From our origins in Darlington – home to the world’s first public railway – we’ve innovated and evolved to serve the needs of the industry and the financial future of its workers – from their first day on the job, throughout their working lives and into retirement.
Our story
Purpose
We are here to secure our members' future.
Railpen began in 1965 as the pensions office for the British Rail Pension Scheme and we’ve been driving better retirement outcomes for rail workers ever since. Today, we manage over £34bn in assets on behalf of more than 350,000 members of the railways pension schemes.
Heritage
We are built on our heritage.
Our history of helping everyday, hardworking people in the rail industry save for their retirement stretches back more than half a century. Over the years, we’ve innovated and evolved to serve the needs of the industry and the financial future of its workers.
Member-first
We are committed to better member outcomes.
Our role is delegated to us by our Trustee, whose unwavering passion to put members’ interests first is integral to everything we do – from how we administer the schemes to how we select, structure and size investments to protect and grow the long-term value of members’ savings.
Innovation
We are agile and innovative.
Guided by integrity, the importance we place on collaboration, and our member-first approach, we work with policymakers and industry leaders to advocate for a progressive and supportive policy environment that helps us to secure our members’ future and shape a more sustainable pensions landscape.
Difference
We are different from the norm.
We put every pound of profit towards paying members’ pensions securely, affordably and sustainably. Our long-term mindset opens up investment opportunities over multiple decades that enrich communities and the environment, set new standards for innovation and contribute to a resilient UK economy.
We are Railpen.
Hear our story in our own words
You've scrolled through the story of who we are. Now meet some of colleagues who share how we bring our purpose to life – from how we support members to how we invest and help shape a future we're proud of...
What we do
Railpen is responsible for delivering the day‑to‑day management, investment and administration of the railways pension schemes, acting under delegation from the Railways Pension Trustee Company Limited (RPCL).
We operate and invest on behalf of four railway pension schemes
Railpen carries out the operational and investment responsibilities for the schemes overseen by the Trustee, including:
British Railways Superannuation Fund (BRSF) – closed to new members
BR (1974) Pension Fund – closed to new members
British Transport Police Force Superannuation Fund (BTPFSF) – open
Railways Pension Scheme (RPS) – open, and one of the UK’s largest and most complex schemes, including both DB and DC arrangements
Across these schemes, Railpen supports more than 350,000 members and manages assets, funding, administration and communications on their behalf.
Learn more about the TrusteeOur rail heritage
Our history of helping everyday, hardworking people in the rail industry save adequately for their retirement stretches back more than half a century. From our origins in Darlington – home to the world’s first public railway – we’ve innovated and evolved to serve the needs of the industry and the financial future of its workers – from their first day on the job, throughout their working lives and into retirement.
Today, we are responsible for over £34bn in assets, providing market-leading pension administration and investment services for defined benefit (DB), defined contribution (DC) and hybrid schemes, including the iconic Railways Pension Scheme (RPS), one of the largest, well-established, and intricate funds in the UK.
Since we laid our foundations in our Stooperdale offices, we’ve branched out to London, continually evolving, adapting and growing to rail industry needs – never standing still in our pursuit for collective success.
"What's really important and what we're all really proud of, is how integral our rail heritage is to the decisions we, the Trustee, make and how Railpen puts that into practice from the day members start their career in the rail industry and their pension journey with us, through their working lives and then into their retirement" (Christine Kernoghan, Chair of the Trustee)
Access our short heritage videoOur commitment to member outcomes
Our member-first culture is at our core. By listening to our members and understanding the issues that matter most to them, we’re able to bring them closer to their pensions so that we can make good on our pension promises.
Our role is delegated to us by our Trustee, a diverse group of 16 directors from the rail industry who represent employers, unions, and members. They operate within a rigorous governance framework, providing strategic oversight and have an unwavering passion to put members’ interests at the heart of everything we do.
This passion is reflected in Railpen’s Board of Directors, who bring extensive knowledge and expertise from across complex and regulated sectors, including rail, to provide a wide-ranging perspective and drive to ensure we secure our members’ future.
"Every single decision that we take puts the members right at the centre of that. And every pound of profit that's made, is about securing the ability to pay their pensions affordably and sustainably, whether they're a new starter in the railway industry today or someone that's been serving for the last 40 years"
CEO / Railpen
How we stand up for our members
Guided by integrity, the importance we place on collaboration, and our commitment to good member outcomes, we work alongside policymakers and industry leaders to advocate for fairness, transparency, and accountability.
We drive positive change for our own members, as well as pension scheme members everywhere – by championing better practices, influencing policy, and shaping a more sustainable pensions landscape.
Bringing our purpose to life
We use our experience and expertise, combined with our dedication to better member outcomes to invest in their financial future. We approach everything we do from the member experience and work back from there. We give our colleagues the confidence, tools and training to empower them speak out on behalf of our members, so that they can challenge the norm and make purpose-driven decisions.
This short video explains how we’re equipping colleagues across Railpen to deliver truly member‑first service. Nicola Cromack explains why our member‑first training programme matters – and how every one of us at Railpen plays a part in bringing our purpose to life.
How we create long-term value
Investing in the UK's future
We have committed £15bn – 44% of our assets – to UK property, infrastructure, energy, innovation and community developments. These investments enrich communities, support national resilience and help build a stronger economy for future generations.
What makes us different
As a mutual organisation, every pound of profit goes directly towards paying members’ pensions securely and sustainably. Our long‑term approach means that for every £1 invested a decade ago, members have received an average return of £2.
Investing in the world our members retire into
An 18-year-old joining the rail industry today may not retire for many years to come, and their circumstances will be reflective of an ever-changing world. This gives us a long-term mindset, allowing us to access investment opportunities over multiple decades – such as the energy transition, where we invest in new and exciting technologies that can help protect and enhance the long-term value of our members’ savings.
By integrating environmental, social and governance factors into our decision‑making, we aim to protect and grow the long‑term value of members’ savings, ensuring their pensions remain resilient and meaningful throughout their retirement.
Our purpose runs deep
Our purpose is to secure our members’ future – protecting the long‑term value of their savings and contributing to a world they can enjoy in retirement.
It’s also about the people behind the numbers: retired rail workers and RPS pensioners like Dulcie and Dennis, whose stories remind us why our work matters – helping members live well in retirement and leave a legacy for future generations.