot, to provide you with an income before age 55 or 57, depending on when you joined the Scheme, (or before age 50 or 55 if you have a PPA).
You can find information in your Member Guide. This is available in the My Library area when you log into your myRPS account.
Liverpool Victoria (LV) has been chosen as the official partner to give RPS members access to financial advice. LV can be contacted on 0800 023 4187.
You are still free to choose your own Independent Financial Adviser (IFA).