On 28 March Transport for London (TfL) received the Final Report from the Independent Review into the TfL Pension Scheme. The report has now been shared with the Government as required by TfL funding agreements.
The Final Report highlights that the issues associated with pensions reform are complex and that the cost to implement any reform is likely to be significant. These costs are not currently budgeted. TfL will need to consider a number of factors including affordability, sustainability and fairness before deciding what the next steps might be proposed, if any. TfL’s overall financial position will be a key consideration in any proposals that might be made. Any reform proposed in the future would be subject to consultation with all stakeholders, including staff and trade unions, and would likely require primary legislation.