TfL Pension Fund - Independent Review

My Ref: MRP 2/1

2nd August 2021

Circular Num: NP/282/21


Dear Colleagues,


I refer to my previous Circular NP/253/21, 15th July 2021, as you will be aware TfL management announced last week how they intend to process and conduct the review into the Transport for London Pension Fund. I can advise that your National Executive Committee on 29th July 2021 in consideration made the following decision:

“That we note and adopt the report from our Southern subcommittee.

Further, we note the document from TfL setting out their proposed terms of reference for a process of reviewing the TfL pension.

RMT will fight any attempt to impose detrimental terms onto our members. We will resist any attempt to make members work longer, increase pension contributions of workers (just a pay cut in disguise), reduce pension payments or undermine the fund in the long-term by closing it off to future staff.

Our members in TfL kept transport services running throughout the pandemic and were hailed as heroes. Now our reward is the threat of poverty in retirement.
This union has absolutely no confidence in the review process set out, which is no more than a smoke screen for a massive attack on RMT members driven by the government and London Mayor’s agreement to make huge financial cuts on TfL/LUL.

Instead of reviewing the TfL pension, RMT calls for an investigation, with full involvement of all recognised trade unions, into the systemic transfer of TfL funds to the private sector.

We note that in 2020/21 over £60m was paid to a private cleaning contractor, over £106m was paid to privatised track maintenance contractors, over £30m was paid to external fleet maintenance contractors and a staggering £2bn was paid to privatised bus operators.

This union calls for all regular TfL work to be immediately brought in-house and for an end to the gravy train of easy profits and dividends to the shareholders of the private sector.

We also call for a review of the level of government support for TfL, which is far less than the support provided to comparable transport systems such as the New York metro or Paris subway. The General secretary is instructed to conduct RMT’s own research into the costs of TFL outsourcing and the level of government support received by TfL. Further, the General secretary is instructed to seek participants from trade unions, relevant academics, TfL service users and other appropriate people to participate in an alternative commission exploring these issues.

The General secretary is also instructed to convene an online rally of TfL members to explain RMT’s position and branches and the LTRC are encouraged to organise face to face events, where safe and possible, and on-line events to publicise this campaign to defend our pension.

We note that the option of no change to the pension remains under consideration and we demand that all other options be ruled out. Any other course of action will be met head on by this union using every option available to us, including a determined campaign of strike action.

LTRC, branches and all LTRC members to be advised by text and email.”

I will keep you advised of future developments.

Yours sincerely

Michael Lynch
General Secretary