TRANSPENNINE EXPRESS SECTIONS OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL ACTUARIAL VALUATION

My Ref: MRP 1/8/1                                                                            

 

12^th January 2024

 

Circular Num: NP/008/23

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

TRANSPENNINE EXPRESS SECTIONS OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL ACTUARIAL VALUATION

 

Please find below the results and contribution proposals for the two TransPennine Express sections of the RPS.  

 

TransPennine Express (former Arriva Trains Northern) section:

 

The 31st December 2022 valuation results reveal a surplus of £22.1m with a funding level of 116.1%. While there is a surplus in this section the scheme actuary has indicated that the Joint Contribution Rate is set to increase from 1^st July 2024. Member contribution rates will increase as follows:

 

 

There are no benefit changes being proposed.

 

TransPennine Express (Former North-Western Trains) section: 

 

The draft 31st December 2022 valuation results reveal a surplus of £7.885m with a funding level of 109.3%. While there is a surplus in this section the scheme actuary has indicated Joint Contribution Rate is set to increase from 1^st July 2024. Member contribution rates will increase as follows:

 

 

 

Please note that while contribution rates will vary section upon section, the increase in the contribution rates above is due to cost of future service (accrual) increasing. 

 

There are no benefit changes being proposed.

 

In consideration the National Executive Committee on 11^th January 2023 considered and adopted the following report:

 

“We note the 2022 valuation results of the TransPennine Express Sections, former Arriva Trains Northern and former North-Western Trains, of the RPS, which both reveal surpluses. 

 

For the avoidance of doubt it is noted that the Joint Contribution Rate is set to increase for both sections in line with the scheme actuary’s assumptions and recommendation.

In light of our representative’s support of the proposal we instruct the General Secretary to inform the company of our acceptance.

 

Regional Councils and Branches to be advised.”

 

I will keep you informed of any developments.

 

Yours sincerely

 

 

Michael Lynch

General Secretary