Retirement Hub
Retake questionnaire

Decision on Retirement Age
  • Start planning for when you want to retire. This may depend on individual circumstances, financial considerations, and health.
  • Normal Retirement Age (NRA) is the age at which you can normally take your pension without reduction. In the RMSPS, any benefits you earned before 1 April 2010 have an NRA of 60 and any benefits earned after 1 April 2010 have an NRA of 65.
  • You can opt to take all your benefits at once, but any benefits taken before NRA will be reduced for early payment. Alternatively, you can take only your benefits with an NRA of 60 at age 60 and take your NRA 65 benefits later so they are not reduced.
  • You may be able to take your benefits early without a reduction if you are suffering from ill health. You can read here about early retirement or ill health retirement.
Check pension pot and State Pension entitlement
  • Review the savings you have.
  • Review your pension statements to understand the size of your pension pot from different employments.
  • Check your State Pension entitlement with the Government.
Budget planning
  • Start thinking about how much you will need at retirement. You can use MoneyHelper's useful budget planner to get an idea for how much your lifestyle would require.

If you’re interested in taking your pension and you’d like more details about how much you might get at your chosen retirement date, you’ll need to contact the Pension Administration Team to request a retirement quote using the details on the Contact us page.

You can also use the RMSPS pension illustrator by signing in to the Online Portal.

Calculate your pension

Please note that we can only provide a retirement quote once you are within 5 years of retiring. You can request up to two retirement estimates a year from the Pension Administration Team.

It’s also worth thinking now about whether you would like any financial advice to help you plan ahead. You can find an Independent Financial Adviser (IFA) here.

As you approach Normal Retirement Age

Capita will send you a pack with details of your retirement options (either at your request or automatically as you approach Normal Retirement Age). You should select the retirement option that best suits you and send your completed forms back to Capita with any other documentation they request in your retirement pack.

Working out what you’ve got

Whether you’ve got pension savings through a workplace pension or a personal private pension, the first step is to work out what you have, how much and where.

Start by reviewing the amount you have in your RMSPS pension, log in to your online pension account. This will give you a good starting point for how much you currently have saved.

Review your pension pot

Check how much your State Pension could be worth and when you’re eligible to claim it. This could form part of your regular retirement income so it’s good to know how much you’re likely to receive.

Check your State Pension forecast

Find out if you have any other pensions that you might have with previous or current employers. If you know of other pensions you’ve paid into in the past, make sure you locate these and factor any extra pension savings you have into your retirement planning.

Find other workplace pensions

Include any other savings or income you may have. When calculating how much you will have at retirement you should include any money you have in personal savings accounts or any income you still expect to be receiving once you have retired. This could include rental income, or any part time work you might continue or take up.

Working out what you’ll need

Once you’ve figured out how much you’ve already got saved up, you need to work out if that will be enough to support the retirement lifestyle that you want. Ask yourself some questions about the life you’ll be living once you finish working.

  • What will you no longer need to pay for?
  • What will you have to pay for that you don’t spend money on now?
  • Are there any things you would like to do you once you’re retired?

To get an even better idea of how much you’ll need it’s useful to use the RMSPS pension illustrator to get an estimate of the income you’ll get when you retire. This will also show you if you have any gaps in your savings and how you can plan to boost these.

Use the RMSPS pension illustrator by signing in to the Online Portal.

Calculate your pension

Other things to think about

Now you have an idea of how much you’re likely to have and what you think you’ll need, its good idea to plan for the retirement you would like to have.

Here are some things to think about:

  • When would you like to retire? This may depend on individual circumstances, financial considerations, and health.
  • What kind of lifestyle will you want to live? For example, are there any big trips you would like to go on or any big purchases you're planning on making
  • Will you have any outgoings that you won’t have paid off when you retire? It’s important to try and start your retirement with as little debts as possible, as your income is likely to reduce when you retire. You’ll also need to factor in any fixed payments (utility bills etc.).

Remember, your full retirement pot could consist of income from multiple pension schemes, savings accounts, investments and the State Pension. Don’t forget to make a plan to manage any outgoings you might have including bank loans, rent or mortgage and bills.

By understanding how much money you need to achieve the retirement lifestyle you want; you can check whether your current pensions savings, and any other sources of income you’ll have at retirement, can support this. Taking a proactive approach early will enable you to make informed decisions about your contributions into your current pension and how you choose to invest (if applicable). It will also help you understand if you need to make any lifestyle adjustments to support your move towards a more secure financial future.

If you would like to view a forecast of the likely pension income you might get when you retire or see how your retirement age may affect your income, you can use the useful RMSPS pension illustrator by signing into the Portal.

Defer taking your pension 

You may decide to delay taking your pension while you decide on the best course of action. If you want to retire after Normal Retirement Age (NRA), you’ll need to complete the Late Retirement Consent Form for the Trustee to approve. It’s important that you do this well in advance of your NRA as the Trustee may not agree to you retiring late after this date.

Taking a regular monthly pension from the Scheme

You may choose to take all of your benefits as a regular monthly pension. This will be paid for the rest of your life. These payments are increased each year and there may be certain death benefits payable upon your death.

