First Trans-Pennine Express Former ATN and NWT Sections of the Railways Pension Scheme – 2013 Actuarial Valuation

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My Ref: MRP 1/8/80                                10th September 2014
 
                                          Circular Num: NP/ 182 /14

To: The Secretary All Branches & Regional Councils

Dear Colleagues,

First Trans-Pennine Express Former ATN and NWT Sections of the Railways Pension Scheme – 2013 Actuarial Valuation

Following the 2013 triennial actuarial valuation of the First Trans-Pennine Express former ATN and NWT shared cost sections of the Railways Pension Scheme (RPS), the results reveal the following:

•    ATN Section – Deficit £0.9 million (funding level of 98.6%)

•    NWT Section – Deficit £1.1 million (funding level of 97.4%)

In light of these results, and after seeking actuarial advice, management are proposing that the present Joint Contribution Rates remain at their present levels for both sections until 30 November 2018 for the ATN section and 31 December 2019 for the NWT section. The contribution rates are:

•    ATN – Member 10.12% / Employer 15.18%

•    NWT – Member 9.64%  / Employer 14.46%

This proposal was placed before the General Grades Committee on 2nd September 2014 and the following report was adopted:

“We note that the employer is proposing to maintain the Joint Contribution Rate at its current level for both sections of the First Trans-Pennine Express Railways Pension Scheme.

We further note the recommendation for acceptance of this proposal from our JNF representatives and Regional Organiser.

Therefore we instruct the Acting General Secretary to inform the Regional Organiser of the General Grades Committees support for this proposal.

Branches and Regional Councils to be informed.”

I will keep you informed of developments.

Yours sincerely,


 

Mick Cash
Acting General Secretary