Defined contribution master trust

Established in 1992, the Industry-Wide Defined Contribution (IWDC) Section was authorised as a master trust by The Pensions Regulator in August 2019.

A master trust for the industry

The Railways Pension Scheme's master trust is unique in that it is specifically designed for rail and associated industries. It also combines both public and railways-oriented private sector benefits. We offer an extremely robust, innovative and trusted service to defined contribution (DC) clients at no additional cost.

All DC funds are invested by our high-quality in-house investment management team, which is led by globally recognised experts. This ensures we have the control, influence and confidence to maximise all funds. We also have the right governance in place to deliver complete cost transparency and long-term sustainability.

Our charging structure is simple and transparent. It is based on an annual management charge (AMC) per selected fund (which includes the member administration charges), with absolutely no employer charges. Despite this, our customers benefit from our full range of services.

In April 2021, we also launched a drawdown arrangement for members, provided by market-leading provider Legal and General. This service is underpinned by an advice service provided through Liverpool Victoria. Both services are available to all members.

We offer:

  • A simple and transparent charging structure for members, with no additional core costs or fees. And absolutely no costs to employers.
  • Strong and stable pension administration at scale, underpinned by an unparalleled knowledge of the rail industry. This enables us to offer our clients a highly cohesive and aligned service.
  • Unrivalled DC controls and reconciliation processes to ensure that day-to-day contributions, investment and membership transactions are handled on a timely and accurate basis. This is the bedrock of good DC vehicles.
  • A high-quality and proven investment capability that offers a focused range of appropriately tailored funds that empower members to make confident investment decisions.
  • A new administration platform that enables increased levels of automation and straight-through processing. We have also developed new member and employer portals that offer significant self-service functionality.
  • An award-winning in-house Communications team with long-standing expertise in the railways pensions industry. This means clear messaging for you and your members.

A highly innovative online capability, supported by guidance materials and modelling tools.