LETTER : Investors poay for personal pensions

From Dr John Milner

Sir: Pensions are only of value if there are people available to provide the goods and services needed by pensioners. This means that as the working/retired ration falls, effectively the value of a pension will fall and this leads to the inevitable conclusion that people should continue in work for as long as possible, even if only part-time or of a different kind to their main "career". Or, to put it more bluntly, if you are going to live longer, you must work longer to get a reasonable standard of living in retirement.

Yours sincerely,

JOHN MILNER

London, N1

21 April