Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
1/4/2026
Editorial
<div><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Your pension is more than just numbers on a page – it’s your future, your plans, and your peace of mind. Railpen’s role, as administrator and investment manager of the railways pension schemes, is to help look after that future for you; by investing your contributions sustainably and making sure your pension is paid securely when you retire. </span><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div><br></div><div>In this blog you’ll learn more about what happens behind the scenes, how your money is invested, and how Railpen works every day to support the retirement you’re building. <span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div><br></div><h5>Who Railpen supports and how </h5><div>Railpen began in 1965 as the pensions office for the British Rail Pension Scheme. Today, it operates <span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">four railways pension schemes on behalf of The Railway Pensions Trustee Company Limited (RPCL). </span></div><div><br></div><div>These are: </div><div><br></div><ul><li>The Railways Pension Scheme (RPS) – which is still open to new members </li><li>The British Transport Police Force Superannuation Fund (BTPFSF) – which is still open to new members </li><li>The British Railways Superannuation Fund (BRSF) – which is closed to new members </li><li>BR (1974) Pension Fund – which is closed to new members </li></ul><div>Across these schemes, Railpen supports more than 350,000 active, preserved and retired members – as well 150 employers – managing assets, administration, and communications on their behalf. </div><div><br></div><div>But what does that mean in practice and how does it impact you? Read on to find out more, or watch this short video… </div><div><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/dnScL5e6lhU?si=pEkm6ujaY8O2T9Kv" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><p> </p><h5>How Railpen manages your money </h5><div>Railpen manages more than £34 billion in assets, which it uses to help pay members’ pensions when they retire or otherwise leave the scheme. </div><div><br></div><div>Part of these assets come directly from the money (or ‘contributions’) that you and your employer pay in. </div><div><br></div><div>However, a much larger proportion comes from returns generated by Railpen’s award-winning investment team. In fact, for every £1 the scheme pays out, around 75p comes from investment growth. </div><div><br></div><div>For defined benefit (DB) pensions – which includes most Sections of the Scheme – the money that members and employers pay in is pooled together and invested by Railpen. This doesn’t change how much pension you get – that’s set by the Rules of your Section. But it does help keep the Scheme strong for the future and helps to pay members’ pensions securely, affordably and sustainably. </div><div><br></div><h5>How does Railpen decide where to invest? </h5><div>Railpen follows a clear investment strategy, built around the needs of the scheme and its members. </div><div><br></div><div>For example, Railpen believes that a mix of investments delivers better long-term outcomes for members and helps to protect against ups and downs in the market. </div><div><br></div><div>In short, this means that Railpen invests your money across a wide range of companies and brands, both in the UK and further afield, which have been carefully selected to generate good financial returns over the longer-term. </div><div><br></div><div>Railpen also believes that considering a range of environmental, social and governance (ESG) factors, such as climate change and how companies are run, are essential to delivering these strong returns for members. By taking these issues into account in its investment decisions, Railpen aims to protect members’ savings, manage long- term risks and contribute positively to the world members retire into. </div><div><br></div><div>Railpen’s CEO, Andy Bord said:<em> “Every single decision that we take puts the members right at the centre. 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.” </em></div><div><br></div><div>We’ll be publishing a series of blogs over the coming months, putting the spotlight on some of Railpen’s current investments and what they mean for your pension, so please come back and read those soon. </div><div><br></div><div>In the meantime, you can find out more about Railpen’s approach to investing in the </div><div><a href="/knowledge-hub/investments">investment section of this website</a> and on <a data-sf-ec-immutable="" target="_blank" href="https://www.railpen.com/">Railpen's website</a>. </div><div><br></div><div>And in these short videos: </div><div><br></div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/6iHd09WsT8U?si=h_jfvYeI197DvC6l" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><div><p><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Railpen’s investment