LONDON UNDERGROUND SPECIAL BULLETIN May 2023
Defend your pension
TfL and the government have signed an agreement to seek cuts to your pension. The only option they can both agree on is to transfer your pension into the LGPS (Local Government Pension Scheme). You would lose 32% of your pension if you retire at 60 Your pension contributions could increase from 5% to up to 12.5%
Risk is transferred to you so that a fall in financial markets could leave you with a further reduction in benefits or increased contributions. There is no guarantee that accrued benefits would be fully protected TfL estimates it would save £60m by transferring the TfL pension into the LGPS. This is because you would pay more and get less. TfL’s savings would be at your expense.
Keep up the fight RMT strike action has held off implementation of pension cuts. Keep it that way!
Vote YES for strike action and for action short of strike Return your ballot paper without delay