Our governance

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.

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 provide comprehensive investment management and fiduciary services covering circa £34bn of scheme assets for the Trustee.

Learn more about our people, including our Board and leadership team. 

How we are organised

Our leadership team, also known as ExCom, is led by our Chief Executive. Together, they manage the day-to-day running of Railpen and are responsible for delivering Railpen’s strategy.

The Railpen and RPIL Boards, which are run concurrently and have identical membership, report directly to The Trustee. The Boards are composed of two members of the Railpen Leadership team (ExCom), supported by up to seven Non-Executive Directors, three of which are independent Non-Executive Directors.

There are six committees in place to support the Railpen and RPIL Boards in discharging their duties. These are the Railpen Audit and Governance, Railpen Enterprise Risk, Asset Management, Benefits Advisory, Remuneration and Nominations, and Mutual Committees.

RPIL’s Chair and Executive Members are authorised by the FCA in accordance with the Senior Managers and Certification Regime. The Trustee appoints the members of each Board.

Discover more about our people, including who sits on the Railpen Board.