This morning, (29/10/2021) the TfL Pension review led by Brenden Barber has published its first report as it is required to do by the terms of the funding agreement with the Government.
This initial report sets out the financial position facing TfL as a result of the removal of the Government grant and the loss of fare revenue caused by the pandemic. It acknowledges that the pension fund is healthy and well managed, but also lists a whole range of "reforms" that have been made to other schemes.
All of these "reforms" have one thing in common. They reduce costs to employers by cutting the pensions and benefits of employees. They are pay cuts by another name.
London Underground and TfL staff currently have a decent defined benefit pension scheme based on final salary. That means you know what you will get when you retire and how much you will have to live on. The aim of the review is to save TFL money at your expense. Depending on what proposals are pursued, you could be tens of thousands of pounds worse off in retirement.
ASLEF are determined to protect your pension. We are balloting our members over managements refusal to guarantee that changes to working conditions, agreements and pension benefits will only come about by agreement. What this report shows is just how important that ballot is. Unless we have a strong mandate that shows we are willing to take action, changes will be forced through that could have a devesting impact on your future living standards.
Thank you to everyone who has already voted Yes and returned your ballot paper. If you haven't done so yet, please do it today. Your future is in your hands.
ASLEF District Organiser.