We are all facing pension problems

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I READ in your publication, that civil servants, teachers, and other government employees are to go on strike.

Apparently one of their main grievances is to do with their pensions. I understand they have been asked to pay a little more, take a little less, and work a little longer. Well, welcome to the world of the private pension.

For millions of people in this country who do not have a works pension, then the only option is to invest in a private pension. There is of course no employer to bump up the pot, so the only money that goes into the fund is provided solely by the fund holder.

The vast majority of pension funds are linked to the stock market in some way, and we all know what has happened to that in recent years, and it has taken the value of pension pots down with it.

Bad enough you might think, but to make things even worse that nice Mr Brown (bless him), decided to tax pension funds, by about £5 billion a year, where before they had grown in a tax free environment.

The result of all this has been to reduce private pensions enormously, for some people as much as by half.

So what are the options for all these honest, hard working folk, you guessed it, pay a little more, take a little less, and work a little longer.

That sounds rather familiar doesn’t it.

Alan Braidley

Rowan Fields

Crossgates