LONDON EASTERN RAILWAYS (WEST ANGLIA) PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION

My Ref: MRP 1/8/31                                                                          

 

18^th January 2024

 

Circular Num: NP/025/24

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

LONDON EASTERN RAILWAYS (WEST ANGLIA) PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION

 

Please be advised that the results of 31^st December 2022 triennial actuarial valuation of the London Eastern Railway (West Anglia) section of the RPS, reveal a surplus of £22.1m, with a funding level of 117.5%. In line with actuarial advice, it is proposed that the Future Service Joint Contribution Rate will reduce from 1^st July 2024 as follows:

 

Category 60	Category 60
Member from 10.23% to 8.64%	Employer from 15.35% to 12.96%
Category 62	Category 62
Member from 9.19% to 7.56%	Employer from 13.79% to 11.34%

 

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 11^th January 2023 considered and adopted the following report:

 

“We note the 2022 valuation results of the London Eastern Railways (West Anglia) 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