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Are you saving enough?
Find out how much your lifestyle could cost when you retire and how to work out if your savings are on track.
Are you saving enough?Kick-start your financial fitness, this new year
It can be easy to overspend in the festive season, but January is a great time to reassess your finances and savings.
Wherever you’re at in your pension journey, whether you’re new to the Scheme, approaching retirement or somewhere in the middle, you can use this Financial Wellness month (January 2024) to set new saving and budgeting goals to help you have
a great year, and a stronger financial future.
Here are some useful tools, hints and tips to help you boost your financial wellness for 2024.
Get familiar with your pension
Your member website is the best place to go to for information on your pension, and more. It’s a one-stop-shop for everything you need to know about saving with the Scheme, and has some useful forms, a glossary, answers to questions members often ask, information on pension scams as well as some handy guides and more in-depth Scheme documents. It’s the best way to get to know the Scheme and your pension. If you have any questions, you can always reach out to the administrator of the Scheme on 0345 112 0025 or at amey@railpen.com
Check out the Lifestyle costs in retirement page to see how much you might need for a decent life after work
The information on the Lifestyle costs in retirement page can be used as a quick and easy tool to help you see if your savings are on track for the life you want after work.
This will help you to get a rough estimate of how much you’ll need to save for your desired future. It’ll help you get a clearer vision of what you need to save now for the life you want after work.
Request an estimate of your benefits
You can request an estimate of your pension anytime. You can do this over the phone or via email.
Use the Retirement Living Standards to get a picture of what retirement may look like for you, financially
The Pensions and Lifetime Savings Association’s Retirement Living Standards help you understand your predicted lifestyle in retirement based on the type of income you might have. They show what later life may look like at three different financial levels, and what you might be able to enjoy, or live without. Considering the Standards is a good way to assess your current financial circumstances and take practical steps to tweak your saving habits now, if need be.
Get some advice if needed
Visit MoneyHelper to get free advice on getting rid of some debt. You can also speak to a financial advisor if you’re unsure about your pension.
Pension Wise, by MoneyHelper, is a free service backed by the government, which provides impartial guidance on financial matters relating to defined contribution pension pots for over 50s. Call them free on 0800 011 3797.
Visit the Government website, which offers clear information on a wide range of financial issues. The 'Workplace and personal pensions' section in particular addresses a variety of pension-based topics in a handy A to Z list. There is also a separate section on the State Pension.
Matt Riley
Manager
Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.
As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
Sam Burden
Client Director
Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)
Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes.
Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.
Payam Kazemian
Client Director
Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).
Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.
