Pensions

Defending and extending your pension rights

Instead of a recommended approach and implementation plan, pension report is an assortment of attacks

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

I refer to my previous correspondence, 2Oth December 2021, you will be aware that Sir Brendan Barber the head of the Review Commission looking into the TfL Pension Fund submitted the final report on 28th March 2022.

RMT Strike and opposition to pension cuts have rocked management’s timetable for 'reform'

  • This text is taken from the attached newsletter. Please download, print and distribute it in your LU / TfL workplace

Strikes and opposition to pension cuts have rocked management’s timetable for so-called reform of our pensions. When Brendon Barber took on the review of the TfL pension fund the terms of reference said he would refine proposals and outline a timetable for implementation by 31 March 2022. 

TfL Pension fund valuation reveals a surplus of £179 million with a funding level of 101.4%

Dear Colleague,

TFL PENSION FUND - 2021 TRIENNIAL ACTUARIAL VALUATION

I can advise that following 31st March 2021 triennial actuarial valuation of the TfL Pension Fund the draft results reveal a surplus of £179 million with a funding level of 101.4%. This compares to a deficit of £603m recorded at the previous valuation 2018. This is clearly good news not just for members but also the employer and the Government who will not be burdened with having to pay deficit correction payments now the pension scheme is more than 100% funded.

Leaflet: Your TFL Pension is fully funded, solvent and healthy

Your TFL Pension is fully funded, solvent and healthy.

There is no case for change.

Brendan Barber, chair of the ongoing ‘Independent Review’ claims the purpose of the review is to move TFL’s pension arrangements into a ‘financially sustainable position’.

Does this mean the fund is in trouble?

No. Far from it.

Vote YES to defend your pension

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

You need to vote YES in the ballot to defend your pension. We can't let the Government and TfL leave you in poverty when you retire.

I refer to my previous email of 10th November 2021, you will now be aware that the RMT have formally informed TfL management that we are now in dispute with them over jobs, pensions and working conditions and as a result over 10,000 of our members across LUL and TfL are currently being balloted for industrial action.

All RMT candidates win seats on TfL Pensions Consultative Committee

Dear Colleague,

IMPORTANT INFORMATION: TfL PENSIONS CONSULTATIVE COMMITTEE (PCC) ELECTIONS SECTION ONE, TWO (TfL EMPLOYEES) & SECTION THREE

I refer to my previous email of 2nd November 2021, I am pleased to advise you that following the closing date for members to vote in the above elections, all four RMT candidates were successfully elected onto TfL Pension Fund PCC.

RMT view that the TfL Pension Fund is well funded is now confirmed

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

I refer to my previous email, 11th September 2021, as the RMT has been maintaining since the Independent Review of the TfL Pension Fund was announced it is our view, based on actuarial advice, that this final salary pension scheme is well funded and not in a position where our members benefit need to be reduced or their contributions need to increase.

Video: TFL pension fund attack explanation

Steve Heldey

Dear Colleague,

TFL PENSION FUND - INDEPENDENT REVIEW

I refer to my previous email of 17th September 2021, please find the following link in respect of the TfL Pension Fund and while this union believes that we must fully protect our members past and future occupational retirement benefits.

https://youtu.be/95cY4ut5PMQ

I will keep you advised of future developments.

Yours sincerely,

Michael Lynch
General Secretary