TfL PENSION FUND – SUSPENSION OF TRANSFERS-IN
I refer to my previous Circular NP/076/14, 11th April 2014, the RMT has been informed that the suspension of transfers-in from external pension sources has now ended. This will mean that from 1st April 2016 members of the TfL Pension Fund who have deferred (frozen) pension benefits are now able to consider transferring them into the TfL Pension Fund to buy extra pension benefits.
While the decision to transfer rests entirely with the individual member this is good news that members will again have this option.
The suspension began following the TfL Pension Fund 2009 Triennial Actuarial Valuation due to the increasing deficit and was agreed by the trustee following a request from the sponsoring employer. However, following the 2015 valuation the employer has not requested that the suspension continues.
You will recall that the RMT campaigned to get this suspension lifted from its implementation in 2009 and in 2013/14 this union collected over 200 signatures from TfL Pension Fund members which forced an “Extraordinary General Meeting” of the TfL Pension Fund which was held on 25th April 2014 to discuss this issue.
This union and its representatives have been proactive in trying to get the suspension lifted and without such pressure pension fund members may not have had the opportunity to enjoy this benefit again.
The National Executive Committee in consideration adopted the following report on 19th May 2016:
“We note that the suspension of transfers-in ended in March 2016. While it is a decision for members of the fund to decide whether or not to transfer benefits from external sources into the TfL Pension Fund, the fact that individuals now have this option is welcomed.
It is further noted that RMT representatives and members forced an Extraordinary General Meeting of TfL Pension Fund in April 2014 to discuss this union’s opposition to the suspension of transfers-in. We therefore instruct the General Secretary to contact our members across LUL/TfL thanking them for their support on this important issue.
Branches, Representatives & all Underground and Former LT Employers to be informed.”
It is important that members who are considering transferring pension benefits into the TfL Pension Fund seek Independent Financial advice before doing so. The RMT are unable to offer such advice.
For further information regarding transferring-in please contact the TfL Pension Fund at:
TfL Pension Fund
Wing over Station
55 Broadway
London SW1H 0BD
Phone 020 7918 3733
I will keep you informed of developments.
Yours sincerely,
Mick Cash
General Secretary