Superannuation Bill

Memorandum submitted by Karen Moody (SU 64)

I am a 48 year old PCSPS Scheme member, who has been in the scheme since March 1 2001 , a total of 9 years.

1. I began my service the Northern Development Company (NDC) which was one of the organisations which formed part of One North East, the Regional Development Agency for the North East.

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

3. The cap will result in a reduction of halt of my existing entitlement. Because the Coalition have announced the closure of all RDA’s, it will be extremely hard to find alternative employment given my age, and the current economic and employment position in my region and the North East's heavy dependency on the public sector.

4. I am a single parent and hoping to provide financially to allow my son to go to university next year, which is what he wants, expects and should have a right to (regardl ess of my financial status . ).

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

6. 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 , whose bonuses and pay-offs were far, far in excess of those provided to the majority public sector workers.

September 2010