Defending and extending your pension rights
Circular No: IR/195/22
8th September 2022
Dear Colleagues,
DEFENDING JOBS, PENSIONS AND AGREEMENTS - LONDON UNDERGROUND (LUL/14/2)
Further to my my previous Circular (IR/166/22), dated 10th August 2022, the Regional Organiser has met with your representatives to discuss the funding agreement recently made between the Department for Transport and TfL.
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.
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.
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.
RMT train driver Reps ask Steve Hedley to answer train drivers' questions on our LU pension fightback.
The RMT has called industrial action over the planned attacks on jobs, pensions and agreements which will take place on the 1st and 3rd of March. Read more at www.rmtlondoncalling.org.uk/fundtfl.
Your TFL Pension is fully funded, solvent and healthy.
There is no case for change.
Brendan Barber, chair of the ongoing ‘Independent Review’ claims the purpose of the review is to move TFL’s pension arrangements into a ‘financially sustainable position’.
Does this mean the fund is in trouble?
No. Far from it.
Dear Colleague,
TFL PENSION FUND - INDEPENDENT REVIEW
You need to vote YES in the ballot to defend your pension. We can't let the Government and TfL leave you in poverty when you retire.
I refer to my previous email of 10th November 2021, you will now be aware that the RMT have formally informed TfL management that we are now in dispute with them over jobs, pensions and working conditions and as a result over 10,000 of our members across LUL and TfL are currently being balloted for industrial action.
Dear Colleague,
IMPORTANT INFORMATION: TfL PENSIONS CONSULTATIVE COMMITTEE (PCC) ELECTIONS SECTION ONE, TWO (TfL EMPLOYEES) & SECTION THREE
I refer to my previous email of 2nd November 2021, I am pleased to advise you that following the closing date for members to vote in the above elections, all four RMT candidates were successfully elected onto TfL Pension Fund PCC.
Dear Colleague,
TFL PENSION FUND - INDEPENDENT REVIEW
Dear Colleague,
TFL PENSION FUND - INDEPENDENT REVIEW
I refer to my previous email, 11th September 2021, as the RMT has been maintaining since the Independent Review of the TfL Pension Fund was announced it is our view, based on actuarial advice, that this final salary pension scheme is well funded and not in a position where our members benefit need to be reduced or their contributions need to increase.