My Ref: MRP 1/8/3
27th November 2020
Circular Num: NP/292/20
To: The Secretary, All Branches & Regional Councils
NETWORK RAIL SECTION OF THE RAILWAYS PENSION SCHEME 2019 ACTUARIAL VALUATION PROPOSALS
Following the 2019 triennial actuarial valuation of the Network Rail (NR) shared cost section of the Railways Pension Scheme the results reveal a surplus of £1.056bn with a funding level of 115.8%.
As a result of these positive results management have proposed to maintain the current Joint Contribution Rates in the NR RPS60 and RPS65 schemes until at least the completion of the 31st December 2022 actuarial valuation with no benefit changes.
In consideration your National Executive Committee on 26th November 2020 noted and adopted the following report:
“We note that the Network Section of the RPS is fully funded and has a surplus. It is further noted that as a result of the funding level of the section member contributions and benefits are to remain unchanged until the conclusion of the 2022 actuarial 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.