Guided by deep rail industry experience and a strong member‑first ethos, the Trustee ensures pensions are governed, funded and invested securely, affordably and sustainably for generations to come.
About the Trustee
Our Trustee, the Railways Pension Trustee Company Limited (RPTCL), is responsible for safeguarding the long‑term interests of members across four railways pension schemes. Guided by deep industry experience and a strong member‑first ethos, the Trustee ensures pensions are governed, funded and invested securely, affordably and sustainably for generations to come.
The Trustee Board is made up of 16 Directors, each bringing a deep connection to rail, its people and its communities. Their lived experience across the industry gives them a clear understanding of what matters most to our members and their families. This insight underpins their unwavering commitment to putting members at the heart of every decision they make – and every decision we deliver at Railpen.
To ensure a balanced and representative Board, half of the Trustee Directors are nominated by employers and half by members. This means every major stakeholder across the railways pension schemes has a voice in how they are governed.
Trustee Directors serve six‑year terms, with one third rotating every two years. A dedicated succession planning working group helps strengthen long‑term resilience, improve Board diversity and support the recruitment of future Trustee Directors. This work has already increased representation from ethnic minority backgrounds, widened age diversity, and welcomed more women to the Board – including the first female Chair.
Hear from the Trustee's first female Chair
I feel privileged to chair the Trustee Board and care deeply about the Scheme’s members. Members’ interests sit at the heart of every decision the Trustee makes… People are saving for a long time. They pay the scheme the money, and they want someone to look after that money and make sure it can pay out what they’re expecting at the end of it.
Chair of the Trustee / Railways Pension Trustee Company Limited (RPTCL)
The Trustee's role
The Trustee has ultimate responsibility for ensuring the railways pension schemes are run in the best interests of members. Acting with impartiality, integrity and transparency, the Trustee safeguards the long‑term security of the schemes and the retirement outcomes of the 350,000 members of the railways pension schemes.
Their key responsibilities
The Trustee provides strategic direction and independent governance across the schemes. Its core responsibilities include:
Setting the overall strategy and governance framework for the schemes, ensuring they operate in line with legal, regulatory and scheme‑specific requirements.
Overseeing how members’ assets are invested, ensuring investments are managed responsibly, sustainably and in accordance with scheme objectives.
Monitoring scheme funding to ensure long‑term financial resilience and compliance with statutory requirements.
Upholding high standards of integrity and regulatory compliance, acting prudently, reasonably and honestly at all times.
This governance role ensures the Trustee can protect member interests both now and into the future.
What the Trustee oversees
To deliver on its responsibilities, the Trustee oversees all major functions relating to the operation and security of the railways pension schemes, including:
Administration of benefits, contributions and pension payments, ensuring accuracy and timeliness for all members.
Regular actuarial valuations to assess scheme funding, risks and long‑term sustainability.
Investment management and safe custody of assets, delegating day‑to‑day activity to Railpen and maintaining independent oversight.
Risk management, including operational, financial and cyber‑security risks.
Clear and accurate communications to members and employers.
Trustee governance, training and ongoing professional development, ensuring informed and effective decision‑making.
Oversight of Railpen and appointed professional advisers, ensuring responsible stewardship and high‑quality service delivery.
How the Trustee delivers its responsibilities
To maintain strong and specialist governance, the Trustee delegates specific responsibilities to a number of dedicated committees:
Integrated Funding Committee – develops and agrees funding plans, ensuring schemes remain on a sustainable footing.
Audit and Risk Committee – provides oversight of financial reporting, governance processes and risk management frameworks.
Member Casework and Administration Committee – oversees complex benefits cases and monitors the quality of administration.
Defined Contribution Committee – ensures robust governance and effective oversight of DC arrangements.
Working within this structure, Railpen implements the Trustee’s strategic direction, delivering the operational, administrative and investment activities required to run the schemes efficiently and effectively.
Learn about the Trustee's role in this video
This video explains the pivotal role of the Trustee in overseeing the railways pension schemes. It explains how the Trustee provides strategic leadership and ensures strong governance by delegating day‑to‑day responsibilities to Railpen to support with the effective administration and investment management of the schemes alongside how it delegates to specialist committees.