Defending and extending your pension rights
Over 85% voted for strike action with an even larger majority for action short of a strike.
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.
RATES OF PAY & CONDITIONS OF SERVICE, NIGHT RUNNING AND PENSIONS – TUBE LINES AP JNP (LUL/0001/TL)
Tube union RMT confirmed today that a ballot for action involving nearly 1500 Tube Lines maintenance and engineering staff over Night Tube pay and pensions will open today - Tuesday 3rd May - and close on Tuesday 24th May 2016.
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.
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%).
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.
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).
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.
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.