Defending defined benefit

Alternative investment products: Pension profile

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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 pens

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