London & South Eastern Section of the Railways Pension Scheme – 2013 Actuarial Valuation

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My Ref: MRP 1/8/23                                   14th November 2014
 
                                            Circular Num: NP/237/14
To: The Secretary All Branches & Regional Councils

Dear Colleagues,

London & South Eastern Section of the Railways Pension Scheme – 2013 Actuarial Valuation

Following the 2013 triennial actuarial valuation of the London & South Eastern Railways shared cost section of the Railways Pension Scheme the draft results reveal a surplus of £20.8 million with a funding level of 104.2%

Following actuarial advice it was proposed by management that the Joint Contribution Rate should be increased so that the funding level of the section is maintained. Contribution would therefore increase as follows from 1st July 2015:

•    Member 8.88% to 9.00% (+0.12%)

•    Employer 13.32% to 13.50% (+ 0.18%)

•    No benefit changes

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 increase contributions in line with actuarial advice. We further note that our Regional Organiser is recommending acceptance.

Therefore we instruct the General Secretary to inform the company of our acceptance of these proposals.

Branches and Regional Councils to be informed.”

I will keep you informed of any developments.

Yours sincerely,

 

Mick Cash
General Secretary