Pensions

TfL denies Tory claims of “gold-plated” staff pensions

Conservative claims that Transport for London is “ripping off taxpayers” by providing its staff with “gold-plated” pensions have been rejected by the agency.

TfL operates a final salary scheme into which all participating staff contribute 5 per cent of their pensionable salary, with the agency topping this up as necessary to fund the promised benefits.

Employer contributions currently total 31 per cent, including 4.45 per cent toward the scheme’s deficit, a level which is more than double the 13 per cent average contribution made by employers who come under the Local Government Pension Scheme (LGPS).

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