Work out your costs

Staying in control of your finances isn't always easy, but it's important to plan for your future and keep your pension savings on track for the retirement you want.

Remember it's always a good idea to get independent advice for your long-term financial planning.

Retirement budgeting calculator

A retirement budgeting calculator is now available within your MyFund account to help you estimate how much you’ll need in retirement and give you a personal target to aim for with your income.

The calculator takes into account the 'Retirement Living Standards' created by the Pensions and Lifetime Savings Association (PLSA), which suggests the following as benchmarks for the income you might need:

The calculator will also let you adjust individual costs, such as leisure and travel expenses, to offer an estimate that is tailored to you.

You’ll find the retirement budgeting calculator in your myFund account by logging here. And in the Resources section of the member website here.

Your State Pension

State Pension age is gradually going up, depending on when you were born. To find out when you can start claiming your State Pension, use the State Pension age calculator.

If you are aged 50 or over, you can request a State Pension Estimate.

Get an estimate of your Scheme benefits

Also in this section

Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.