Defending and extending your pension rights

RMT Tube Lines members vote by massive majority for action in Night Tube pay and pensions dispute

Tube union RMT confirmed today that a ballot of Tube Lines maintenance and engineering staff over Night Tube, pay and pensions has recorded an overwhelming vote for action.

Over 85% voted for strike action with an even larger majority for action short of a strike.

TfL ends suspension of pension 'transfers-in' following ongoing RMT pressure

I refer to my previous Circular NP/076/14, 11th April 2014, the RMT has been informed that the suspension of transfers-in from external pension sources has now ended. This will mean that from 1st April 2016 members of the TfL Pension Fund who have deferred (frozen) pension benefits are now able to consider transferring them into the TfL Pension Fund to buy extra pension benefits.

While the decision to transfer rests entirely with the individual member this is good news that members will again have this option.

National Insurance contributions increase

Dear Colleagues,


As a result of Government legislation Defined Benefit (Final Salary) pension schemes, such as the TfL Pension Fund, are no longer able to contract-out of the State Second Pension. As from 6th April 2016 both members and employers will see their National Insurance Contributions (NIC) increase by 1.4% and 3.4% respectively as the rebate associated to contracting-out is abolished.

TFL pension fund - 2015 triennial actuarial valuation

Dear Colleagues,


Following the 2015 triennial actuarial valuation of the TfL Pension Fund the results reveal a deficit of £396 million with a funding level of 95%. This is a significant improvement on the previous valuation carried out in 2012 which revealed a deficit of £699 million (funding level of 89%). 

Beware of pension 'rip offs'

Dear Colleague,



I have been contacted by our representatives across LUL/TfL who have raised with the RMT their concerns that financial service (insurance) companies are offering to “release” TfL Pension Fund members' pensions in return for a lump sum payment. I have been passed letters from a certain company who are offering a lump sum payment of 25% of the members' total TfL Pension Fund value with the remaining amount being reinvested.

London Underground Fleet members to be balloted over pensions dispute

22nd January 2016 Circular Num: NP/029/16

Dear Colleagues,


Please find below a resolution submitted by the LU Fleet Branch:

“The feeling of the members regarding parity of pensions has gone on for far too long. We feel the time is right to ballot all Tube Lines members on the pensions issue.

We strongly believe that no agreement should be implemented on Pay or Night Tube until this long standing issue is resolved. (No Pensions, No Night Tube).

Fleet Branch calls for renewed push for pension parity with London Underground for former Tube Lines workers

Please find below a resolution submitted by the LU Fleet Branch:

This branch notes that it has now been 10 months since any meaningful discussions regarding the issue of TFL pensions for Tube Lines staff and ex Tube Lines staff who have TUPE transferred to TFL/LUL. Discussions were put on hold so that talks regarding Night Tube could take place.

TfL pension fund – non pensionable pay awards

The following resolution has been received from the TfL No.1 Branch:

“TfL No. 1 Branch are concerned that as a result of TfL/LUL managements decision to award certain layers of staff with pay for performance pay increases, union members are seeing their future pension benefits eroded.

We request that the General Secretary carries out a proper investigation into this position as a matter of urgency so that future pay and conditions negotiations see pay increases linked to basic pay and not awards of one off lump sum payments.