Throughout 2025, the Trustee – with the support of Railpen – has prepared for and responded to once-in-a-generation changes in the pensions landscape.

Building a pensions sector fit for the future

With the publication of the Pension Schemes Bill and the launch of the Pensions Commission, the Government has indicated its strong intention to update the UK pension system, ensuring it is fit for purpose in terms of advancing retirement outcomes while encouraging wider economic growth.

With pensions well and truly on the Government’s agenda, we’ve been seizing this significant opportunity to advocate for your Scheme and its members.

Earlier this year, our efforts culminated in saving the Schemes millions of pounds as, for the first time in its history, the Pension Protection Fund (PPF) announced it will not charge a levy.

Shaping the future of rail

In November, the long-awaited Railways Bill was published. This landmark piece of legislation sets out much of the necessary framework to fulfil the Government’s manifesto promise to set up Great British Railways.

Since its publication, Railpen’s experts have been scrutinising the Bill. As the legislation process continues throughout 2026, the Trustee and Railpen will work with decision makers to provide our expertise in shaping the future of rail pensions and to ensure that members’ pensions continue to be paid securely, affordably and sustainably.

Here for you in 2026 and beyond

In 2026, we will work to maintain our strong engagement with policymakers at local and national levels to remove barriers to future investment opportunities which are in the best interests of members and can create a better world for them to retire into.

The Government’s top priority remains the fuelling of economic growth and as a key UK investor, Railpen is able to offer politicians our insight into what blockers get in the way of secure and sustainable investment. Ultimately, this engagement could lead to better investment opportunities and returns for our members.

We’ve already begun our engagement with members of the House of Lords, otherwise known as Peers, in anticipation of the Pension Schemes Bill’s progression through Parliament into the ‘upper house’ in 2026.

This section of the legislative process is a fantastic opportunity for Railpen to engage strongly on a complex piece of legislation. Peers from across the House will bring a vast range of political and real-world experience to their scrutinisation of the Bill and can potentially push the Government to make amendments to the legislation where they believe it is necessary.

As we look forward to 2026, our advocacy and influencing agenda remains significant across the range of key policy areas which matter most to you and your members.

We’ll continue representing members’ interests at all levels of Government, whether that’s during milestone changes to the pensions landscape and railways industry, or showcasing to policymakers our work to invest prudently in the best interests of members, we’ll be advocating for your members where it matters.

More information

To find out more about how the Trustee and Railpen are advocating for members, contact the Client Relationship Management team.