MTR Crossrail Section of the Railways Pension Scheme - 2019 Triennial Actuarial Valuation

My Ref: MRP 1/8/118

21st January 2021

Circular Num: NP/028/21

To: The Secretary All Branches & Regional Councils

Dear Colleagues,

MTR CROSSRAIL SECTION OF THE RAILWAYS PENSION SCHEME – 2019 TRIENNIAL ACTUARIAL VALUATION

We are advised that following the 2019 triennial actuarial valuation of the MTR Crossrail shared cost sections of the Railways Pension Scheme (RPS) the draft valuation results reveal a surplus of £11.7m with a funding level of 119.1%.

In light of the surplus management are proposing, following actuarial advice, to maintain the joint contribution rate at its current level until 1st July 2024. The current member contribution rates are:

· Category 60 Members 9.50% /Category 62 Members 8.60%

In consideration your National Executive Committee on 14th January 2021 noted and adopted the following report:

“We note that the MTR Crossrail 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 1st July 2024.

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.

Yours sincerely,

Mick Cash
General Secretary