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You're viewing content for active members of the RS Plan

(This means you are currently paying into an RS Plan Account)


Plan information

How it works

The way the RS Plan works is simple: you and the Company contribute into your RS Plan Account. You choose where to invest your Account and then you decide how you want to use it when you retire.


Unless you tell us that you want to access your pension savings earlier or later, the RS Plan’s Normal Retirement Age (NRA) is 65.

When you decide to access your pension savings, the value of your Account is made up of how much has been contributed and how your investments have performed.

Because of these factors, it is impossible to predict exactly how much your Account will be worth in the future.

When you retire, you can choose to use the value of your Account in one or more of the following ways:

  1. Buy an annuity: a regular retirement income for life
  2. Take it in cash: the first 25% would be paid tax free, and the rest would be counted as part of your regular income and taxed as such.
  3. Use an Income drawdown arrangement: this can provide a variable income to suit your needs. In order to take Income Drawdown you would need to transfer your Account out of the RS Plan into another regulated arrangement that allows such access.
  4. Any combination of these options

For more information about each of these options, and the decisions you need to make when you decide to access your retirement savings, visit Approaching retirement.

It’s important to choose the right option to suit your circumstances. You can find out more about the options you have when it comes to accessing your retirement savings at

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You can find out more about the RS Plan and how it works in Your guide to the RS Plan.

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