Railways Pension Trustee Company

A High Court battle has begun between the government and four railways companies after they were excluded from franchise bids due to their approach to the £27bn Railways Pension Scheme (RPS).

The Railways Pension Scheme's Industry Wide Defined Contribution (IWDC) Section and the Aon Master Trust have become the 12th and 13th master trusts to be authorised by The Pensions Regulator (TPR).

Chris Hannon has been named chairman of the Railways Pensions Trustee Company after a unanimous vote of approval from its board last week.

Railways Pension Trustee Company chief executive Phil Willcock has quit the scheme after only 10 months to take up a position as head of AIG UK Life.

Chris Hitchen is to leave the investment manager of the £25bn Railways Pension Scheme within the next year.

The Pensions and Lifetime Savings Association (PLSA) is embarking on a campaign to improve the diversity of trustee boards in a climate of "division and disharmony".