My Ref: MRP 2/1
18th December 2024
Circular Num: NP/306/24
To: The Secretary All Branches, Regional Councils
All Underground and Former LT Employers
Dear Colleagues,
Update & Briefing from the RMT General Secretary
TFL Pension Fund Actuarial Valuation as at 31st March 2024 & TfL Pensions Review Update
Following an employee bulletin from Commissioner of Transport, Andy Lord, dated 17thDecember 2024, you would have been advised that the results of the TfL Pension Fund Actuarial Valuation as at 31st March 2024 reveal a healthy surplus of over £3b. In fact, this significant surplus has allowed the employer to reduce their future service contribution rate below what is required on an ongoing basis and will allow the Trustees to de-risk the investments in the fund to secure member benefits.
The positive results of the latest TfL Pension Fund valuation again confirm our view that your pension fund doesn’t need changing and while the Government are still to confirm that Pensions Review has ended the Mayor of London has confirmed the following:
“To this end, I can reassure you that there are no conditions related to pensions in TfL’s most recent capital funding settlement. My view is that we have now met the original pension condition and as a result I consider the pension review process at an end. My team has communicated this view to Government.”
This is very good news. The RMT has fought for the protection of and against attacks on the TFL Pension fund for many years and the Mayor of London has now confirmed the review has ended and no changes will be made to members future pension rights.
In defence of their pension RMT members took strike action and have refused to backdown. We now know the TfL Pension Fund is much more secure and is in a safe funding position going forward.
I will keep you informed of developments.
Yours sincerely
Michael Lynch
General Secretary