My Ref: MRP 1/8/118
5th February 2024
Circular Num: NP/038/24
To: The Secretary All Branches & Regional Councils
Dear Colleagues,
EAST COAST MAIN LINE PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION
Please be advised that 31st December 2022 triennial actuarial valuation results of the East Coast Main Line section of the RPS, reveal a surplus of £153.3m, with a funding level of 125.1. In line with actuarial advice, it is proposed that the Joint Contribution Rate will increase from 1st July 2024 as follows:
Category 60 |
Category 60 |
Member from 7.80% to 8.32% |
Employer from 11.70% to 12.48% |
Category 62 |
Category 62 |
Member from 6.88% to 7.28% |
Employer from 10.32% to 10.92% |
Category 64 |
Category 64 |
Member from 6.60% to 6.96% |
Employer 9.90% to 10.44% |
Please note that while contribution rates will vary section upon section, the increase in contribution above is due to cost of future service (accrual) increasing.
Please note there are no benefit changes being proposed.
In consideration the National Executive Committee on 1st February 2024 considered and adopted the following report:
“We note the 2022 valuation results of the Est Coast Main Line section of the RPS which reveals a surplus.
It is noted that the Joint Contribution Rate is set to increase in line with the scheme actuary’s assumptions and recommendation.
In light of the actuarial advice, we instruct the General Secretary to inform the company of our acceptance.
Regional Councils and Branches to be advised.”
I will keep you informed of any developments.
Yours sincerely
Michael Lynch
General Secretary