MTR ELIZABETH LINE PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL ACTUARIAL VALUATION

My Ref: MRP 1/8/4                                                                          

 

12^th January 2024

 

Circular Num: NP/007/23

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

MTR ELIZABETH LINE PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL ACTUARIAL VALUATION 

 

Please be advised that the results of 2022 triennial actuarial valuation of the MTR Elizabeth Line section of the RPS reveal a surplus of £12.0m, with a funding level of 112.9%. I can further advise that in line with actuarial advice, it is proposed that the Joint Contribution Rate will reduce for all categories of members from 1^st July 2024 as follows:

 

Category 60	Category 60
Member from 9.50% to 7.28%	Employer from 14.25% to 10.92%
Category 62	Category 62
Member from 8.60% to 6.28%	Employer from 12.90% to 9.42%
Cat 60 former L&SE	Cat 60 former L&SE
Member from 7.28% to 7.28% (no change)	Employer from 16.47% to 10.92%
Cat 62 former L&SE	Cat 62 former L&SE
Member from 6.28% to 6.28% (no change)	Employer from 15.22% to 9.42%
Cat 60 former FGW	Cat 60 former FGW
Member from 8.96% to 7.28%	Employer from 14.79% to 10.92%
Cat 62 former FGW	Cat 62 former FGW

Member from 8.04% to 6.28%

Employer from 13.46% to 9.42%

 

Following consultation with management our representatives at MTR 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 MTR Elizabeth Line 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