Northern Rail (Ex North West) Section of the Railways Pension Scheme – 2013 Valuation Proposals

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My Ref: MRP 1/8/60                                           7th January 2015
 
                                            Circular Num: NP/003 /15
To: The Secretary All Branches & Regional Councils

Dear Colleagues,

Northern Rail (Ex North West) Section of the Railways Pension Scheme – 2013 Valuation Proposals

Following the 2013 triennial actuarial valuation of the Northern Rail (Ex North West) shared cost section of the Railways Pension Scheme (RPS) the draft results reveal a surplus of £6.8 million with a funding level of 102.5%.

Under the schedule of contributions the actuary proposed that the Joint Contribution Rate (JCR) could reduce from its current level.

However, following discussions with RMT representatives it has been proposed that the JCR will remain at its current level until 30th June 2018 so that the financial stability of the scheme is better protected. The proposal is as follows:

•    Joint Contribution Rate to remain until 30th June 2018 at -:

o    Member 10.56% / Employer 15.86%

•    No benefit changes

The General Grades Committee in consideration made the following report on 7th January 2015:

“That we note that actuarial valuation of the Northern Rail (ex North West) shared cost section of the Railways Pension Scheme and the scheme remains in surplus.

We further note that our representatives are proposing that the JCR remains at the same level until 30th June 2018, enabling financial stability of the scheme to better protected.

Therefore we instruct the General Secretary to inform the company of our acceptance of their proposal.”

I will keep you informed of any developments.

Yours sincerely,

 

Mick Cash
General Secretary