My Ref: MRP 1/8/32
12th January 2024
Circular Num: NP/010/23
To: The Secretary All Branches & Regional Councils
Dear Colleagues,
FIRST GREAT WESTERN SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION
Please be advised that 31st December 2022 triennial actuarial valuation of the First Great Western section of the RPS, reveal a surplus of £235m, with a funding level of 120.7%.
In line with actuarial advice, it is proposed that the Joint Contribution Rate will reduce from 1st July 2024 as follows:
Category 60 |
Category 60 |
Member from 8.96% to 8.28% |
Employer from 13.44% to 12.42% |
Category 62 |
Category 62 |
Member from 8.04% to 7.28% |
Employer from 12.06% to 10.92% |
Following consultation with management our representatives at First Great Western are recommending acceptance of the above proposal. Please note there are no benefit changes being proposed.
In consideration the National Executive Committee on 11th January 2023 considered and adopted the following report:
“We note the 2022 valuation results of the Great Eastern Railway section of the RPS which reveal a surplus.
For the avoidance of doubt it is noted that the Joint Contribution Rate is set to reduce in line with the scheme actuary’s assumptions and recommendation.
In light of our representative’s support of the proposal 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