My Ref: MRP 1/8/56
19th January 2024
Circular Num: NP/028/24
To: The Secretary All Branches & Regional Councils
Dear Colleagues,
TRENITALIA C2C LIMITED PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION
Please be advised that the results of 31st December 2022 triennial actuarial valuation of the Trenitalia C2C Limited section of the RPS reveal a surplus of £20.1m, with a funding level of 114.1%. In line with actuarial advice, it is proposed that the Joint Contribution Rate will increase from 1stJuly 2024 as follows:
Category 60 |
Category 60 |
Member from 7.52% to 8.04% |
Employer from 11.28% to 12.06% |
Category 62 |
Category 62 |
Member from 6.60% to 7.04% |
Employer from 9.90% to 10.56% |
Please note that while contribution rates will vary section upon section, the increase in contributions above is due to cost of future service (accrual) increasing.
Following consultation with management our representatives are recommending acceptance of the above proposal. Please note there are no benefit changes being proposed.
In consideration the National Executive Committee on 11th January 2023 considered and adopted the following report:
“We note the 2022 valuation results of the Trenitalia C2C Limited section of the RPS which reveal a surplus.
For the avoidance of doubt it is noted that the Joint Contribution Rate is set to increase 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