TFL PENSION FUND: YOUR PENSION UNDER THREAT

TFL PENSION FUND: YOUR PENSION UNDER THREAT

25 April 2014

RMT

To: LUL & TFL members

Dear Colleague,
 
I write to advice you that management are planning further attacks on your Terms and Conditions, in particular to your future pension entitlement.
 
The RMT has received correspondence from the LUL Chief Operating Officer which requests that this union participates in discussions in respect of closing the TfL Pension Fund to future employees.
 
Make no mistake this proposal will not only affect new employees it will have a massively detrimental effect on all members of the TfL Pension Fund.
 
Management want to save at least £ 600 million from LT employer pension contributions as well as introducing Performance Related Pay, which would be non-pensionable.
 
This proposal is nothing more than another attack on the income and future stability of the TfL Pension Fund. This would have a detrimental effect on your retirement benefits in the future. In the RMT’s experience those Final Salary pension schemes which have been closed to new entrants are the ones which suffer financially the most. This often results in increases to member contributions and reduced future benefits. You will pay more for less.
 
It is absolutely vital that we send a clear message to management that we will protect our pensions.
 
I will keep you informed of developments.
 
Yours sincerely,

Mick Cash
 
 
 
Acting General Secretary

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