Railways Pension Schemes Combined TCFD Report 2025

This 2025 report is the fifth round of detailed annual reporting on how the railways pension schemes are managing the financial risks and opportunities relating to climate change.

Adam Gillett / 28 July 2026

Railways Pension Trustee Company Limited (RPTCL), as corporate Trustee of the railways pension schemes, is committed to paying pensions securely, affordably, and sustainably.

Climate change and the actions taken to address it are financially material for pension schemes. Understanding these risks and opportunities is essential to how we manage the schemes over the long term.

Our analysis continues to show that the best climate outcome for the schemes aligns with the world meeting the Paris Agreement goals in an orderly and just way. This benefits our members financially and supports broader societal outcomes, which is why we remain focused on this work.

Read the 2025 TCFD report...