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Investment series: Railpen, investing for your future

Apr 1, 2026
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.

Who Railpen supports and how

Railpen 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 

How Railpen manages your money 

Railpen manages more than £34 billion in assets, including more than £1.6bn on behalf of the British Transport Police Force Superannuation Fund (BTPFSF), which it uses to help pay members’ pensions when they retire or otherwise leave the Fund. 

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 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 Fund 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 railways pension schemes 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 new stories over the coming weeks, 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 investment section and on Railpen's website. 

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. 

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 Additional Voluntary Contributions arrangements (BRASS and AVC Extra). You can find out more about investments in DC pensions specifically on the How investments work page.