Our governance structures, risk frameworks and clear lines of accountability support careful, consistent decision‑making with a long‑term view of what’s best for our members.
How Railpen is organised
Railpen Limited or ‘Railpen’ is a wholly owned Trustee subsidiary and provides the schemes with a full range of administration and payroll services as well as communications, and technical support to name but a few.
Railpen’s organisational structure brings together strong governance, specialist investment expertise and dedicated administration services. Working under delegation from the Trustee, our teams ensure the railways pension schemes are well‑governed, well‑run and focused on delivering long‑term value for members.
Our leadership and board structure
Our leadership and governance structure
Our Executive Leadership team, led by our Chief Executive, oversees the day to day running of Railpen and is responsible for delivering our strategy.
The Railpen and RPIL Boards, which operate concurrently and share identical membership, report directly to The Trustee. Each Board includes two members of our Executive Leadership team and is supported by up to seven Non Executive Directors, three of whom are independent.
Five committees support the Railpen and RPIL Boards in fulfilling their duties: Audit and Governance, Enterprise Risk, Railpen Investment Oversight, Remuneration and Nominations and Mutual Committee.
FCA-authorised investment management
Railway Pension Investments Limited or ’RPIL’, is the Trustee’s investment manager. RPIL is a company authorised by the Financial Conduct Authority (the FCA), wholly owned by the Trustee, and it provides comprehensive investment management and fiduciary services covering circa £34bn of scheme assets for the Trustee.
RPIL’s Chair and Executive Members are authorised by the Financial Conduct Authority (FCA) under the Senior Managers and Certification Regime, and The Trustee appoints all Board members.
Enterprise risk management
Our purpose is to secure our members’ future. A key part of this is proactively managing risks and implementing measures to safeguard our members’ investments.
How we define enterprise risk
Everyone has a role to play in enterprise risk management and this culture is underpinned by our ‘Three Lines of Defence’ model. The key components of our risk management framework are summarised below.
Enterprise risks are any non-investment risks that could impact the achievement of our purpose and strategic goals. Enterprise risks can include strategic, operational, legal and regulatory risks.
How we manage enterprise risk
We have a comprehensive framework to manage the enterprise risks we face. This framework includes policies, processes, tools and governance arrangements designed to identify, assess, monitor, and manage risk across the business.
The Railpen Board has primary responsibility for the framework and delegates activity to the risk committees.
Eight core risk components
Our approach to enterprise risk management is embedded throughout Railpen and consists of the following eight interrelated components...
Investment valuation oversight
Our investment valuation function is responsible for valuing all assets across Railpen, with a primary focus on directly-owned, private-market holdings. The function ensures accurate and timely valuations, including during the acquisition of new assets. Where valuations are carried out externally, it manages and reviews external agents and ensures appropriate mechanisms and controls are in place safeguard standards.
A robust framework for managing investment risk
Strong oversight and long-term returns
Railpen’s mandate is to advise on and manage investment risk on behalf of the Trustee to deliver sufficient long-term returns from the assets to meet the schemes’ needs. Railpen is guided by our investment beliefs which inform our approach to taking and managing risk, aligning investment decisions with long-term desired client outcomes.
Railpen has implemented a robust Investment Risk Governance Framework, approved by the Trustee Board. The Framework defines the structure and relevant processes and documentation for the governance surrounding the management of investment risks across the schemes, sections and pooled funds, and it ensures a strong oversight of investment decisions.
Holistic investment risk management
A fundamental aspect of managing investment risk is to ensure the level of investment risk taken aligns with our client’s appetite and tolerance. Actively managing and overseeing investment risk allows us to avoid taking unintentional risks and to address uncertainty, whilst allowing us to manage risks as they arise.
Our investment risk management process takes a holistic approach to managing investment risk; spanning schemes, sections, pooled funds, asset class and individual investments. Simultaneously it includes a robust process around the valuation of investments which is independent from investment decision making.
Integrated investment risk oversight
Our risk management function integrates investment risk considerations into both top-down and bottom-up investment decisions. This function is embedded within the wider investment process to provide informed and timely risk advice at key stages. It includes the development and ongoing maintenance of essential risk management frameworks and reporting requirements for investment teams and pooled funds.
In addition, the function maintains frameworks that define risk limits, thresholds and tolerances across market, credit, liquidity, counterparty, leverage, inflation and currency risks, ensuring robust oversight and consistent governance.
Risk analytics and performance reporting
Our analytics and reporting function is responsible for the measurement, analytics and reporting of risk and performance, as well as for managing and maintaining all risk tools, systems and data.
This includes monitoring and reporting on all aspects of investment risk and performance which is central to how we identify, monitor and communicate investment risks associated with our investments.
Our approach to procurement
Railpen’s approach to procurement is built on transparency, fairness and innovation. We work with suppliers who share our values and support our purpose to secure our members' future. We are committed to making our procurement process clear, accessible and straightforward, ensuring organisations can easily understand how to work with us.
Transparent, fair and innovative procurement at Railpen
At Railpen, we're dedicated to fostering strong, collaborative relationships with both new and existing suppliers. Your partnership plays a crucial role in supporting our purpose and delivering value to our members.
We strive to make our procurement process accessible and straightforward, ensuring that organisations can easily engage with us to offer their products and services. We uphold the highest standards of ethics, transparency, fairness, and innovation, and we expect our suppliers to share and demonstrate these values in every aspect of our collaboration.
We actively welcome interest from diverse and innovative suppliers who can help us strengthen our services. Strong supplier partnerships support our mission and contribute to better outcomes for members.
Register your interest
To express interest in becoming a Railpen supplier, email our Procurement team at procurement@railpen.com with:
Areas of expertise
Products or services offered
Relevant experience or certifications
Unique selling points or innovations
Contact details (name, role, phone number, email)
What happens next?
After submitting your expression of interest, we will:
Confirm that we’ve received your email
Assess your information against our current needs
Contact you for further details or let you know if we are not progressing your submission
Our commitment to fair payment
We’re proud to be recognised by Good Business Pays as a 2025 Fast Payer – awarded to organisations that consistently pay suppliers in under 27 days on average and pay 95% of invoices on time.
This accreditation reflects our commitment to fair, responsible and transparent business practices, supporting a healthier supply chain and strong relationships with the organisations we work with.