Highlights In This Section
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.
Try it nowThe new cost of retirement
Developed by Loughborough University and the Pensions Lifetime Savings Association (PLSA), the RLS are a practical tool to help people understand what life in retirement can look like at 3 different levels: minimum, moderate and comfortable.
They take into account if you live alone or with another person, and consider things like:
- the current cost-of-living
- lifestyle choices, such as holidays, clothing and transport
- food and drink, and
- household costs, such as council tax, energy and water
The 2025 RLS updates
Compared to the huge increases they’ve seen in the previous 2 years, 2025 has seen smaller increases to the amounts required for moderate (+£800 per year) and comfortable (+£400 per year) standards of living, and a reduction (-£1000) to the amount required for the minimum living standard, for a single person in retirement. If you live in London, the costs are higher and can be found here.
The standards reflect changes in public behaviours, and the cost-of-living
The changes are due to a fall in the energy price cap until October 2024, and modest food price rises.
Groups living to the minimum standard made cutbacks to some expenditure items, such as technology, hairdressing services, clothing, charity donations and taxi transport, and increased their budget for rail fares (from £100-£180 per year).
Amounts required to cover the weekly costs of domestic fuel have fallen across all standards by more than a quarter, for all household types. For couples living at the minimum standard, the weekly domestic fuel budget has fallen by £12.44. The moderate and the comfortable weekly budgets have fallen by £16.74. For singles living at the minimum standard, the weekly domestic fuel budget has fallen by £8.82 and the moderate and comfortable have fallen by £15.38.
The standards assume you won’t have a mortgage or rent in retirement. If this won’t be the case, you’ll need to add housing costs to your budget.
The RLS can help you plan for life after work
Based on research-backed information, they provide real-life examples for people to aim towards, empowering savers to take action by showing the level of expenditure required for different standards of living. And although all circumstances are different, and they won’t exactly reflect yours, they’re there to be used as a guide.
Using the RLS and your member website, you can take steps to secure the future you deserve
- You can think carefully about what you can afford and create a realistic savings goal
Research shows that by having a clear savings goal, it brings you clarity, inspires action, and you are more likely to achieve it. Check out this page on your member website to help you find out how much you might need for the retirement you hope for and if you have enough in your pension savings.
- You can check if you’re on track towards your goal
You can contact Railpen, your Scheme administrator, to request an estimate of your current savings. Watch out for your Annual Benefit Statement arriving in the post soon as it offers important information about the value of your pension and helps you keep track of how your pension savings are building up.
- You can take your pension at a later age
Delaying your retirement, and working for longer, could help to build up more pension benefits.
- You can think about other sources of income, like the State Pension
The State Pension age is due to increase to 67 between 2026-2028. If you’re considering taking your pension later, the addition of your State Pension could contribute towards your income, and lifestyle, in retirement. You can read more about the State Pension by visiting gov.uk/browse/working/state-pension.
- You may find a lost pension pot or have another pension
With Pensions Dashboards launching soon, the government-backed scheme to help people trace old pension pots, you may find you have a lost pension pot. Keep an eye on the Pensions Dashboards website for any updates.
- You can get some financial advice if you need it
If you’re thinking about making changes to your pension, or taking your pension, you can speak to a financial adviser. You can find a list of Independent Financial Advisers (IFAs) by visiting unbiased.co.uk.
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.
