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A Message from our National Chairman |
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Go to Downloads for this page in 'document' format and other Newsletter material. (It will then be easier to print.) For an Obituary of our Vice-President, Gil Allen, who died on 7 June 2006, please click here. |
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Sam Reed MBE |
CHAIRMAN'S SUMMER MESSAGE 2008 |
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Hello Everyone The independent Railway Pensions Commission (RPC) published their report at the end of January 2008 - they then considered their remit completed. The Commission made far-reaching recommendations for changes to the Railways Pension Scheme (RPS), affecting sections set up when the railway was privatised. The full report is available at www.railwaypensionscommission.org.uk. |
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The Trade Union Congress is now in the initiative to encourage all major stakeholders within the industry (Employers / Trade Unions) to reach agreement through the establishment of Joint Working Parties. Skillful negations will be necessary, as it may well be difficult for the train operating companies to reach a unanimous agreement on a common employer approach. Trade unions will certainly find it difficult to support a proposal that means the giving up of conditions of service that have been hard fought to achieve over many years. I do not envy either group who must show great wisdom and leadership to solve the financial problems facing the RPS (Shared Cost Sections). Current railway pensioners within the RPS (SCS) who receive their pensions from a Train Operating Company face the prospect of being transferred to a "New Pensioner Fund". The RPC propose that the new pensioner fund will be open to all current Train Operating Company pensioners. Additionally all future pensioners from Train Operating Companies, either active or preserved status, will be transferred into the "New Pensioners Fund" at three yearly intervals, to coincide with valuation dates. Preserved Pensioners within the RPS (SCS) face the additional prospect that retirement age may be raised to 65 years with early retirement age being raised to commence at 55 years. The enhanced retirement benefits introduced by the former BRB to encourage early retirement would be replaced by a benefit based on a neutral cost basis to the pension fund. That could be an expensive loss for preserved pensioners. Implementation target is March 2009; however my personal view is that this target date will not be achieved. The British Transport Pensioners' Federation (BTPF) could accept the establishment of a new pensioners section that embraced all Train Operating Companys' pensioners. However there are a number of issues that need addressing:
All pensioners / preserved pensioners within the RPS that are affected by these proposed changes can rest assured that your BTPF are committed to look after your interests. BTPF Recruitment Can I make a personal appeal to you all to join the BTPF? Can all current members introduce their spouse / partner / friend to join as a member? After all they may well receive a rail pension as a dependant in future years. Do you know of someone who has recently retired or is about to retire from the transport industry? If you recruit just one or two people it would greatly help to maintain a membership of 20,000 plus and play a significant part in strengthening the BTPF position with retaining our very own representative on the Trustee Board of the Railway Pension Scheme.
Many BTPF branches provide attractive social benefits
Many thanks for your support. Sam Reed 19 May 2008
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