WEST COAST PARTNERSHIP PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION

 Ref: MRP 1/8/1                                                                           

 

5th February 2024

 

Circular Num: NP/037/24

 

To: The Secretary All Branches & Regional Councils

 

Dear Colleagues,

 

WEST COAST PARTNERSHIP PENSION SCHEME SECTION OF THE RAILWAYS PENSION SCHEME (RPS) – 2022 TRIENNIAL VALUATION

 

Please be advised that 31st December 2022 triennial actuarial valuation results of the West Coast Partnership section of the RPS, reveal a surplus of £168.2m, with a funding level of 121.2%. In line with actuarial advice, it is proposed that the Joint Contribution Rate will increase from 1st July 2024 as follows:

 

Category 60

Category 60

Member from 8.26% to 8.56%

Employer from 12.39% to 12.84%

Category 62

Category 62

Member from 6.98% to 7.48%

Employer from 10.47% to 11.22%

 

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

Please note there are no benefit changes being proposed.

 

In consideration the National Executive Committee on 1st February 2024 considered and adopted the following report:

 

“We note the 2022 valuation results of the West Coast Partnership section of the RPS which reveals a surplus. 

 

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

 

Shape

Description automatically generated with medium confidence

 

Michael Lynch

General Secretary