RPS TOC Sections 2016 Actuarial Valuation – Intervention by the Pension Regulator

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My Ref: MRP 1/8/1                 12th February 2018                       Circular Num: NP/028 /18

To: The Secretary All Branches & Regional Councils

Dear Colleagues,

RPS TOC Sections 2016 Actuarial Valuation – Intervention by the Pension Regulator

I refer to Circular NP/176/17, 1st November 2017, following the intervention by the Pensions Regulator, in respect of the Railways Pension Scheme (RPS) 2016 Actuarial Valuation, the statutory deadline of 31st March 2018 when the valuation should be completed will not be met for the 27 TOC sections.

While a number of proposals have been made by a number of TOC sections to complete the valuation it is unlikely that they will be considered until discussions between the RPS Trustee Board and the Pensions Regulator have been completed.

We are given to understand that there will be an approach made to seek a TOC industry-wide solution to this matter which will include the involvement of rail unions. We further understand that an informal meeting with RPMI (the administrators of the RPS) is being arranged to brief the General Secretaries and to discuss processes.

This matter has now been placed before the RMT Political, Transport and Liberation Subcommittee for further consideration and report.

I will keep you informed of developments.  

 

Yours sincerely,

 

Mick Cash

General Secretary