We have a unique opportunity for a Pensions Actuary to join Railpen’s Pensions Policy Team on a permanent basis.

Who we are

Railpen is responsible for the safekeeping and investment of around £34 billion in assets and the administration of several pension schemes, including the Railways Pension Scheme, one of the UK's largest and longest established UK pension funds.

Our heritage of looking after the pension needs of the rail industry and its employees gives us our name and our unique outlook on how we serve our members. Railpen takes a holistic view, focusing on how we serve members today and how we can positively impact the communities and the world they will retire into.

To learn more about Railpen including our values, culture and purpose, visit our LinkedIn Life page.

The team and the role

The Pensions Policy Team works closely with the Trustee and its sub-committees to assist the Trustee in meeting its obligations relating to integrated funding and policy matters for the railways pension schemes. This role will act on the Trustee’s behalf to engage with sponsoring employers and other stakeholders, working towards good outcomes on integrated funding and policy matters.

The team maintains a high standard of delivery to the Trustee so it can meet its strategic objectives as the custodian of some of the largest open DB schemes in the UK. The work includes: understanding the Trustee’s obligations and supporting the Trustee in meeting them, representing Trustee interests in discussions with sponsoring employers and other stakeholders, using professional judgement to consider what issues to raise with the Trustee and ensuring the Trustee’s decisions are executed once they have been made.

A major immediate focus for the role is the upcoming 31 December 2025 actuarial valuations of the Railways Pension Scheme, to support the Trustee and employers reaching agreement on each of the distinct 100+ RPS sections. Alongside this the role will involve exposure to various aspects of day to day scheme management and Trustee delivery, working with other team members and external advisors to provide a high quality service to the Trustee.

This role is not eligible for visa sponsorship. Applicants must have the legal right to work in the UK.

The person

The ideal candidate will be a Fellow of the Faculty and Institute of Actuaries (or equivalent) with some experience in supporting trustees under the scheme-specific DB funding regulations, with an understanding of the integration of investment, funding and covenant considerations in decision-making. The candidate will have an appreciation for the different funding and investment approaches to be tailored to the separate requirements of open and closed DB schemes, including experience of taking closed DB schemes to their ‘endgame’. A knowledge of DC arrangements would also be beneficial.

We are looking for someone who is able to communicate effectively, who is adaptable, collaborative in their approach and is able to build effective relationships with Railpen colleagues, external advisors, industry peers and stakeholders. Exceptional attention to detail and ability to work independently with focus on delivering best practice and overall continuous improvement will also be key to this role.

Our values of integrity, community and alignment are the guiding principles that influence our behaviour. They help us make decisions and shape our relationships with others. They’re what we stand for. You will actively demonstrate our values, helping to create a safe environment, to place the needs of the community above oneself and, through a culture of ‘fair challenge’, align to the best interests of our members.

What we can offer you

• A competitive salary
• 28 days annual leave plus bank holidays
• Generous annual bonus plan
• We provide membership of the Railways Pension Scheme, a Defined Benefit arrangement under which you get a pension for life and a lump sum when you retire, based on your length of service and pay
• Life Assurance cover
• Colleague referral scheme

Health & Wellbeing

• Employee assistance programme
• Health cash plan
• Eye care vouchers
• Flu vaccination

Lifestyle

• We support hybrid and flexible working along with very generous family leave including 12 months full pay maternity leave and 6 months full pay paternity leave
• Buy and sell holidays
• Give as you earn scheme
• Paid volunteering days
• Flexible half days leave
• Electric vehicle leasing
• Cycle to work scheme

Please apply for the role by Monday 20th October 2025.

Railpen is committed to creating an inclusive and diverse environment, we value diversity and welcome people from all backgrounds and walks of life.