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March 6, 2003
Amey pension contribution increase to 7.5% from 1 January 2004.
The latest valuation of the Amey Railways Section of the Railways Pension Scheme has revealed a deficit. The valuation as at
Regrettably it is therefore necessary for contributions to increase. In this respect the following proposal for increasing contributions was agreed by the Trustees at their February meeting:
5.0% until 31.12.03
7.5% from 1.01.04 - 30.11.04
9.40% (40% of jcr) from 01.12.04
7.50% from 01.01.03 - 31.03.03
7.60% from 01.04.03 - 31.12.03
14.49% from 01.01.04. - 30.09.09
14.10% (60% of jcr) from 01.10.09
In addition the employer will pay its Brass matching from
This matter was considered by the Council of
"That we note the report and express our grave concerns at the substantial increase in our members' pensions contributions. The General Secretary is instructed to circularise all Branches, Regional Councils and Officers to inform them of our intention to seek increases in rates of pay taking into account full pension contribution increases immediately and in all future years. The General Secretary is instructed to place an article in the next edition of RMT News concerning this matter. The General Secretary to ensure that all current and future pay submissions reflect this decision."