Richard Murray has been appointed chair of the Railways Pension Scheme, succeeding Christine Kernoghan.
The £36bn multi-employer scheme for the rail sector said Kernoghan would be remaining as a trustee following the handover. She became the first female chair of the Railways Pension Scheme trustee board when she took on the role in 2022.
Murray has been a trustee for the pension scheme since 2019 and a non-executive director at Railpen, the scheme’s wholly owned administration company, since 2022. He will step down from this latter role, the scheme said.
Murray has worked in the pensions sector for more than 30 years, most recently as group pensions director at FirstGroup, one of the Railways Pension Scheme’s sponsoring employers.
Murray said: “It is a privilege to be appointed Chair of the Trustee Board. I take on this role with a strong sense of responsibility and purpose - to provide effective governance, champion the interests of our members, and ensure a clear focus on delivering the best possible long-term outcomes that make a meaningful difference to their financial futures.”
Christine Kernoghan, outgoing trustee chair, said: “I am delighted that Richard has been appointed as chair of the trustee board. Having worked closely with him over a number of years, I have seen first-hand his commitment to strong governance, thoughtful decision-making and acting in the best interests of the members and employers we serve. I know the trustee board will benefit greatly from his leadership as it continues to navigate a rapidly evolving pensions landscape.”
As well as overseeing the Railways Pension Scheme, the trustee board also has responsibility for the British Transport Police Force Superannuation Fund, the British Railways Superannuation Fund, and the BR (1974) Fund.
Railpen’s asset management unit runs the investment portfolios of all four schemes, while Railpen Limited is the administrator.
