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The area of pensions is a very complex one. Whatever
info you find about pensions anywhere on this site can only be general
info. You should always consult a professional for advice that is specific to
you and your personal situation.
Railway Pensions Commission -
Final Report
Taken from:
The ASLEF website
30 Jan 2008
The Rail Pensions Commission – which was
set up in 2006 in response to the threat of industrial action by all the
rail unions - has released its final report. ASLEF’s first reaction is
‘acute disappointment’ that it has failed to meet any of the key demands
made jointly by the rail unions.
ASLEF had 4 key objectives on pensions.
These were to
- cap all employee contributions to 10.56% (the rate
of contribution under the British Rail Scheme)
- keep all benefits at their current level and
ensure no reduction in pension provision.
- streamline the current pension provision in the
industry from 103 schemes to 3.
- ensure that all employees have access to the
scheme.
General Secretary Keith Norman said the
union’s initial reaction is one of disappointment that the long-awaited
report ‘does not address itself to these major issues we raised with the
Commission.’
ASLEF is campaigning to ensure that rail
pension schemes remain effective and ensure the wellbeing of our members in
retirement. Many of the 103 separate schemes set up to replace the single BR
scheme have come under attack by the rail operators
Some of the proposals in the Report
appear attractive on the surface. It has, for example, suggested a
contribution rate of 8 per cent for members and 12 per cent for the
employers with a cap on member’s contributions at 10 per cent. However, we
would be expected to accept much reduced pension payments for this –
including accepting pension linked to a ‘career average’ rather than a final
salary, and pensions based on one-fiftieths. It contains no plans to reduce
the number of schemes or keep current benefit levels for new employees.
‘ASLEF will continue to push for the
pension provision that rail workers deserve. Our four original objectives
define what we mean by this,’ Keith Norman says.
To read the full Railway Pension Commission report , click
here.
ASLEF Circular
049/2008 to All Lead Officers, Company Councils And Pensions Committee
Representitives
dated 12.2.08
An independent Railway Pensions
Commission has been set up by the rail unions and employers to review the
current railways pensions scheme.
Against a background of rising costs
of pension provision, the Commission will be asked to consider if any
alternative means of long term pension provision might be available that would
be fair and affordable for both employees and employers.
The commission will be chaired by
former Turner pensions commissioner Jeannie Drake. On accepting the appointment
as chair, Jeannie said:
' The cost of pensions provision is
rising and we need to find imaginative, affordable, equitable and sustainable
solutions to maintaining long term pension provision.'
Joining Jeannie on the commission will
be Bryn Davies, an independent actuary, nominated by the trade unions (ASLEF,
RMT, TSSA and the Confederation of Shipbuilding and Engineering Unions), and
Peter Thompson, a consulting actuary, nominated by the employers (including
Network Rail and the train operating companies).
The commission, which will start work
mid-September, will gather evidence from all interested parties and aims to
complete its report next summer. An interim report is expected early in 2007.
TUC General Secretary Brendan Barber
said: 'the unions and employers in the rail industry have agreed a sensible and
constructive approach to a complex problem. This is a top class team, I'm sure
they will do a top class job.'
On behalf of the rail industry
employers, John Armitt, Chief Executive of Network Rail said: 'This Commission
provides a real opportunity to make progress in tackling the issues involved in
providing affordable, good value pensions across the rail industry. We look
forward to considering the Commission's findings, and to working with the trade
unions, as we seek ways of securing long-term pension provision for people in
the industry.'
 Rail
Unions Pension Campaign
March / April 2006
Thousands of workers past and present, who have an interest in the
Railways
Pension Scheme (RPS), need your help.
The rail industry unions – ASLEF, CSEU, RMT and TSSA – are backing a
major campaign to safeguard workers’ retirement benefits.
The unions believe the RPS is under threat and members need to be alert
and informed. We are calling on employers to:
-
CAP EMPLOYEE
CONTRIBUTIONS TO 10.56%
-
KEEP BENEFITS AT
THEIR CURRENT LEVEL
-
STREAMLINE THE
SCHEME
-
OPEN THE SCHEME TO
ALL EMPLOYEES
Click Here To Find Out About The TUC Pay Up For Pensions
Campaign
Useful Sites
Railway Pensions Website
The Pension Service
for useful advice about state benefits and
pensions and other types of pensions.
The British Transport Pensioners
Federation
The national voluntary organisation for
all ex-railway employees.
National Association of Pension Funds
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