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

My Ref: MRP 1/8/3                                                                            

 

28^th March 2024

 

Circular Num: NP/081/24

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

NETWORK RAIL 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 Network Rail section of the RPS reveal a surplus of £2.350bn, with a funding level of 137%.  In line with actuarial advice, it is proposed that the Joint Contribution Rate will reduce from 1^st July 2024 for each of the 

 

Category 60	Category 60
Member from 8.80% to 8.08%	Employer from 13.20% to 12.12%
Category 62	Category 62
Member from 6.52% to 5.84%	Employer from 9.78% to 8.76%

Please note the above contribution rates are for illustrative purposes only and do not take into account those who pay additional contributions into the scheme to have pay awards above the RPI pensionable pay cap made pensionable for future service only.

 

In consideration the National Executive Committee on 12^th March 2024 considered and adopted the following report:

 

“We note that the Network Rail section of the RPS is in surplus and that it is being proposed that the Joint Contribution Rare is reduced in line with actuarial advice.

 

In light of the valuation results we instruct the General Secretary to inform the company of our acceptance.”

 

I will keep you informed of any developments.

 

Yours sincerely

 

 

Michael Lynch

General Secretary