We have an exciting opportunity for a Calculation Analyst to join the Calculation Assurance team within the Technical Policy and Services function. The role will focus on the testing of benefit calculations, supporting the Member Services administration teams by investigating calculation queries, and performing manual calculations on member records. This is a permanent role and will be based in our Darlington office and offering hybrid working.
Who we areRailpen 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.
Our values of integrity, community and alignment are the guiding principles that influence our behaviour. They help us make decisions and shape our relationships with others. They’re what we stand for.
The roleAs a Calculation Analyst, you will be required to develop, maintain, enhance and fully test the pensions and benefit calculations software and calculation tools used by Railpen business areas. The role will play an essential part in providing assurance that the benefits being paid to members are accurate.
The Calculation Analyst will join a team that works to deliver changes to both enhance the system, and to deliver the statutory changes that are needed. The role will have the opportunity to work with various parts of the business including other Pensions Technical and Policy Services teams, Administration and Process Assurance teams, to understand the scope of planned changes and their associated risks, along with assessing the impact of change on the wider business. Other responsibilities include designing tests, ensuring the accuracy of the change, investigating issues, as well as raising those issues and providing clarification to suppliers, and also providing live assurance support.
The personWe are looking for someone who has an understanding and knowledge of Defined Benefit, including CARE, pensions (although some Defined Contribution knowledge would be beneficial) and the processes linked to member benefit calculations. Therefore, a background in the pensions industry is key for this role, as is being technically focused with a willingness to keep up to date on emerging pensions developments.
The successful candidate will have good analytical, investigative and numerical skills and will document their work to maintain clear audit trails. You will have experience of using Microsoft Excel spreadsheets and will be able to communicate effectively (both in writing and orally). We are looking for someone who is customer service driven and has the ability to balance priorities and workloads whilst understanding the importance of meeting service-level agreements and proactively managing customer expectations. You must collaborate well and with an open mindset.
What we can offer youRewarding you
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, 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
Colleague referral scheme
Heath & Wellbeing
Private Medical Insurance
Employee assistance programme
Health cash plan
Eye care vouchers
Flu vaccination
Lifestyle
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
If you would like to apply, please click on the apply button or visit our Careers Page by 19th January 2026
Railpen is committed to creating an inclusive and diverse environment, we value diversity and welcome people from all backgrounds and walks of life
Top Skills
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
