Pensions

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.

22^nd 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.

RATES OF PAY & CONDITIONS OF SERVICE 2013-2015 – TRANSPORT FOR LONDON (TFL/0001)

As you will be aware, TfL members have been in dispute with the Company and taking on going industrial action short of strike action (see Circular No. IR/236/15, 1^st October 2015 “Pay for Performance, Defend your Pensionable Pay – Transport for London”).

However in the meantime, the Company advised us of the following arrangements in respect of the 2013/14 pay review:-

·         There will not be a salary increase for 2013/14.

Dear Colleagues,

IMPORTANT INFORMATION:

TfL PENSIONS CONSULTATIVE COMMITTEE (PCC) ELECTIONS

TfL Pension Fund members are now receiving a ballot paper asking them to vote for candidates in the Section Three (LUL & Tube Lines employees) PCC election.

RMT members Paul O’Brien and Paul Murphy are standing for re-election and have been nominated by the London Transport Regional Council as their preferred candidates.

Dear Colleagues,

PENSIONS AND PASSES – TUBE LINES

I refer to my previous Circular NP/002/14, 9th January 2014, as you will recall the RMT has been having a long running dispute with LUL in respect of former employees of Tube Lines being refused the same pension and travel rights as other LUL workers.

A number of unions have called industrial action to take place on Thursday 10th July. Public sector workers are protesting the imposition of a 1% pay rise – which would represent yet another year where their living standards decline (taking into account inflation).

Irrespective of whether the UK economy is in a sound position, the country is already and is predicted to continue registering growth. And workers must take their share – as many are expected to do.