Railways Pension Scheme - 2013 Actuarial valuation

My Ref: MRP: 1/8/1                                    18th June 2014

    Circular No. NP/109 /14

To:     The Secretary All Branches & Regional Councils

Dear Colleagues,

RAILWAYS PENSION SCHEMES – 2013 ACTUARIAL VALUATION

As I am sure you are aware the Railways Pension Scheme (RPS) tri-annual actuarial valuation is presently being carried out by the scheme Actuary. As part of the consultation process two trade union valuation presentations have been held by the RPS trustees.

The draft valuation results reveal that many RPS sections are still in deficit although some are showing little change from the 2010 valuation.

As with past valuation, talks between management and the trade unions will center on the affordability and sustainability of each RPS section.

While the full valuation results for each RPS section are still to be finalised RMT policy will be to protect future pension benefits and keep contributions affordable for members.

I would therefore like to remind all RMT representatives involved in these discussions with employers of the following procedure:

•    Ensure management have meaningful discussions with representatives through our collective bargaining machinery i.e. Company Councils etc

•    Details of any employer proposals should be forwarded immediately to Head Office

•    No agreement should be reached on amending contributions or benefits, either through Pensions Committees or in direct discussions with employers, without the consent of the General Grades Committee

If you require any advice or information please contact the RMT Pension Officer on 020 7529 8806 or at p.norris@rmt.org.uk.

I shall, of course, keep you advised of developments.
 
Yours sincerely,




Mick Cash
Acting General Secretary