London Eastern Railways (West Anglia) Section of the Railways Pension Scheme – 2013 Actuarial Valuation

My Ref: MRP 1/8/47                                   14th November 2014
 
                                            Circular Num: NP/239/14
To: The Secretary All Branches & Regional Councils

Dear Colleagues,

    London Eastern Railways (West Anglia) Section of the Railways Pension Scheme – 2013 Actuarial Valuation

Following the 2013 triennial actuarial valuation of the London Eastern Railways (West Anglia) shared cost section of the Railways Pension Scheme the draft results reveal, allowing for future contributions, a deficit of £2.183 million with a funding level of 97.7%

In light of valuation results corrective action is required to mitigate the shortfall in the fund.

Following actuarial advice management proposed the following:

•    15 year recovery period

•    Contribution rates to increase:

o    Member 11.00% to 11.91% (+0.91%) / Employer 16.50% to 17.87 %( + 1.37%)

•    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 increase contributions. We further note that our representatives are recommending acceptance of the proposals.

Therefore we instruct the General Secretary to inform the company of our acceptance of the proposals.

Branches and Regional Councils to be informed.”

I will keep you informed of any developments.

Yours sincerely,

 

Mick Cash
General Secretary