Once this is complete, TfL and Khan will agree a final, detailed proposal with the government covering recommended changes to future service benefits and past service liabilities, setting out an implementation plan by January 31 2023.
In the event the changes require that members be consulted, that consultation must have begun by May 1.
Failure to comply with any of these terms could see the government altering the grant payments agreed as part of the settlement.
More strikes likely
Responding to news of the deal, RMT threatened that more strikes are “likely” since the deal “appears conditional on attacks on workers’ pensions, potential job losses, and a push for pay restraint in the future, despite the astronomical rise in inflation and an escalating cost of living crisis”.
The union also criticised plans for driverless trains, which it said would involve “huge costs” and “safety concerns”, and announced it would hold a “save London Transport” protest on the night of August 31, with left-wing US Senator Bernie Sanders, who is visiting the UK, joining the rally.
RMT general secretary Mick Lynch said: “This deal negotiated in secret by TfL and government ministers will likely see our members’ pensions attacked and further pay restraint in the future, coupled with driverless trains.
“Grant Shapps’ attack on tube workers would be unacceptable at any time, but in an escalating cost of living crisis it is shameful and will be resisted through further strike action.”
Lynch said TfL needed to “stand up to Grant Shapps” and “demand a deal that serves all the people of London and addresses the real concerns of London Transport workers who keep the capital running”.
“This rally [on August 31] will send a message that RMT and other transport unions will not tolerate attacks on workers pay and conditions or cuts to public services,” he added.
Benjamin Mercer is senior reporter at Pensions Expert, FTAdviser's sister publication
