Another NR pension question

Status
Not open for further replies.

mac

Member
Joined
15 Dec 2010
Messages
429
So I've now joined the railway pension scheme but they want to know what I want to do with the money I already have in my pension from the first 5 years work. I can leave it where it is or transfer it to Brass, if I go for Brass they give me a choice of funds to pick from. How do I know which is best what have others done?
 
Sponsor Post - registered members do not see these adverts; click here to register, or click here to log in
R

RailUK Forums

Cavan

Member
Joined
7 Jan 2017
Messages
266
No-one can give you accurate pension advice other than an IFA as personal circumstances vary massively. Even moving from CARE to RPS is not automatically the best choice for all.
 

mac

Member
Joined
15 Dec 2010
Messages
429
Would an IFA know about railway pensions? I think I'll move it to Brass but it's knowing which fund
 

ComUtoR

Established Member
Joined
13 Dec 2013
Messages
7,353
Location
UK
Fund choices can be depend on your age. The younger you are the more high risk investments you tend to make. As your fund increases and you get older, you should invest in more robust and more reliable investments. There is an option on in Brass to select 'lifestyle' funds and (IIRC) they will change as you age.

I went with less risk when I first started but after a few years, I decided to go higher risk. At the moment, I've got a spread of choices.
 

Surreytraveller

Established Member
Joined
21 Oct 2009
Messages
1,804
It may also depend upon what other savings and investments you have. If you have your own savings outside the pension scheme, then that may also lean you towards riskier investments.
Riskier investments tend to give better returns in the long term, but you are also more likely to get back less than you put in.
 

mac

Member
Joined
15 Dec 2010
Messages
429
I'm 58 and have other savings and pensions, this is first workplace pension. The main two they ask about are Global Equity Lifestyle or Long Term Growth Lifestyle but when I read about them I've still know idea
 

ComUtoR

Established Member
Joined
13 Dec 2013
Messages
7,353
Location
UK
The 'Lifestyle' part is how the fund changes over time. If your 58, personally I'd stick with a fund (deposit fund) that will keep the money safe.

Projected benefits :

Global Equity - 5.750%
Long Term Growth - 6.500%
Long Term Growth (lifestyle) - 6.250%
Deposit - 1.250%

Figures taken from my latest pension statement which came through last week. I would strongly advise logging in to the RPS website. There is more information as well as various pension calculators. The RPS have been pretty good when I have phoned them in the past. Give them a call for greater clarity.
 

mac

Member
Joined
15 Dec 2010
Messages
429
Thanks for that information, I'm working today although I've no trains running so I've looked on that website but as I said earlier I've no idea what I'm looking at
 
Status
Not open for further replies.

Top