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Defending defined benefit
Railpen's chief executive Chris Hitchen helps UK railway pension managers look after £15 billion in defined benefit plan assets. He says an investment in alternative assets is important but, ultimately, might not be enough. By Alexander Campbell
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The privatisation of the UK railway system in the mid-1990s broke up the old state-owned British Rail into more than a hundred separate companies – but left them under a single pension management company, the Railway Pensions Trustee Company, and its investment arm, Railpen.
Overall, Railpen represents some 340,000 members and manages more than £15 billion in assets on their behalf – making it the third-largest occupational pension scheme in the UK. But each railway company runs its own pension
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