Another NR pension question

[mac]

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?

 

[Cavan]

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]

Would an IFA know about railway pensions? I think I'll move it to Brass but it's knowing which fund

 

[ComUtoR]

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]

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]

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]

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]

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