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Eurostar TSSA Update on Triennial Valuation of the Railway Pension Scheme (RPS)

11 November 2014

The Railway Pension Scheme undertakes a valuation of its assets against the liabilities that it has to pay out every three years; the valuation last took place on 31 December 2013. TSSA are very pleased to advise that the Eurostar Section of the RPS is now in surplus following the last valuation.

The Eurostar Section of the RPS is in a current surplus of £8.3m equal to a funding level of 102.8%.

This funding level has recently been secured because of a change in to the covenant rating to a level 2 (open) position whereas at the last triennial valuation it was level 4 and in the first drafting of this current valuation, it was level 3.

As a result of this the TSSA and Company Council have endorsed the company to put the following proposals to the Pensions Trustees to the scheme to commence from 1 July 2015:

The company now proposes to continue to apply a FSJCR (Future Service Joint Contribution Rate) of 26.4% (employee contribution rate of 10.56% and employer rate of 15.84%) between the period 1/7/15 and 30/6/27, reverting to a FSJCR of 23.9% from 1/7/27. This will supersede the previous recovery plan which will be cancelled.

What has changed?

Previously at the 2010 Valuation where the scheme was in deficit it was planned for the FSJCR rate to increase to 29.1% from 1 July 2015 (employee rate of 11.64 and employer rate of 17.46%). This will be superseded by the plan put forward at the 2013 valuation above and will therefore NOT change from the current rate of employee contributions which stands at 26.4%

TSSA will need to respond formally to the company no later 4th December 2014, if members wish to feedback any comments before we respond then please contact us here, no later than 3rd December 2014


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