beliefs</strong></p><p><br></p></div><div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/L5TAYUic9_Y?si=Ykh1aEzjBEmBn-c_" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><strong>Railpen's UK investments </strong></div><div> </div><div></div><div><br></div><h5>How investments work for defined contribution (DC) pensions </h5><div>Investments work differently for defined contribution (DC) pensions than they do for defined benefit (DB). DC pensions include the IWDC Section and the Additional Voluntary Contributions arrangements (BRASS and AVC Extra). You can find out more about investments in DC pensions specifically on the Investing: Basics I need to know pages for <a href="/iwdc-members/managing-investments/investing--the-basics-i-need-to-know">IWDC members</a> or for <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra/the-basics-of-investments">BRASS and AVC Extra members</a>. </div><div><br></div><h5><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">When you might hear from Railpen </span></h5><div>As the administrator and investment manager of the railways pension schemes, Railpen is the driving force behind its day-to-day operations. This means, that even though you might contact the Railways Pension Scheme (RPS), British Transport Police Force Superannuation Fund (BTPFSF), British Railways Superannuation Fund (BRSF) or BR (1974) Pension Fund, it is ultimately the team at Railpen that will be responding to your queries and supporting you on your pensions journey. </div><div><br></div><div>They are also responsible for producing the communications that keep you up to date with your pension, such as your annual newsletter and regular e-bulletins. And for developing the scheme websites and tools that help you to manage your pension online. </div><div><br></div><div>In doing so, Railpen’s core aim is to make it as clear and easy as possible for members to get to grips with their pension, from the day they join the Scheme and throughout key life moments, in order to the get the best outcomes possible. </div><div><br></div><div>Nicola Cromack, Chief Officer for Member Services at Railpen, said:<em> “Pensions are about people and we understand the difference we can make to the lives of our members and their families. They rely on us to pay the pensions they’ve been promised and doing so is our fundamental duty, our role and our privilege.” </em></div><div><br></div><div><p>You can hear more from Nicola about Railpen’s member-first culture in this short video: </p><div style="width: 560px; height: 315px" contenteditable="false" class="-sf-relative" data-sf-ec-immutable=""><div data-sf-disable-link-event=""><iframe title="YouTube video player" src="https://www.youtube.com/embed/dnScL5e6lhU?si=pEkm6ujaY8O2T9Kv" height="315" width="560" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><p><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span></p><p><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Railpen also works closely with employers with Sections in the Scheme to provide support and keep them fully informed of developments either within the Scheme or the wider pensions industry. </span></p></div><h5>Where to find out more </h5><div>Over the coming months, we’ll be delving deeper into how Railpen invests for your future, with blogs about its different type of assets, including some real-world examples of investments in property and stocks. </div><div><br></div><div>In the meantime, you can find out more in the following sections of your member website </div><div><br></div><ul><li><a href="/knowledge-hub/about-the-scheme">about the Scheme </a></li><li><a href="/knowledge-hub/investments">investments</a> </li></ul><div>And at <a data-sf-ec-immutable="" target="_blank" href="https://www.railpen.com/">railpen.com </a></div><div><br></div><div>You can also read more about investments and the Scheme’s assets, in a number of publications including the annual Report and Accounts and Sustainable Ownership Member Review. These can be found on the <a href="/knowledge-hub/investments/investment-reports">investment reports page</a>. </div><p> </p>
<div><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Your pension is more than just numbers on a page – it’s your future, your plans, and your peace of mind. Railpen’s role, as administrator and investment manager of the railways pension schemes, is to help look after that future for you; by investing your contributions sustainably and making sure your pension is paid securely when you retire. </span><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div><br></div><div>In this blog you’ll learn more about what happens behind the scenes, how your money is invested, and how Railpen works every day to support the retirement you’re building. <span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div><br></div><h5>Who Railpen supports and how </h5><div>Railpen began in 1965 as the pensions office for the British Rail Pension Scheme. Today, it operates <span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">four