Blog
A deep-dive into a variety of pension topics to help you understand and learn more about your pension and the Scheme.
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23/4/2026
Editorial
<div>When decisions are made that could affect your pension – whether within the railways pension schemes or through changes to law and regulation – the Trustee is there to represent you and make sure members’ voices are heard.</div><div><br></div><h5>The Trustee and its role</h5><div>The Trustee – known more formally as the Railways Pension Trustee Company Limited (RPTCL) – is the independent body with legal responsibility for running the railways pension schemes.</div><div><br></div><div>While Railpen supports the Trustee to look after much of the day-to-day running of the schemes and manages the schemes’ assets, the Trustee remains ultimately responsible for the schemes and their oversight —making sure members’ benefits are protected and the schemes are well run over the long term.</div><div><br></div><div>In doing this, the Trustee has to consider the requirements of the scheme rules and relevant laws and regulations, as well as regulatory codes of practice and guidance. But above all, it focuses on making decisions that it believes are best for members’ and their beneficiaries.</div><div><br></div><h5>How the Trustee is standing up for members </h5><div>The Trustee’s mission is to pay pensions securely, affordably and sustainably over the long term . That includes working with Railpen, employers and government bodies - and speaking up when changes to law or the rail industry could affect the schemes and members.</div><div><br></div><div>For example, the Trustee has been working directly with members of Parliament and the House of Lords to help make sure the government’s new Pension Schemes Bill will have a positive impact on people’s retirement, while also supporting economic growth in the UK, once it becomes law. This has already led the Pension Protection Fund (PPF) to reduce its main levy on defined benefit schemes to zero, which is reducing costs for schemes and enabling some members and employers to pay lower contributions. </div><div><br></div><div>The Trustee and Railpen have also worked closely with other pension schemes, industry bodies, and those in government to influence new inheritance tax laws being introduced by the Finance Act 2026. The Trustee has successfully argued for substantial changes on members’ behalf, including the exclusion of all death in service benefits from the proposed scope of the new inheritance tax measures. </div><div><br></div><div>Within the rail industry, the Trustee and Railpen are also working closely with the government and other industry bodies on the long-awaited creation of Great British Railways (GBR). The Railways Bill – the legislation that will set up Great British Railways - is expected to become law later this year, and for GBR to be up and running by the end of 2027. The Trustee plans to remain closely involved in this process and help shape the future of rail pensions so members’ benefits remain protected for the long term.</div><div><br></div><div>The Trustee is committed to speaking up for members on issues like this, so that the impact on rail workers’ pensions and retirements is properly considered as decisions are made.</div><div><br></div><h5>Who is part of the Trustee</h5><div>There are 16 Trustee Directors who make up the Trustee Board. Half of them are nominated by employers from across the railways pension schemes, while the other half are nominated on behalf of members by the trade unions, Police Federation, committees, and pensioner organisations.</div><div><br></div><div>Each Trustee Director brings with them a wealth of experience in the railways industry and pensions, as well as a strong commitment to putting members first. </div><div><br></div><div>Christine Kernoghan, who has served on the Trustee Board since 2016 and as Chair of the Board since 2022, was recently shortlisted for the Adeline Ginn Lifetime Achievement Award at the Women in Rail Awards 2026. This was in recognition of her 38-year career in rail, during which time she has transformed railway pensions and continued to advocate for railway workers in their retirement.</div><div><br></div><div>Christine said: “I feel privileged to chair the Trustee Board and care deeply about the schemes’ members. Members’ interests sit at the heart of every decision the Trustee makes.”</div><div><br></div><div>You can see a full list of the current Trustee Board members and learn more about the experience and interests on the <a href="/knowledge-hub/the-trustee/meet-the-trustee">Meet the Trustee page</a>. </div><div><br></div><h5>How you can get involved </h5><div>You can find out more about the Trustee, including its responsibilities and structure in the<a href="/knowledge-hub/the-trustee"> Trustee section</a> of this website. </div><div><br></div><div>There, you can also find out more about what it takes to be a member of the Trustee Board and how you can apply for a future role.</div>
<div>When decisions are made that could affect your pension – whether within the railways pension schemes or through changes to law and regulation – the Trustee is there to represent you and make sure members’ voices are heard.</div><div><br></div><h5>The Trustee and its role</h5><div>The Trustee – known more formally as the Railways Pension Trustee Company Limited (RPTCL) – is the independent body with legal responsibility for running the railways pension schemes.</div><div><br></div><div>While Railpen supports the Trustee to look after much of the day-to-day running of the schemes and manages the schemes’ assets, the Trustee remains ultimately responsible for the schemes and their oversight —making sure members’ benefits are protected and the schemes are well run over the long term.</div><div><br></div><div>In doing this, the Trustee has to consider the requirements of the scheme rules and relevant laws and regulations, as well as regulatory codes of practice and guidance. But above all, it focuses on making decisions that it believes are best for members’ and their beneficiaries.</div><div><br></div><h5>How the Trustee is standing up for members </h5><div>The Trustee’s mission is to pay pensions securely, affordably and sustainably over the long term . That includes working with Railpen, employers and government bodies - and speaking up when changes to law or the rail industry could affect the schemes and members.