Take a reduced pension and a tax-free lump sum 

You are eligible to take some of your pension savings as a tax-free lump sum. Your remaining pension benefits will then be used to pay you a regular monthly pension going forward. The monthly payments will be lower than if no tax-free lump sum was taken. This lower regular pension will still be paid monthly, increased each year, and subject to the same death benefit rules as if you had not taken the tax-free lump sum.

Take a small, one-off lump sum payment

If the total value of all your pension savings is less then £30,000, you may have the option to take your benefits as a small, one-off lump sum payment. This is sometimes known as a Trivial Commutation Lump Sum. In this option, you receive a one-off payment from the scheme and no further pension or death benefits are payable. Please note, this payment can only be made providing you meet the conditions detailed on the Trivial Commutation Small Lump Sum Form.

Transfer your pension 

You may be able to transfer your current pension to another provider. This depends on the Scheme rules relating to your section and you’ll have to take independent financial advice before you can transfer out if your benefits are valued at £30,000 or more. To explore this option, you will need to complete a Transfer Request Form for a quote and more information. It’s important to make sure the benefits you expect to receive remain protected if you choose to transfer your benefits to another provider.

Planning your retirement

You can request a quote to confirm your current pension benefits in the online portal:

Log in to portal

Alternatively, you can contact the Scheme Administrator for a quote by writing to the team using the details on the Contact us page.

State pension

In addition to your RMSPS pension, you can also receive the State Pension. This is a regular payment from the government and most people can claim this when they reach State Pension age. Your State Pension age depends on when you were born, but for most people it is now age 66.

In addition to your RMSPS pension, you can also receive the State Pension. This is a regular payment from the government and most people can claim this when they reach State Pension age. Your State Pension age depends on when you were born, but for most people it is now age 66.

The amount of State Pension you’ll get depends on how many ‘qualifying’ years of National Insurance payments you have paid. This includes National Insurance contributions that you pay when you are working and contributions that are credited to you when you are unable to work, for example if:

  • you've been out of work because of illness, unemployment or maternity leave
  • you're a parent of children under age 12 for whom you're claiming child benefit
  • you're a carer for someone sick or disabled, or a foster carer, or received Carer's Allowance

You'll also receive National Insurance credits if you are in work, but don't earn enough to pay it.

To find out the maximum basic State Pension visit the Government website.

More info about the State Pension

Getting guidance

There are lots of resources to help you at whatever stage you are with your retirement planning. Below are two platforms that provide useful information to help whatever stage you're at.

MoneyHelper brings together a number of helpful services, including Pensions Wise, which can provide guidance around your pension savings, but also wider financial issues like debt and savings.

Pension Wise is a government service that offers free, impartial pensions guidance about your defined contribution pension options. An appointment will help you understand what your overall financial situation will be when you retire. It will focus on your options to help you make the right decision for you, and also allow you to find out about the other factors you need to consider when deciding on your options before retirement. During a Pension Wise appointment, an independent pension specialist will:

  • explain your pension options
  • explain how each option is taxed
  • tell you what your next steps are

If you are not taking regulated financial advice, we strongly recommend that you book an appointment with Pension Wise to discuss the options available to you. The appointment will take between 45-60 minutes and can be over the telephone or somewhere local to you.

These appointments can be booked online directly with Pension Wise, or you can call them on 0800 138 3944 to book an appointment. Book your Pension Wise appointment online.

Getting advice

If you’d like to receive personalised financial advice, you will need to get in touch with an Independent Financial Adviser (IFA). An IFA can look at all your financial arrangements and give you personalised advice to help you make an informed decision about your retirement. You should bear in mind that an IFA will charge for their services

Find an independent financial adviser

All financial advisers are regulated by the Financial Conduct Authority (FCA), so they must follow strict rules when they give you advice. Make sure you check that they’re registered before you start planning.

Check if an adviser is on the financial services register

Paying in more

Even though you’re already paying in each month to your pension, alongside employer contributions from us, boosting your contributions by paying in extra might be the most convenient option for you. This would be referred to as paying Additional Voluntary Contributions (AVCs). AVCs are paid into the L&G Mastertrust. For more information go to the L&G Mastertrust website.

Checking your State Pension

You’re able to check the amount of State Pension you are set to receive on the government’s website. By reviewing your expected State Pension amount you might find that there are gaps in your National Insurance record and may be able to pay in Voluntary National Insurance Contributions to increase your State Pension amount. Check your State Pension forecast.

Find any lost pensions

It might be that if you’ve changed jobs several times over the years and there could be old pensions that you’ve lost track of. If you’re looking for a lost workplace pension and know the name of the employer or scheme you can use the Pension Tracing Service via the government website. If not, they also offer a service to find the pension contact details you might need. Find pension contact details or contact the Pensions Tracing Service.

Get in touch with a regulated financial adviser

If you would like to know more about what to do with the money you have saved, you can speak to a regulated adviser who will go through their fees and charges with you before you commit. Find a financial adviser.

Close