My Ref: MRP 1/8/32
18th January 2024
Circular Num: NP/024/24
To: The Secretary All Branches & Regional Councils
Dear Colleagues,
GREAT EASTERN RAILWAYS PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION
Please be advised that the results of 31st December 2022 triennial actuarial valuation of the Great Eastern Railway section of the RPS, reveal a surplus of £59.2m, with a funding level of 123.6%. In line with actuarial advice, it is proposed that the Future Service Joint Contribution Rate will reduce from 1st July 2024 as follows:
Category 60 |
Category 60 |
Member from 11.06% to 8.52% |
Employer from 16.59% to 12.78% |
Category 62 |
Category 62 |
Member from 10.02% to 7.48% |
Employer from 15.03% to 11.22% |
Following consultation with management our representatives 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 Railways 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