For our members that are still in the BR Pension Scheme
RAILWAYS PENSION SCHEME TRIENNAL ACTUARIAL VALUATION RESULTS – 31ST DECEMBER 2013
Further to my circular No. NP/079/14, of 1st April 2014, as you will be aware many of our representatives are having or have concluded discussions with employers in regards to the Railways Pension Scheme (RPS) 2013 Actuarial Valuation results.
In line with previous RMT policy the General Grades Committee adopted and noted the following report on 2nd October 2014:
“In accordance with RMT policy our members on Pension Committees and representatives in discussions with employers in respect of 2013 valuation are reminded of the following RMT objectives:
- Cap employee contributions at 10.56%;
- Keep benefits at least at their current level;
- Streamline the scheme into three active sections (Train Operating Section, Engineering & Infrastructure Section and an Omnibus Section); and
- Keep the scheme open to all employees.
Branches and Regional Councils to be informed”.
If representatives require any clarifications in regards to this policy please do not hesitate to contact me.
Further I would like to take this opportunity to reiterate my previous instruction that no agreement should be reached on amending contributions or benefits, either through Pensions Committees or in direct discussions with the employer, without prior consent from Head Office. Details of any employer proposals should be forwarded immediately to Head Office.
I shall keep you advised of developments.