Arrivals and departures on the Trustee Board

The Trustee Board oversees all four railways pension schemes, and is responsible for making sure they’re run in members’ best interests.

The Board is made up of 16 Trustee Directors. Eight are nominated by scheme employers, and eight are nominated on behalf of members by the Trade Unions, BT Police Federation, the schemes’ Pensions and Management Committees, and railway pensioner organisations.

Roughly a third of the Directors retire by rotation every two years, and their term of office is six years.

Read on to learn more about the latest appointments.

Hello to our newest Trustee Directors

Martin Hunter

Through his current roles at Transport for London as Chief Executive of the TfL Pension Fund and Director of Pensions, Martin brings extensive experience of operating large, open DB schemes in the transport sector. Having previously served the railways pension schemes’ Trustee Board as Head of Integrated Funding at Railpen, Martin also brings a strong understanding of the schemes, as well as the Trustee’s responsibilities and decision-making processes.

Martin said: “I am a very strong believer in the vital role that pensions – and in particular, DB schemes – play in providing security and financial dignity to workers in their retirement, and I am proud to be called to serve the members of the railway pension schemes.”

John McBride

With over 30 years’ experience in the rail industry, including senior leadership roles with British Transport Police (BTP), John retired in 2018 as Chief Superintendent. In 2022, he again joined the BTP Force Superannuation Fund Management Committee – this time as an elected pensioner representative – where he continues to lend his extensive experience in governance and risk management to making member-focused decisions.

John said: “I’m delighted to be appointed to the Trustee Board. I am looking forward to extending my focus on protecting members’ long-term financial security in the ever-changing pensions landscape to all Sections of the railways pension schemes.”

Trustee Chair Christine Kernoghan said: “I’m thrilled to welcome Martin and John to the Trustee Board. At a time of significant change across both the pensions and rail industries, the years of experience and variety of skills they each bring to the role will be invaluable as the Trustee continues to deliver its mission to pay members’ pensions securely, affordably and sustainably.”

Welcoming back familiar faces

Four of our current Directors have been re-elected to the Trustee Board for another six-year term of office, running until 1 July 2032:

Adam Golton | Trustee Director since 2020

Nominated by Passenger Train Operating Companies (TOCs)

Currently sits on: Audit and Risk Committee, Integrated Funding Committee (Chair), and the Railpen Board’s Investment Advisory Panel

Charles Harding | Trustee Director since 2007

Nominated by Confederation of Shipbuilding and Engineering Unions (CSEU)

Currently sits on: Audit and Risk Committee and Member Casework and Administration Committee

Richard Goldson | Trustee Director since 2020

Nominated by the Retired Railway Officers’ Society

Currently sits on: Audit and Risk Committee (Chair), Defined Contribution Committee, and the Railpen Board’s Investment Advisory Panel

Fatima Baig | Trustee Director since 2021

Nominated by Network Rail

Currently sits on: Integrated Funding Committee, Railpen Board, Railway Pension Investments Board, and Railpen’s Enterprise Risk Committee

Thank you and goodbye to retiring Directors

And we will be saying goodbye to two Directors who retire on 1 July:

John Wilson | Trustee Director since 2008

Through his career as an Actuary at British Rail, John was an integral part of the team who designed and founded the Railways Pension Scheme (RPS). This, combined with over 50 years’ experience advising companies on their pension arrangements, imbued John with a unique depth of knowledge and understanding that have hugely benefitted the members of all the railways pension schemes. He continues to serve as an employer-appointed member of the RPS First Great Western Section Pensions Committee.

John said: “I became a Trustee Director because I felt I had something to add to the Trustee Board through my experience in establishing the RPS and my long history in pensions. It’s been an honour to be in a position to give something back to the schemes and their members, and I wish my colleagues the very best as they continue to do the same.”

Peter Holden | Trustee Director since 2019

Following a 30-year career in the British Transport Police Force, Peter retired as Chief Superintendent (Divisional Commander) in 2016. By the time he was appointed to the Trustee Board in 2019, he also brought with him years of governance experience through his work as a Management Committee representative from 2009 – 2022, and later in his role as a Non-Executive Director of Railpen from 2020 to 2021. Peter was the founding Chair of the Trustee’s Sustainable Ownership Working Group.

Peter said: "It’s been a privilege to serve the railways pension schemes and their members, and to play an active role in helping to safeguard their pensions. I step away in full confidence that my colleagues on the Board will continue to act in the best interest of the people saving for their future, those already enjoying a secure retirement, and their dependants.”

Christine said: “I’d like to say a personal thank you to John and Peter for all their dedication and support over the years. They’ve each made significant contributions to the schemes, consistently acting in members’ best interests. Peter’s leadership in designing, delivering and overseeing the Trustee’s approach to Sustainable Ownership will ensure the Board continues to invest in companies with sustainable working practices that are more likely to produce returns that will benefit members in the long-run. And John’s tireless service across all Trustee Committees and Boards throughout his 18 years as a Trustee Director means he’s made a number of enormously important contributions to the schemes’ members. The Trustee Board and I wish them both the very best for the future.”

Richard Murray to succeed Christine Kernoghan as Chair of the Trustee Board from September

The news of these appointments and departures follows the Trustee Board’s decision to appoint Richard Murray to succeed Christine Kernoghan as Chair of the Trustee Board from September 2026.

Richard has served as a Trustee Director since 2019 and is also currently a Non-Executive Director of Railpen.

He and Christine will work jointly over the Summer on a suitable transition plan, after which Christine will continue to serve as a Director on the Trustee Board.

Find out more

To learn more about the Trustee, including its roles, responsibilities and how it works with Railpen, click here.