Members of the Aslef and RMT unions will strike for 24 hours in an ongoing dispute over pensions and planned changes to staffing of the Underground network.
OK, pensions dispute:
So what are the proposals management have outlined to Government in their Pension Option Paper even
though they know their employees will be worse off in retirement:
1. Changing how benefits are built up from Final Salary to CARE. This will result in your pension at
retirement being based on an average of your pensionable salary throughout your service instead of
your final pensionable salary at retirement. This will ultimately result in you receiving a lower
Joint Trade Union Update
pension and smaller lump sum
2. Increasing the Normal Retirement Age (NRA) to either 65 or to the State Pension Age (SPA) which
is due to increase to age 68. While members of the TfL Pension Fund can currently take their
benefits in full at age 60 any increase in the NRA will result in a reduction of benefits if a
member takes their pension before the age of 65 or the SPA
3. Pension contributions could be increased (see below). You will pay more for less
4. Pensions in payment are currently increased in line with RPI and it is proposed that future increases
will be based on the lower method of inflation CPI which would be capped at 5% for all members.
This will make you poorer in retirement
The Pensions Position Paper is quite explicit when it outlined what this means to members when it gives
several examples of what individual grades can expect to lose when they retire.
They want to remain on final salary plus RPI at age 60?