London Mayor could review TfL pensions

London’s Mayor Sadiq Khan could be about to battle tube driver unions over Transport for London’s pension scheme.

The Telegraph reports that a review has found the pensions “expensive, unreformed and generous”, with his own advisers saying Transport for London retirement benefits are better than those on offer to others in the public sector.

However the report says workers are threatening industrial action Khan cuts payouts or closes the £11bn retirement fund.

It adds that his advisers criticised the pension benefits offered to Tube, bus and train drivers in a report on TfL’s financial plight.

“The scheme is outdated,” they’re quoted as saying. “TfL’s current pension model is expensive and unreformed. The scheme is generous to employees when benchmarked against the Network Rail and civil service schemes, which have been reformed.”

The Telegraph adds that Sir Brendan Barber, the former TUC general secretary, and pensions specialist Joanne Segars will conduct a review for TfL into its pensions options after Grant Shapps, the Transport Secretary, told Khan he must review the retirement benefits offered to public transport workers as a condition of a £1.1bn bailout two months ago.

(Picture – Highways News)


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