We are seeking a talented Business Analyst to join our Change & Transformation team, playing a key role in delivering high‑impact, end‑to‑end initiatives across a diverse and evolving portfolio.
This is an excellent opportunity for an individual with strong investment management or custody experience, alongside full end‑to‑end lifecycle exposure, and a passion for translating business needs into practical, effective solutions.
The successful candidate will be a proactive and pragmatic professional, capable of building strong stakeholder relationships and contributing as a key member of the team. They will support Railpen in meeting members’ needs and delivering positive outcomes, consistently acting in the best interests of members.
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 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 here.
As a Business Analyst within our Change & Transformation team, you will work across a range of strategic initiatives, supporting the delivery of change from concept through to implementation.
Analyse business processes and business cases or problem statements.
Gather and define requirements, identifying gaps and opportunities.
Ensure solutions align with both business objectives and technical capabilities.
Build and maintain effective relationships with internal stakeholders and external partners.
Support the design and implementation of new operating models and process changes.
Identify and document risks, assumptions, issues and dependencies, escalating where appropriate.
Support wider delivery activities including planning, solution design, test preparation and execution, and implementation.
You will gain exposure across back, middle and front office functions, contributing to a broad range of change initiatives.
This role requires a collaborative and flexible approach, with a strong focus on practical delivery. You will work within cross‑functional teams and adapt to changing priorities as required.
Location: London (hybrid working, minimum two days in the office)
Please note: This role is not eligible for visa sponsorship. Applicants must have the legal right to work in the UK.
We are looking for a high‑calibre individual who can demonstrate the following:
Strong Financial Services experience, ideally with 5+ years' experience as a Business Analyst, including exposure to investment management, pensions, custody, or related financial services environments.
Experience delivering end‑to‑end lifecycle projects, including system implementations, data initiatives and outsourcing.
Knowledge of back and/or middle office environments; front office exposure is advantageous.
Strong understanding of investment products, including funds, ETFs, equities, fixed income, FX and derivatives.
Proficiency in Excel and SQL, particularly for data analysis and issue resolution.
Experience working in change or transformation environments, ideally within complex, member‑focused organisations.
Ability to translate complex information into clear, high‑quality outputs.
Strong communication and influencing skills, with the ability to build trusted relationships and challenge constructively.
Ability to balance strategic thinking with hands‑on delivery.
Strong organisational and analytical skills, with the ability to manage multiple priorities.
A continuous improvement mindset.
Our values - Integrity, Community and Alignment - guide everything we do. They shape our decisions, behaviours and relationships.
You will actively demonstrate these values by:
Creating a safe and inclusive environment.
Putting the needs of our community and members first.
Constructively challenging to achieve the best outcomes.
Aligning decisions and actions to the long‑term interests of our members.
A competitive salary (depending on experience).
28 days annual leave plus bank holidays.
Generous annual bonus plan.
We provide membership of the Railways Pension Scheme.
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.
4x Life Assurance cover.
Private Medical Insurance.
Employee assistance programme.
Health cash plan.
Eye care vouchers.
Flu vaccination.
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 via the apply button or visit Careers at Railpen by 5pm on Thursday 9th July 2026.
Railpen is committed to creating an inclusive and diverse environment, we value diversity and welcome people from all backgrounds and walks of life.
Skills Required
- Experienced Business Analyst with background in financial services or investment/asset management
- Solid understanding of financial instruments, particularly funds; knowledge of equities, fixed income, FX and derivatives
- Ability to engage stakeholders at all levels and lead workshops
- Strong attention to detail and ability to manage multiple priorities in fast-paced environments
- Experience working on end-to-end system implementations, data-focused initiatives and transformation programmes (back/middle office)
- Familiarity with Investment Book of Records (IBoR), trade support and data transformation initiatives
What We Do
The Railways Pension Scheme is one of the UK’s largest and longest established pension funds. Railpen is responsible for the safekeeping and investment of around £34 billion on behalf of the scheme’s 350,000 members who are connected to the railway industry. Railpen's purpose is to secure our members' future. To achieve this we invest the scheme’s assets to generate strong returns over the long term. Our members and their employers trust us with this very significant responsibility. We are proud of this responsibility, take it very seriously, and are committed to, and passionate about, improving their future lives. Generating the required returns is challenging. To be successful we must constantly strive to be considered a world-class asset owner by our stakeholders, with a proven track record of adding value for our members. This means we have to have excellent people, doing exemplary work, in every part of our business. We use the size of our assets to invest wisely and influentially. Our convictions and a clear set of investment beliefs guide us through complex and changing markets. We’re not afraid to think innovatively or act boldly in the best interests of the members we are proud to serve
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