My Ref: MRP 1/8/16
23rd December 2020
Circular Num: NP/314/20
To: The Secretary All Branches & Regional Councils
LONDON OVERGROUND SECTION OF THE RAILWAYS PENSION SCHEME 2019 ACTUARIAL VALUATION PROPOSALS
Please be advised that we are informed that the 2019 triennial actuarial valuation results of the London Overground shared cost sections of the Railways Pension Scheme (RPS) reveal a surplus of £25.1m with a funding level of 113.4%.
In light of the surplus management are proposing to maintain the joint contribution rates at their current level until 31st March 2028. The current member contribution rates are:
- Category 60 Members 8.24%
- Category 62 Members 7.28%
In consideration your National Executive Committee on 22nd December 2020 noted and adopted the following report:
“We note that the London Overground section of the RPS is fully funded and has a surplus. It is further noted that as a result of the funding level management are proposing that the joint contribution rate is to remain unchanged until the conclusions of the 2028 valuation.
In light of these positive results we instruct the General Secretary to inform management of our acceptance.
Branches and Regional Councils to be informed.”
I will keep you advised of any developments.