The new drawdown facility for IWDC members (RPS) and those with AVCs. 

Members of the Industry-Wide Defined Contribution (IWDC) section of the RPS and those in RPS or BTPFSF with an AVC, like BRASS or AVC Extra, have a number of options for taking their benefits. 

One of these options is to get a flexible income, taking it a bit at a time. This is known as ‘drawdown’. 

Neither the RPS nor BTPFSF offer drawdown directly. Instead the schemes’ administrator RPMI has partnered with Legal & General, to offer members access to a new, value-for-money, high-quality, drawdown facility. 

Before this, members choosing a retirement option would have been exposed to the open market, where many of the products came with costly fees. 

While members are still free to shop around, the Trustee identified the need to give members access to a solution that was more competitively priced. Legal & General was chosen as the preferred option for members, following a detailed selection process. 

This is in line with pension freedoms introduced by the Government in 2015. 

More information can be found on the relevant member website – railwayspensions.co.uk or btppensions.co.uk 

The new advice service, available to all members 

Advice is important for financial wellbeing and making sure your pension works for you. 

Liverpool Victoria (LV) has been chosen as the official partner to give members access to financial advice. 

LV covers all areas of advice, including:

• retirement
• financial planning
• transfers 

LV will be offering its services at a discounted rate for members. And can be contacted now on 0800 023 4187. 

LV’s retirement advice service was carefully chosen based on both quality and cost. However, members are still free to choose their own Independent Financial Advisor (IFA) and can find an IFA in their area at unbiased.co.uk