Roles and responsibilities

What the Trustee is responsible for

The Trustee delegates the day-to-day running of the schemes and the management of its assets to the Scheme administrator, Railpen. You can read more about how the Trustee fits with Railpen on the Structure of the Trustee Board and Committees page.  

The Trustee has overall responsibility for:

• Administration of scheme benefits, collection of contributions, and payment of pensions
• Actuarial Valuations
• Investment and safe custody of assets
• Management of risk, including cyber security
• Member communications
• Scheme governance, including Trustee training, and;
• Oversight of Railpen and management of professional advisers

How the Trustee operates

The Trustee has a number of Committees, made up of Trustee Directors, to carry out some of its duties. This frees up the Trustee Board to focus on scheme-wide issues and strategy.

You can learn more about each Trustee Director and any Trustee Committees they belong to on the Meet the Trustee Board members page.

Some decisions are also delegated to Pensions Committees for sections that have one. You can read more about them on the Structure of the Trustee Board and Committees page. 

The magnitude of the Trustees' responsibilities is recognised under law. When using its powers, the Trustee must always consider what is in the best interests of members, and other beneficiaries, by acting in line with scheme rules, the law and the Pensions Regulator. It must also behave impartially, prudently, reasonably and honestly. 

Where to find more information about the Trustee

You can find out more about the Trustee Directors' work across the Trustee area of this site. Visit the Trustee area now.

You can also read more in the latest Railpen Report and Accounts. You can find them on the Scheme documents page.  

If you’re interested in joining the Trustee, please visit the Future Trustee page for details.