railways pension schemes on behalf of The Railway Pensions Trustee Company Limited (RPCL). </span></div><div><br></div><div>These are: </div><div><br></div><ul><li>The Railways Pension Scheme (RPS) – which is still open to new members </li><li>The British Transport Police Force Superannuation Fund (BTPFSF) – which is still open to new members </li><li>The British Railways Superannuation Fund (BRSF) – which is closed to new members </li><li>BR (1974) Pension Fund – which is closed to new members </li></ul><div>Across these schemes, Railpen supports more than 350,000 active, preserved and retired members – as well 150 employers – managing assets, administration, and communications on their behalf. </div><div><br></div><div>But what does that mean in practice and how does it impact you? Read on to find out more, or watch this short video… </div><div><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"> </span></div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/dnScL5e6lhU?si=pEkm6ujaY8O2T9Kv" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><p> </p><h5>How Railpen manages your money </h5><div>Railpen manages more than £34 billion in assets, which it uses to help pay members’ pensions when they retire or otherwise leave the scheme. </div><div><br></div><div>Part of these assets come directly from the money (or ‘contributions’) that you and your employer pay in. </div><div><br></div><div>However, a much larger proportion comes from returns generated by Railpen’s award-winning investment team. In fact, for every £1 the scheme pays out, around 75p comes from investment growth. </div><div><br></div><div>For defined benefit (DB) pensions – which includes most Sections of the Scheme – the money that members and employers pay in is pooled together and invested by Railpen. This doesn’t change how much pension you get – that’s set by the Rules of your Section. But it does help keep the Scheme strong for the future and helps to pay members’ pensions securely, affordably and sustainably. </div><div><br></div><h5>How does Railpen decide where to invest? </h5><div>Railpen follows a clear investment strategy, built around the needs of the scheme and its members. </div><div><br></div><div>For example, Railpen believes that a mix of investments delivers better long-term outcomes for members and helps to protect against ups and downs in the market. </div><div><br></div><div>In short, this means that Railpen invests your money across a wide range of companies and brands, both in the UK and further afield, which have been carefully selected to generate good financial returns over the longer-term. </div><div><br></div><div>Railpen also believes that considering a range of environmental, social and governance (ESG) factors, such as climate change and how companies are run, are essential to delivering these strong returns for members. By taking these issues into account in its investment decisions, Railpen aims to protect members’ savings, manage long- term risks and contribute positively to the world members retire into. </div><div><br></div><div>Railpen’s CEO, Andy Bord said:<em> “Every single decision that we take puts the members right at the centre. 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.” </em></div><div><br></div><div>We’ll be publishing a series of blogs over the coming months, putting the spotlight on some of Railpen’s current investments and what they mean for your pension, so please come back and read those soon. </div><div><br></div><div>In the meantime, you can find out more about Railpen’s approach to investing in the </div><div><a href="/knowledge-hub/investments">investment section of this website</a> and on <a data-sf-ec-immutable="" target="_blank" href="https://www.railpen.com/">Railpen's website</a>. </div><div><br></div><div>And in these short videos: </div><div><br></div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/6iHd09WsT8U?si=h_jfvYeI197DvC6l" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><div><p><strong style="background-color: rgba(0, 0, 0, 0); color: inherit; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Railpen’s investment beliefs</strong></p><p><br></p></div><div><div data-sf-ec-immutable="" class="-sf-relative" contenteditable="false" style="width: 560px; height: 315px"><div data-sf-disable-link-event=""><iframe width="560" height="315" src="https://www.youtube.com/embed/L5TAYUic9_Y?si=Ykh1aEzjBEmBn-c_" title="YouTube video player" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><strong>Railpen's UK investments </strong></div><div> </div><div></div><div><br></div><h5>How investments work for defined contribution (DC) pensions </h5><div>Investments work differently for defined contribution (DC) pensions than they do for defined benefit (DB). DC pensions include the IWDC Section and the Additional Voluntary Contributions arrangements (BRASS and AVC Extra). You can find out more about investments in DC pensions specifically on the Investing: Basics I need to know pages for <a href="/iwdc-members/managing-investments/investing--the-basics-i-need-to-know">IWDC members</a> or for <a href="/defined-benefit-members/saving-more-BRASS-AVC-Extra/the-basics-of-investments">BRASS and AVC Extra members</a>. </div><div><br></div><h5><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">When you might hear from Railpen </span></h5><div>As the administrator and investment manager of the railways pension schemes, Railpen is the driving force behind its day-to-day operations. This means, that even though you might contact the Railways Pension Scheme (RPS), British Transport Police Force Superannuation Fund (BTPFSF), British Railways Superannuation Fund (BRSF) or BR (1974) Pension Fund, it is ultimately the team at Railpen that will be responding to your queries and supporting you on your pensions journey. </div><div><br></div><div>They are also responsible for producing the communications that keep you up to date with your pension, such as your annual newsletter and regular e-bulletins. And for developing the scheme websites and tools that help you to manage your pension online. </div><div><br></div><div>In doing so, Railpen’s core aim is to make it as clear and easy as possible for members to get to grips with their pension, from the day they join the Scheme and throughout key life moments, in order to the get the best outcomes possible. </div><div><br></div><div>Nicola Cromack, Chief Officer for Member Services at Railpen, said:<em> “Pensions are about people and we understand the difference we can make to the lives of our members and their families. They rely on us to pay the pensions they’ve been promised and doing so is our fundamental duty, our role and our privilege.” </em></div><div><br></div><div><p>You can hear more from Nicola about Railpen’s member-first culture in this short video: </p><div style="width: 560px; height: 315px" contenteditable="false" class="-sf-relative" data-sf-ec-immutable=""><div data-sf-disable-link-event=""><iframe title="YouTube video player" src="https://www.youtube.com/embed/dnScL5e6lhU?si=pEkm6ujaY8O2T9Kv" height="315" width="560" sandbox="allow-scripts allow-same-origin allow-presentation allow-popups allow-popups-to-escape-sandbox"></iframe></div></div><p><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit"></span></p><p><span style="background-color: initial; font-size: inherit; text-align: inherit; text-transform: inherit; word-spacing: normal; caret-color: auto; white-space: inherit">Railpen also works closely with employers with Sections in the Scheme to provide support and keep them fully informed of developments either within the Scheme or the wider pensions industry. </span></p></div><h5>Where to find out more </h5><div>Over the coming months, we’ll be delving deeper into how Railpen invests for your future, with blogs about its different type of assets, including some real-world examples of investments in property and stocks. </div><div><br></div><div>In the meantime, you can find out more in the following sections of your member website </div><div><br></div><ul><li><a href="/knowledge-hub/about-the-scheme">about the Scheme </a></li><li><a href="/knowledge-hub/investments">investments</a> </li></ul><div>And at <a data-sf-ec-immutable="" target="_blank" href="https://www.railpen.com/">railpen.com </a></div><div><br></div><div>You can also read more about investments and the Scheme’s assets, in a number of publications including the annual Report and Accounts and Sustainable Ownership Member Review. These can be found on the <a href="/knowledge-hub/investments/investment-reports">investment reports page</a>. </div><p> </p>
Blog
Railpen - investing your pension for the future
Take a closer look at who manages your pension and how it all works...
Your pension is more than just numbers on a page – it’s your future, your plans, and your peace of mind. Railpen’s role, as administrator and investment manager of the railways pension schemes, is to help look after that future for you; by investing your contributions sustainably and making sure your pension is paid securely when you retire.
In this blog you’ll learn more about what happens behind the scenes, how your money is invested, and how Railpen works every day to support the retirement you’re building.
Who Railpen supports and how
Railpen began in 1965 as the pensions office for the British Rail Pension Scheme. Today, it operates four railways pension schemes on behalf of The Railway Pensions Trustee Company Limited (RPCL).
These are:
- The Railways Pension Scheme (RPS) – which is still open to new members
- The British Transport Police Force Superannuation Fund (BTPFSF) – which is still open to new members
- The British Railways Superannuation Fund (BRSF) – which is closed to new members
- BR (1974) Pension Fund – which is closed to new members
Across these schemes, Railpen supports more than 350,000 active, preserved and retired members – as well 150 employers – managing assets, administration, and communications on their behalf.
