Chiltern Railways & Chiltern Maintenance Sections of the Railways Pension Scheme – 2013 Actuarial Valuation

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My Ref: MRP 1/8/79                                   14th November 2014
 
                                            Circular Num: NP/235/14
To: The Secretary All Branches & Regional Councils

Dear Colleagues,

Chiltern Railways & Chiltern Maintenance Sections of the Railways Pension Scheme – 2013 Actuarial Valuation

Following the 2013 triennial actuarial valuation of the Chiltern Railways shared cost section of the Railways Pension Scheme the draft results reveal a deficit of £7.022 million, with a funding level of 92.6%

The 2013 triennial actuarial valuation of the Chiltern Railways (Maintenance) shared cost section of the Railways Pension Scheme draft results reveal a deficit of £0.985 million with a funding level of 93.9%

In light of valuation results, and following actuarial advice, management proposed the following:

Chiltern Railways Section:

•    To maintain the present Joint Contribution Rate –

o    Members 11.4% / Employer 17.10%

•    It is anticipated that this would pay off the deficit in 15 years

Chiltern Railways (Maintenance) Section:

•    To maintain the present Joint Contribution Rate –

o    Members 10.56% / Employer 15.86%

•    It is anticipated that this would pay off the deficit in 12.5 years

The General Grades Committee in consideration of this proposal noted and adopted the following report on 4th November 2014:

“We note that the employer is proposing to maintain the Joint Contribution Rate at their present levels in both Chiltern sections. We further note that our Regional Organiser recommends acceptance of the proposals.

Therefore we instruct the General Secretary to inform the company of our acceptance of the proposals. Branches and Regional Councils to be informed.”

Yours sincerely,

 

Mick Cash
General Secretary