Superannuation Bill

Memorandum submitted by Lee Woolston (SU 68)

1 I am a 39 year old PCSPS Scheme member, who has been in the scheme since September 1 2003, a total of 7 years.

2 I began my reckonable service in the Regional Development Agency, One North East on this date, and have worked in and have worked in several roles within the Agency.

3 As an employee of the RDA , the Bill, if passed, will affect me seriously.

4 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 the current economic and employment position in my region , and the North East's heavy dependency on the public sector.

5. Even at the age of 60, when my ‘works’ pension becomes payable, I will find that my expected pension will , as a consequence of this Bill and government policy towards the RDAs , be substantially reduced from the benefits that which I understood would be accrued , as I will not have the opportunity to contribute to this pension scheme when my period of employment with the RDA comes to an end. Also, I will also be subject to increases in the state retirement age so that I will not receive entitlement to state pensions until the age of 67. Whilst this may mean that I have an opportunity to contribute to a pension ‘pot’ to support me in old age, I am also acutely aware that the changing demographics at the national level of an aging population may lead to further reviews of state pensionable age and have the effect of prolonging my working life (or at least the expectation of being economically active until well into old age).

6. I am extremely concerned that the Coalition Government seem intent on a course of action that is likely to impact severely on my current job and earning potential in future years in pursuit of deficit-reducing measures that I believe are actually detrimental to the stability of the economic recovery.

7. Conseq uently, as a result of the Bill’s removal of what are considered to be accrued rights, I will be facing the prospect of financial hardship in future years through no fault of my own.

8. 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