Superannuation Bill

Memorandum from Kathleen Devlin (SU 70)

1. I am a 57 year old PCSPS Scheme member, who has been in the scheme since April 2005. I have all of my service with One North East, The Regional Development Agency for North East England.

2. As an employee in the last few years of my service, the Bill, if passed, will affect me seriously as the cap will result in a reduction of two thirds 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 alter native 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.

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

4. I urge you to reconsider this Bill because of the severe impact it will have on the financial implications of those who are nearing retirement and who are planning on the basis of expectations that will no longer be met. This legislation 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. A view confirmed by the Governor of the Bank of England at today’s TUC conference.

September 2010