TFL PENSION FUND – INDEPENDENT REVIEW

My Ref: MRP 2/1

2nd November 2022

Circular Num: NP/247/22
TO ALL BRANCHES AND REPRESENTATIVES
ALL UNDERGROUND AND FORMER LT EMPLOYERS

Dear Colleagues,
TFL PENSION FUND – INDEPENDENT REVIEW

I refer to my previous Circular NP/88/21, 7th April 2022, as you will be aware as part of the Government ‘three step’ Long-term Funding Settlement process TfL have been forced to lay out options in respect of reforming the TfL Pension Fund with the aim of saving at least £100m pa of pension costs. On Friday 14th October 2022 in response TfL management submitted to the Government a “pensions position paper” outlining three options.

While one of these options is to make no changes to the TfL Pension Fund the other two in the shape of some form of Career Average Revalued Earnings (CARE) arrangement are a direct attack on our members future service pension rights and will ultimately make them poorer in retirement.

In response to TfL’s submission to the Government, the RMT and our sister unions have produced the attached TfL Pension Fund joint Trade Union update. This update can also be found at https://bit.ly/3zAJUV0

I would ask that you bring this update to the attention of as many members as possible.

I will keep you advised of future developments.

Yours sincerely

Michael Lynch
General Secretary