My Ref: MRP 1/8/110 14th November 2014
Circular Num: NP/236/14
To: The Secretary All Branches & Regional Councils
East Coast Section of the Railways Pension Scheme – 2013 Actuarial Valuation
Following the 2013 triennial actuarial valuation of the East Coast shared cost section of the Railways Pension Scheme the draft results reveal, allowing for future contributions, a surplus of £16.8 million with a funding level of 104.3%.
In light of valuation results and following actuarial advice management proposed the following:
• Contribution rates to be maintained at their current rates until 31st June 2019:
o Category 60 members 11.90% / Employer 17.85%
o Category 64 members 10.56% / Employer 15.84%
• 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 maintain the present Joint Contribution Rate.
We also note that our Regional Organiser informs us of our representatives on the East Coast Pension Committee acceptance of the proposals.
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.