I will be voting “yes”. But this is not a decision I take lightly.
Let me explain how I have come to this important decision.
Firstly the local government pension scheme I pay into is sustainable. The myths the government are peddling about the scheme being unsustainable are simply untrue. People pay into the scheme and people draw upon it when they retire. MORE money is going into the local government pension scheme than is coming out. What is so unsustainable about that? It is also a funded scheme, which means there is a huge pot of money holding the scheme together. Infact the scheme is one of the biggest investors in the UK!
The government will be imposing an increase in contributions. A whopping 50% increase. You pay £100 pension at the moment? You will be paying £150. This would be a days salary a month lost. Every month until you retire. Not to contribute to my pension, but to pay off the banking induced national debt! Effectively a tax on public sector workers asking them to solve a crisis not of their causing. This is why I don’t mind losing a days pay now, as I would be losing a days pay every month until I retire.
This government will also be making that day of retirement further away. For me, a 27 year old, I will be working until I am 68 years old. For a pension I will receive for fewer years and will be worth less.
The government have already changed the terms of my pension by making it worth less each year. A change the unions were not consulted on.
The unions, including UNISON have been in negotiations with the government for 8 months, yet the negotiations have not progressed one bit. These were only negotiations in name, as in reality this was merely a box ticking exercise. This is why at this years TUC conference Dave Prentis said “enough is enough” and made moves to trigger a ballot writing to over 9000 employers giving them notice of our intention.
I will be writing on this issue several times over the next month or so, but I wanted to lay out now the reasons that I will be voting “YES” to protect my pension.