• A joint pension fund update from ASLEF, RMT, UNITE and TSSA is attached.

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

I refer to my previous email of 8th April 2022, as you may be aware as part of the Government 'three step' Long-term Funding Settlement process TfL have been forced to lay out options in respect of reforming the TfL Pension Fund with the aim of saving at least £100m pa of pension costs. On Friday 14th October 2022 in response TfL management submitted to the Government a “pensions position paper” outlining three options.

While one of these options is to make no changes to the TfL Pension Fund the other two in the shape of some form of Career Average Revalued Earnings (CARE) arrangement are a direct attack on your future service pension rights and will ultimately make you poorer in retirement if implemented.

In response to TfL's submission to the Government, the RMT and our sister unions have produced a TfL Pension Fund joint Trade Union update which outlines our views on this potentially damaging paper. The update can be found by clicking on the following link  https://bit.ly/3zAJUV0

I will keep you advised of future developments.

Yours sincerely,

Michael Lynch
General Secretary