Superannuation Bill

Memorandum submitted by Peter Shields (SU 57)

I am a 55 year old PCSPS Scheme member , who has been in the scheme for 12 years having worked for the Regional Development Agency One North East for all of that time.

As an employee in the last few years of my service, the Bill, if passed, will affect me seriously.

The cap will res ult in a reduction of a significant piece of my existing entitlement. Because the Coalition have announced the closure of all RDA’s, I will be left without a job, and with little hope of finding alternative employment given my age, lack of qualifications, and the current economic and employment position in my region and the North East's heavy dependency on the public sector. Additionally, with the introduction of this Bill, my pension will not become payable until I am 60. Until now, had I been made redundant before this bill, I would have effectively been given my full pension immediately

Even at the age of 60, when my ‘works’ pension becomes payable. I will find that my expected pension will be substantially reduced from that which I have been building and effectively had been promised for 12 years, yet I will have neither the time or the opportunity to make alternative arrangements to cover the substantial losses the Coalition Government are now intent on handing me.

I will be caught between a rock and a hard place, given that I will receive enough pension to mean I have to pay full Council Tax and I will be taxed on my works pension also, yet I will not be eligible to receive any form of state benefit.

Consequently, as a result of the Bills removal of what are considered to be accrued r ights, I will be facing severe  financial hardship through no fault of your own.

I urge you to reconsider this Bill and find a fairer way of meeting the deficit. This Bill will have a severe impact especially on those who have been in the PCSPS and CSCS, yet will make a relatively small contribution to meeting the country’s financial needs, which have been caused in large part by the greed of much better remunerated bankers and industry leaders.

September 2010