There is so much pension misinformation and complicated jargon that many can be put off by before they’ve even started.

But saving for your pension doesn’t have to be complicated at all. We have lots of tools and information available so you can navigate your pension with ease and relax knowing that you’ve got that part of life covered.

Before we tell you more about what is available to you as a BTPFSF member, let’s debunk some pension myths that are out there. 

Myth — All pension schemes are the same 

Although the end goal for all schemes is to help you save money for when you retire, there are different types of pension arrangement available.

The ‘Fund’ is also known as the British Transport Police Force Superannuation Fund (BTPFSF) and is a high-quality pension scheme with three different sections. At the end of 2020, the BTPFSF had 7,348 members and paid out £58m in benefits.

Advantages of the Fund include:

• Contributions are made by both members and their employer and invested in a wide variety of assets, which make up the investment portfolio that pays the Fund's benefits
• a single Trustee that oversees investments management and governance and;
• a Fund Management Committee that oversees delegated Trustee duties, where three of the employee representatives are elected by the British Transport Police Federation, two by the pensioners of the Fund and one by the Chief Constable (after consultation with ranks not represented by the British Transport Police Federation)

Myth — The State Pension alone is enough

At the time this article is published, the full State Pension is £179.60 a week, however the actual amount you get depends on your National Insurance record – you’ll usually need to have 10 qualifying years on your NI record to get any of the State Pension.

You’ll also only be able to start claiming your State Pension when you reach your State Pension age. The Government is gradually increasing State Pension age and is currently 66 but set to increase to 67 by 2028.

So it’s important to think about whether this is enough for your future plans. Life expectancy is ever-increasing so if you don’t want to compromise your current lifestyle and salary, taking an interest in your pension planning is a great way to ensure you’re prepared for the future. 

Myth — Pensions are difficult to manage and too complicated 

Pensions can seem daunting, but on the BTPFSF website we have lots of helpful articles, tools, and information to help you, wherever you are on your pension journey. 

Our FAQs section answers everything from Normal Retirement Age to paying in extra and investment funds. There are also plenty of videos available that cover where to start as well as tax and other complex pension topics in a way that may be easier to digest. 

Make sure to register and/or log into your myFund account today so you can:

• Request estimates of your retirement benefits as many times as you need
• Make or change your nominations
• Check and update your contact details
• See or switch your AVC or investment funds
• Make a one-off contribution

Myth — If you've lost track of your pension, it's gone forever 

When you change your place of work, it’s likely that you will be enrolled into a new works pension scheme. This often means that you end up with lots of different pension pots if you move from job to job.

If you’ve paid into a pension in any of your previous jobs, you can use the Pensions Tracing Service to find details about your own workplace or personal pension scheme and contact details. You can find out the value of your pots by contacting the pension provider.

If you can’t remember who your pension provider is and you’re trying to trace a workplace pension, you can also contact your former employer and they should be able to tell you who the provider is.

Myth — It's too late to start 

Not true! Of course, the earlier you start saving, the easier putting together a decent-sized pension pot can be, but it’s never too late to start saving for the future. Make sure to use our retirement budgeting calculator to estimate how much you may need for the lifestyle you want. The figures are only a guideline so please ask for financial advice via the details below if you need it. 

Neither your pensions administrator, RPMI, or your employer can offer advice. Liverpool Victoria (LV) has been chosen as the official partner to give BTPFSF members access to financial advice. LV can be contacted on 0800 023 4187. This service is authorised and regulated by the Financial Conduct Authority.

You can also find an Independent Financial Adviser in your area on the Unbiased website.