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Investment series: How we use our influence as an investor

Aug 19, 2026
Find out how Railpen works with companies and other investors to help manage long-term risks and support better financial outcomes for members of the railway pension schemes.

But looking after members' pensions on behalf of the Trustee is about more than choosing investments well. 

Railpen’s position as a long-term investor means it can work with the companies it invests in in several ways. This includes using its voting rights and working alongside other investors to help manage risks and support better financial outcomes for members over time..

Looking after investments over the long term 
Investing doesn't stop once an investment has been made.

Railpen regularly reviews its investments and keeps an eye on issues that could affect their long-term value. This includes understanding how companies are run, how they manage important risks, how they respond to changes in the law, and whether they are making decisions that support long-term financial performance.

This activity is often known as stewardship. In simple terms, it means taking an active interest in the companies Railpen invests in, rather than simply holding investments and leaving them alone.

Using our influence as an investor 
As part of this approach, Railpen works closely with the companies it invests in.

This can include talking to companies about how they manage risks, plan for the future and respond to issues that could affect their long-term performance.

The aim is not for Railpen to run the companies it invests in, but to encourage good decision making that supports long-term value for investors, including pension schemes like ours.

Owning shares in a company often also gives investors the chance to vote on important decisions.

Railpen uses these voting rights, where appropriate, to help hold companies to account and encourage good decision making. This helps protect members’ long-term interests.

Why being a well-run company matters 
Well-run companies are often better placed to manage risks, adapt to change and grow over the long term. This can affect how investments perform over time.

That is why Railpen pays close attention to how companies are governed, including how decisions are made and how leaders are held accountable for those decisions.

Encouraging good standards across the companies Railpen invests in can help protect individual investments and support more stable markets over the long term.

Working with others on bigger issues
Some risks cannot be addressed by a single investor acting alone. Issues such as climate change and norms and rules about how companies are run often affect many companies and markets at the same time. In these cases, investors can often achieve more by working together.

For example, Railpen chairs the UK-focused Governance for Growth Investor Campaign (GGIC), which brings together UK pension schemes to support good corporate governance, long-term growth and the interests of pension savers.

Railpen also co-founded and chairs the global Investor Coalition for Equal Votes (ICEV), which supports the idea that investors' voting rights should fairly reflect the shares they own. This helps to make sure company leaders remain accountable to all of their investors.

By working with other investors and organisations in this way, Railpen can have a stronger voice on issues that may affect members’ pensions over the long term. 

Considering long-term risks and opportunities
When making investment decisions and monitoring investments, Railpen also considers a range of wider issues that could affect long-term outcomes.

These can include environmental issues, changes in law and regulation, how companies treat their workforce and how companies are run. These are sometimes called environmental, social and governance (ESG) factors. Railpen considers them where evidence shows they can affect the long-term risks and opportunities linked to an investment

As we explained in our previous blog, climate change is one example of a long-term risk that can affect investments, businesses, economies and livelihoods around the world.

Where to find out more 
Every year, Railpen publishes a Stewardship Report, which explains more about how it works with companies, uses its voting rights and works with others to support long-term outcomes for members.

Later this summer, we will publish a shorter, member-friendly version called the Sustainable Ownership Member Review. 

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