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When you pay into the British Transport Police Force Superannuation Fund (BTPFSF or the Fund), your money doesn’t just sit still – it gets invested by Railpen, the Fund’s investment manager. Their job is to grow your money over time to help you get the best possible outcome when you retire. That’s always the priority. Your pension, your future.

But some members have been asking us an important question: is it possible to consider sustainability and governance issues in our investments and still get a good return? The short answer is 'yes' – in fact, the one helps achieve the other. Here’s how it works…

Returns first...

Railpen’s goal is to deliver strong, long-term returns for members.

And issues like climate change, fair treatment of workers, and strong governance can all affect the long-term success of the companies your pension is invested in.

That’s why Railpen has a strong focus on investing thoughtfully and with your needs in mind. They call their approach to achieving this ‘sustainable ownership’.

Sustainable Ownership means making decisions based on solid evidence about how companies are run and the impact sustainability challenges and opportunities have on their business model - so we can protect and grow your pension over the long term.

Railpen believes that well-run companies, those that think about the long-term and behave responsibly, are more likely to succeed over time. And when those companies do well, so does your pension.

Addressing some survey feedback

Some of our members asked questions about whether Railpen’s sustainable ownership objectives would affect their investment returns in responses to the 2025 Sustainable Ownership member survey. It's a fair question to ask and one that we take very seriously.

So it felt like a good time to remind members that, above all, Railpen’s work on sustainable ownership is about helping members of the Scheme achieve their retirement goals.

Sustainable Ownership is about smart, forward-looking investing. It’s about investing on scheme members’ behalf to work in partnership with companies in ways that are good for returns – and to mitigate risks that could harm your pension in the long run.

So how does Railpen make investment decisions?

Railpen’s work is underpinned by 6 investment beliefs that guide and shape their investment approach when they decide where to invest your pension, for example. One of these beliefs is that sustainable ownership, when done right, supports stronger long-term performance.

Their team of experts carry out in-depth research, assess risks and opportunities, and actively engage with companies and policymakers to push for positive change where needed.

Broaden your knowledge about how your money is invested

We strive to give as much information as possible about how and where Railpen invests your pension money and the considerations they have when making certain decisions.

To help bring the topic to life, Railpen have included real-world examples of ESG issues that have had a material impact on companies they engage with.

You’ll find these in Railpen’s annual Stewardship Report - take a look at the climate-related case studies on pages 69 and 75. For further insight into Railpen’s engagement efforts, pages 79 and 80 highlight how they’ve worked with companies in this area.

If you’re interested in understanding more about how and where your money is invested, give the latest Sustainable Ownership Member Review a read. Crafted specifically for members, it provides an overview of Railpen’s investment efforts and includes examples of different experiences they have had with the companies they invest in.

The Sustainable Ownership page also offers some high-level information on the work of the Sustainable Ownership team and the set of evidence-based beliefs that inform their decision-making.

The world of investing is full of jargon. If you come across a word or a term you don’t know the meaning of, check out our investment glossary, it’s got some common terms explained.