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<p>The latest triennial valuation of the Railways Pension Scheme (RPS) carried out
as at 31 December 2013 has yet to be finalised. To date, proposals for 82 of the 104
Sections of the RPS which require a valuation have been approved by the Trustee of
the RPS, who has overall fiduciary responsibility for the effective operation of the
RPS. Where deficits were shown employers of these sections have agreed a suitable
recovery plan with the Trustee to make good the deficits.</p><p> </p><p>The next valuation
of the RPS will be carried out as 31 December 2016, with the indicative results expected
to be provided to sponsoring employers in Spring 2017.</p><p> </p><p>For further information
regarding the RPS and 2013 Valuation please contact the Company Secretary, Railways
Pension Trustee Company Limited, 7<sup>th</sup> Floor, Exchange House, 12 Exchange
Square, London EC2A 2NY.</p><p> </p>
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