NETWORK RAIL WELCOMES PUBLICATION OF RAILWAY PENSIONS COMMISSION REPORT

Tuesday 29 Jan 2008

NETWORK RAIL WELCOMES PUBLICATION OF RAILWAY PENSIONS COMMISSION REPORT

Region & Route:: National

Network Rail today welcomed the Railway Pensions Commission's report on the future of the Railway Pension Scheme. Iain Coucher, Chief Executive, said: "The Railway Pensions Commission was set up in September 2006 by the industry to look at the future of the Railway Pension Scheme amid concerns over its rising costs. Today it has issued a thorough and thoughtful report. "Change will be needed but it is good to see that the Commission believes that there is a way in which the rail industry can continue to benefit from defined benefit pensions which are sustainable over the long term." Over the coming weeks, Network Rail will be reviewing the detail of the report and will be discussing its implications with other members of the rail industry.

Notes to editors

The results of the 2004 valuation of the Railway Pension Scheme created real concerns across the rail industry that costs were too high and becoming unsustainable. All parties (employers and trade unions) agreed that something had to be done and as a result the Railway Pensions Commission was set up jointly in September 2006. The Commission's remit was to consider, against a background of rising costs of pension provision, what, if any, alternative means of long term pension provision might be available that would be fair and affordable for both employees and employers. The Commission has published its report on its website (http://www.railwaypensionscommission.org.uk/).

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