</div><div><br></div><div>For example, the Trustee has been working directly with members of Parliament and the House of Lords to help make sure the government’s new Pension Schemes Bill will have a positive impact on people’s retirement, while also supporting economic growth in the UK, once it becomes law. This has already led the Pension Protection Fund (PPF) to reduce its main levy on defined benefit schemes to zero, which is reducing costs for schemes and enabling some members and employers to pay lower contributions. </div><div><br></div><div>The Trustee and Railpen have also worked closely with other pension schemes, industry bodies, and those in government to influence new inheritance tax laws being introduced by the Finance Act 2026. The Trustee has successfully argued for substantial changes on members’ behalf, including the exclusion of all death in service benefits from the proposed scope of the new inheritance tax measures. </div><div><br></div><div>Within the rail industry, the Trustee and Railpen are also working closely with the government and other industry bodies on the long-awaited creation of Great British Railways (GBR). The Railways Bill – the legislation that will set up Great British Railways - is expected to become law later this year, and for GBR to be up and running by the end of 2027. The Trustee plans to remain closely involved in this process and help shape the future of rail pensions so members’ benefits remain protected for the long term.</div><div><br></div><div>The Trustee is committed to speaking up for members on issues like this, so that the impact on rail workers’ pensions and retirements is properly considered as decisions are made.</div><div><br></div><h5>Who is part of the Trustee</h5><div>There are 16 Trustee Directors who make up the Trustee Board. Half of them are nominated by employers from across the railways pension schemes, while the other half are nominated on behalf of members by the trade unions, Police Federation, committees, and pensioner organisations.</div><div><br></div><div>Each Trustee Director brings with them a wealth of experience in the railways industry and pensions, as well as a strong commitment to putting members first. </div><div><br></div><div>Christine Kernoghan, who has served on the Trustee Board since 2016 and as Chair of the Board since 2022, was recently shortlisted for the Adeline Ginn Lifetime Achievement Award at the Women in Rail Awards 2026. This was in recognition of her 38-year career in rail, during which time she has transformed railway pensions and continued to advocate for railway workers in their retirement.</div><div><br></div><div>Christine said: “I feel privileged to chair the Trustee Board and care deeply about the schemes’ members. Members’ interests sit at the heart of every decision the Trustee makes.”</div><div><br></div><div>You can see a full list of the current Trustee Board members and learn more about the experience and interests on the <a href="/knowledge-hub/the-trustee/meet-the-trustee">Meet the Trustee page</a>. </div><div><br></div><h5>How you can get involved </h5><div>You can find out more about the Trustee, including its responsibilities and structure in the<a href="/knowledge-hub/the-trustee"> Trustee section</a> of this website. </div><div><br></div><div>There, you can also find out more about what it takes to be a member of the Trustee Board and how you can apply for a future role.</div>
Blog
Your Trustee, standing up for members
How the Trustee Board is working on your behalf, both within the schemes and beyond…
When decisions are made that could affect your pension – whether within the railways pension schemes or through changes to law and regulation – the Trustee is there to represent you and make sure members’ voices are heard.
The Trustee and its role
The Trustee – known more formally as the Railways Pension Trustee Company Limited (RPTCL) – is the independent body with legal responsibility for running the railways pension schemes.
While Railpen supports the Trustee to look after much of the day-to-day running of the schemes and manages the schemes’ assets, the Trustee remains ultimately responsible for the schemes and their oversight —making sure members’ benefits are protected and the schemes are well run over the long term.
In doing this, the Trustee has to consider the requirements of the scheme rules and relevant laws and regulations, as well as regulatory codes of practice and guidance. But above all, it focuses on making decisions that it believes are best for members’ and their beneficiaries.
How the Trustee is standing up for members
The Trustee’s mission is to pay pensions securely, affordably and sustainably over the long term . That includes working with Railpen, employers and government bodies - and speaking up when changes to law or the rail industry could affect the schemes and members.
For example, the Trustee has been working directly with members of Parliament and the House of Lords to help make sure the government’s new Pension Schemes Bill will have a positive impact on people’s retirement, while also supporting economic growth in the UK, once it becomes law. This has already led the Pension Protection Fund (PPF) to reduce its main levy on defined benefit schemes to zero, which is reducing costs for schemes and enabling some members and employers to pay lower contributions.
The Trustee and Railpen have also worked closely with other pension schemes, industry bodies, and those in government to influence new inheritance tax laws being introduced by the Finance Act 2026. The Trustee has successfully argued for substantial changes on members’ behalf, including the exclusion of all death in service benefits from the proposed scope of the new inheritance tax measures.
Within the rail industry, the Trustee and Railpen are also working closely with the government and other industry bodies on the long-awaited creation of Great British Railways (GBR). The Railways Bill – the legislation that will set up Great British Railways - is expected to become law later this year, and for GBR to be up and running by the end of 2027. The Trustee plans to remain closely involved in this process and help shape the future of rail pensions so members’ benefits remain protected for the long term.
The Trustee is committed to speaking up for members on issues like this, so that the impact on rail workers’ pensions and retirements is properly considered as decisions are made.
Who is part of the Trustee
There are 16 Trustee Directors who make up the Trustee Board. Half of them are nominated by employers from across the railways pension schemes, while the other half are nominated on behalf of members by the trade unions, Police Federation, committees, and pensioner organisations.
Each Trustee Director brings with them a wealth of experience in the railways industry and pensions, as well as a strong commitment to putting members first.
Christine Kernoghan, who has served on the Trustee Board since 2016 and as Chair of the Board since 2022, was recently shortlisted for the Adeline Ginn Lifetime Achievement Award at the Women in Rail Awards 2026. This was in recognition of her 38-year career in rail, during which time she has transformed railway pensions and continued to advocate for railway workers in their retirement.
Christine said: “I feel privileged to chair the Trustee Board and care deeply about the schemes’ members. Members’ interests sit at the heart of every decision the Trustee makes.”
You can see a full list of the current Trustee Board members and learn more about the experience and interests on the Meet the Trustee page.
How you can get involved
You can find out more about the Trustee, including its responsibilities and structure in the Trustee section of this website.
There, you can also find out more about what it takes to be a member of the Trustee Board and how you can apply for a future role.
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