Transport for London

From Bob Crow, General Secretary ...

Dear Colleague,

I am writing to bring you up to date with developments in regard to the TfL Pension Fund.

Actuarial Valuation

The results of the latest valuation of the Fund have recently been concluded. The valuation, as at 31st March 2009, assesses whether or not there are sufficient assets to pay for pensions already promised to existing pensioners, deferred pensioners and active members, and also sets employer contribution rates necessary to fund future benefits after the valuation date.

Update: TfL have now confirmed this story, saying it will cost £310m to buy out Tubelines.

It is being reported that TfL are planning to buy out Tubelines shareholders and put the final nail in the PPP coffin. The Times reports that TfL "will buy out Amey and Bechtel, the shareholders that control Tube Lines."

TUBE UNION RMT today pledged an all out fight over the threat to safety, jobs and working conditions from cuts plans announced by Transport for London and expected attacks being worked up by contractor Tube Lines as they look to slash £1.3 billion from the tube upgrade budget.

RMT's executive passed a motion last night condemning the cynical attempt by TfL to smuggle out their threat to axe 800 jobs in ticket offices and on platforms.

TUBE UNION RMT today demanded that London Mayor Boris Johnson take “urgent and decisive” action to terminate the Tube Lines contract on London Underground as it emerged that LU are calling in forensic accountants to “examine massive and secretive payments to Tube Lines’ shareholders” and after the company were branded as “ailing and failing” by TfL.

The Regional Council Secretary wrote to all branches, asking for their assessment of their branch’s work during 2009, and suggesting that they might address the following points:
- whether your membership grew or shrunk during 2009, and why you think this is
- any problems you have had filling reps’ positions within the branch’s area
- how effective your branch was during any industrial action in your area last year
- what recruitment activities you have organised

• TfL
• Alstom
• London Underground engineering workers (ex-Metronet)
• London Underground "summit"
• EDF

This bulletin has been issued jointly by RMT and the other five recognised unions in TfL. Click '1 attachment / file name to download it. Read the text below.

Get The Facts Right!

Warning! Don’t believe everything you hear from TfL. Managers have been telling staff that they will not receive the 75% Reimbursement after April 1st 2010 if they don’t sign the pay award acceptance form. This is untrue. Reimbursement will continue for the full length of your current season ticket, even if it expires after April 1st 2010. Maybe this was meant as an early April Fool, but it’s more likely yet another mistake from management that don’t seem to have a clue what they’re doing.