Pensions

Defending and extending your pension rights

Trains Management Update

Your reps met again with the company on Wednesday (23/11/16), where we finally were given answers to some of the many questions we raised at the start of October. The discussions centred around the impact on our members, particulary the issues of pay, pensions and severence.

Significant win for Tube Lines members

The RMT have achieved a significant victory in the Tube Lines Pay, Pensions and Night Tube disputes. A good pay deal has been secured, as well as pension parity for all Tube Lines members.  This long running dispute has been won because of the hard work of RMT activists and representatives.

The letter below from General Secretary Mick Cash outlines the dispute, and the full deal is attached.

In Solidarity,

John Leach

London Transport Regional Organiser

Letter from General Secretary 

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,

TFL PENSION FUND – CONTRACTING-OUT PROPOSALS

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,

TFL PENSION FUND - 2015 TRIENNIAL ACTUARIAL VALUATION

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,

 

TO ALL TFL PENSION FUND MEMBERS - BEWARE OF PENSION RIP OFFS

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,

TUBE LINES – ACTION ON PENSIONS

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).