Cuts Threaten Very Future of Pensions - the Proof

Coming Your Way Very Soon - It's Personal

For weeks, Plaid Cymru have been banging on about the potential threat to the future sustainability of public sector pension funds such as the Local Government Pension Schemes (LGPS), because if many pull out or do not join, then the whole system could be unsustainable. Well, just released is shocking statistical proof to back up our claim that there will be a exodus from the schemes.

http://falseeconomy.org.uk/blog/survey-reveals-mass-exit-threat-to-public-sector-pensions

The above survey was carried out by Survation on behalf of UNITE the Union, and reveals that the biggest response to the government’s proposals may not be industrial action but the large-scale withdrawal from existing pensions schemes as a result of ministers’ plan to increase contributions. Such a withdrawal would be catastrophic to the LGPS and along with the reduced numbers of actual employees in the public sector, Plaid Cymru believes that this would be the death knell of many public sector pension schemes, reliant on a continuous new membership.

I believe as a trade unionist, that this is the overall aim of the Tories and Lib Dems as in the medium term, they will have an excuse to close the schemes, create a vastly inferior alternative to the already lesser payments and save themselves billions - for tax cuts. Such a move would create generations of retired public sector workers on a poorer third phase of their life and be the single biggest move by any post-war government to widen the gap between the rich and poor, by any statistics you would like to quote.

This of course is not something that any Government would normally get away with, but under the guise of 'save our economy or we'll be like the Greeks', the current Con Dems are doing absolutely everything they can to shrink the state, knowing that it would be politically impossible to re-balance the equality equation once the economy has stabilised. Of course, an independent Scotland could take a different route as could Wales, if we were given the opportunity but then, if voters stick with the status quo, no change is the only option on the table.

On Wednesday, every Plaid Cymru politician will be giving their 100% support to the public sector workers of Wales, in their fight to maintain decent pensions for their retirement. They deserve no less. Ask your party of choice if they are doing the same?