TfL's "Financial Sustainability Plan", published on 11 January (online here), recognises "that the ongoing funding discussions between TfL and DfT may need to include an assessment of the potential impact of the costs and risks associated with the [TfL Pension] Scheme, and an exploration of how they could be addressed in future." It repeats the recommendation of the "Independent Review" (see here) that a "commission" be established to explore ways of reforming the scheme.
The message is clear: our bosses are coming for our pensions.
There are numerous “reforms” the employer could propose: increasing employee contributions whilst decreasing employer contributions; moving from a final-salary to a career-average scheme, which would disadvantage anyone who’s spent time in a lower-paid grade; or closing the current scheme to new entrants and establishing a sub-scheme on worse terms. However the attack comes, we have to resist it with everything we’ve got. The bottom line must be: no changes to the status quo.
But here’s one “reform” we would support: take all outsourced workers in direct employment, and give them equal access to the pension scheme!