But what does that mean in practice and how does it impact you? Read on to find out more, or watch this short video…
How Railpen manages your money
Railpen manages more than £34 billion in assets, which it uses to help pay members’ pensions when they retire or otherwise leave the scheme.
Part of these assets come directly from the money (or ‘contributions’) that you and your employer pay in.
However, a much larger proportion comes from returns generated by Railpen’s award-winning investment team. In fact, for every £1 the scheme pays out, around 75p comes from investment growth.
For defined benefit (DB) pensions – which includes most Sections of the Scheme – the money that members and employers pay in is pooled together and invested by Railpen. This doesn’t change how much pension you get – that’s set by the Rules of your Section. But it does help keep the Scheme strong for the future and helps to pay members’ pensions securely, affordably and sustainably.
How does Railpen decide where to invest?
Railpen follows a clear investment strategy, built around the needs of the scheme and its members.
For example, Railpen believes that a mix of investments delivers better long-term outcomes for members and helps to protect against ups and downs in the market.
In short, this means that Railpen invests your money across a wide range of companies and brands, both in the UK and further afield, which have been carefully selected to generate good financial returns over the longer-term.
Railpen also believes that considering a range of environmental, social and governance (ESG) factors, such as climate change and how companies are run, are essential to delivering these strong returns for members. By taking these issues into account in its investment decisions, Railpen aims to protect members’ savings, manage long- term risks and contribute positively to the world members retire into.
Railpen’s CEO, Andy Bord said: “Every single decision that we take puts the members right at the centre. 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.”
We’ll be publishing a series of blogs over the coming months, putting the spotlight on some of Railpen’s current investments and what they mean for your pension, so please come back and read those soon.
In the meantime, you can find out more about Railpen’s approach to investing in the
And in these short videos:
Railpen’s investment beliefs
Railpen's UK investments
How investments work for defined contribution (DC) pensions
Investments work differently for defined contribution (DC) pensions than they do for defined benefit (DB). DC pensions include the IWDC Section and the Additional Voluntary Contributions arrangements (BRASS and AVC Extra). You can find out more about investments in DC pensions specifically on the Investing: Basics I need to know pages for IWDC members or for BRASS and AVC Extra members.
When you might hear from Railpen
As the administrator and investment manager of the railways pension schemes, Railpen is the driving force behind its day-to-day operations. This means, that even though you might contact the Railways Pension Scheme (RPS), British Transport Police Force Superannuation Fund (BTPFSF), British Railways Superannuation Fund (BRSF) or BR (1974) Pension Fund, it is ultimately the team at Railpen that will be responding to your queries and supporting you on your pensions journey.
They are also responsible for producing the communications that keep you up to date with your pension, such as your annual newsletter and regular e-bulletins. And for developing the scheme websites and tools that help you to manage your pension online.
In doing so, Railpen’s core aim is to make it as clear and easy as possible for members to get to grips with their pension, from the day they join the Scheme and throughout key life moments, in order to the get the best outcomes possible.
Nicola Cromack, Chief Officer for Member Services at Railpen, said: “Pensions are about people and we understand the difference we can make to the lives of our members and their families. They rely on us to pay the pensions they’ve been promised and doing so is our fundamental duty, our role and our privilege.”
You can hear more from Nicola about Railpen’s member-first culture in this short video:
Railpen also works closely with employers with Sections in the Scheme to provide support and keep them fully informed of developments either within the Scheme or the wider pensions industry.
Where to find out more
Over the coming months, we’ll be delving deeper into how Railpen invests for your future, with blogs about its different type of assets, including some real-world examples of investments in property and stocks.
In the meantime, you can find out more in the following sections of your member website
And at railpen.com
You can also read more about investments and the Scheme’s assets, in a number of publications including the annual Report and Accounts and Sustainable Ownership Member Review. These can be found on the investment reports page.
