MERSEYRAIL PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION

My Ref: MRP 1/8/58                                                                          

 

19th January 2024

 

 Circular Num: NP/027/24

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

MERSEYRAIL 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 Merseyrail section of the RPS reveal a surplus of £48m, with a funding level of 121.4%.  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 8.68% to 8.64%

Employer from 13.02% to 12.96%

Category 62

Category 62

Member from 7.72% to 7.68%

Employer from 11.58% to 11.52%

 

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 Merseyrail 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

 

Shape

Description automatically generated with medium confidence

 

Michael Lynch

General Secretary