In a piece of blatant electioneering and extreme right wing ideology, Tory Chancellor George Osborne, is putting the retirement of millions in jeopardy. Unions have got to wake and warn our members about the threat to their futures.
"New Government provisions enabling pension fund members to cash in their pensions on retirement come into play from April 2015. These apply to all funded schemes – including the Local Government Pension Scheme (LGPS).
This Regional Council expresses deep concern regarding these proposals. Not only will members retiring be exposed to misguided enticement to cash in their hard earned savings early, thereby potentially jeopardising their future financial security – but a surfeit of members wishing to take advantage of these provisions could endanger the future stability of the scheme itself.
Regional Council is fully committed to ensuring our members get a fair deal in their retirement and supporting the LGPS. To this end we call on the NEC to organise a high profile member information campaign which explains the pros and cons of cashing in pension fund savings and where possible promotes the benefits of remaining in the LGPS once retired".
(This motion to be considered for NDC and if successful the wording to be changed according)