TfL Pensions Review (4)

Questions to the Mayor of London – answered on 24th May 2022.

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Photo of Caroline Pidgeon Caroline Pidgeon Liberal Democrat

Do you and TfL accept that almost all the scenarios set out in the Pensions Review will result in a reduction in future service benefits for TfL staff?

Photo of Sadiq Khan Sadiq Khan Mayor of London

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.

There are currently no proposals for changes to TfL’s pension arrangements. The report highlights that the impact on a member’s benefits of any given option will depend on several factors, including the precise nature of any changes that may be proposed and that member’s individual circumstances at the time. There would be a need to conduct detailed impact assessments should any option be taken forward, and a need to ensure matters such as intergenerational fairness are addressed. 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.