Superannuation Bill

Memorandum submitted by Alan Windham (SU 14)

I wish to object to the introduction of the Superannuation Bill which will remove rights which I have accrued over the 35 years I have been a civil servant.

 

As I am over 50 the cap on compensation payments will result in a reduction of two thirds of my existing entitlement. At no time during my career have I been advised that my accrued rights would be changed. I can see that some changes to the civil service compensation scheme are needed in light of the financial crisis, however to take away agreed compensation payments which have already been accrued seems extremely unfair. I would liken this to the endowment mortgage scandal of a few years ago, where profits were reduced because policies were mis-sold.

 

As I work for the Government Office for the North East which is subject to closure, I am under significant risk of compulsory redundancy. Also because of the heavy dependency on the public sector in the northern region and because of my age, finding alternative employment will be extremely difficult. I will face severe financial hardship if the compensation scheme is reduced.

September 2010