Fund Transport for London

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

I refer to my previous correspondence, 2Oth December 2021, you will be aware that Sir Brendan Barber the head of the Review Commission looking into the TfL Pension Fund submitted the final report on 28th March 2022.

• This text is taken from the attached newsletter. Please download, print and distribute it in your LU / TfL workplace

Strikes and opposition to pension cuts have rocked management’s timetable for so-called reform of our pensions. When Brendon Barber took on the review of the TfL pension fund the terms of reference said he would refine proposals and outline a timetable for implementation by 31 March 2022. 

29th March 2022

Dear Colleagues,

DEFENDING JOBS, PENSIONS AND AGREEMENTS - LONDON UNDERGROUND (LUL/14/2)

In the run up to ACAS talks between London Underground and RMT, National Executive Committee rep Jared Wood says:

"we are not prepared to accept the managed decline of our public transport system, we are not prepared to accept the managed decline of services and we are not prepared to accept the managed decline of jobs, working arrangements or pensions."

After a rock solid strike on London Underground, RMT prepares to return to ACAS with a simple message: Do not mess with our pension, jobs or terms & agreements.

Read more at www.rmtlondoncalling.org.uk/fundtfl

Dear Colleague,

TFL PENSION FUND - 2021 TRIENNIAL ACTUARIAL VALUATION

I can advise that following 31st March 2021 triennial actuarial valuation of the TfL Pension Fund the draft results reveal a surplus of £179 million with a funding level of 101.4%. This compares to a deficit of £603m recorded at the previous valuation 2018. This is clearly good news not just for members but also the employer and the Government who will not be burdened with having to pay deficit correction payments now the pension scheme is more than 100% funded.

Watch RMT Regional Organiser John Leach on BBC Politics today explaining why we took rock solid industrial action in our dispute to defend jobs, pensions and agreements.

"[Tube workers are] the fantastic men and women who kept London moving throughout the pandemic, the front line of the front line, pre-vaccine, losing members throughout that, kept the capital city going."

• See the interview on BBC Politics here.

DEFEND JOBS, PENSIONS AND AGREEMENTS - LONDON UNDERGROUND

CONGRATULATIONS ON ROCK SOLID ACTION

All RMT London Underground members are congratulated for the rock-solid strike action across the entire network this week. There has been a brilliant show of solidarity and support from you all and you are commended for your commitment to fight against vicious attacks on your jobs and pensions in order to pay for the TfL funding crisis.

• Strike action goes ahead on tube tomorrow as planned as RMT accuses Mayor of trying to blame workers for TFL financial crisis.

RMT accused Mayor Sadiq Khan of playing to the gallery, instead of pressuring ministers to deliver a long-term funding deal for TfL, ahead of another 24-hour stoppage on the tube network tomorrow which goes ahead as planned.

Speaking to the media yesterday (Tuesday), Mayor Khan told striking workers to "wake up and smell the coffee" and that industrial action would not make securing a deal with the government any easier.