My Ref: MRP 1/8/1 13th February 2018
Circular Num: NP/030/18
To: The Secretary All Branches & Regional Councils
RPS TOC Sections 2016 Actuarial Valuation – Intervention by the Pension Regulator
I refer to Circular NP/028/18, 12th February 2018, as reported the completion of 2016 Actuarial Valuation for the 27 TOC Railways Pension Scheme (RPS) sections will not be completed until the RPS Trustee has concluded their discussions with the Pensions Regulator.
However, I would advise you that the following TOC sections have proposed to maintain the current Joint Contribution Rate until the 2019 Actuarial Valuation and have submitted this proposal to the RMT:
Abellio (Greater Anglia, Great Eastern & West Anglia sections) c2c Island Line London & South Eastern Mersey Rail Northern Rail (ex North West & North East sections) South West Trains
In light of the discussions between the RPS Trustee and Pensions Regulator the RMT National Executive Committee adopted the following report in respect of these proposals on 8th February 2018:
“We note that the Valuation proposal(s) being made on file are no longer valid due to the Pension Regulators intervention in respect of this matter.
In light of the discussions between the RPS Trustee and the Pensions Regulator we await further developments to be reported back the National Executive Committee.”
I will keep you informed of developments.