Letter: State can run pensions better

State can run pensions better

Sir: We need properly funded pensions ("Tories plan to privatise pensions", 5 March). But why should we privatise this? The pensions industry has not a good record; many are still waiting for action on the refund due for losses when they were talked out of employers' pension schemes into private schemes.

What is required is for the Government itself to set aside and invest funds to create its own funded pensions, allowing all the funds to be used for pensions instead of part going to the profit of private companies. This could be run by the staff who would anyway be employed policing private schemes, allowing for further savings.

Surely this, not privatisation, is the way to a fair future for the old.

STEWART BLACK.

Newton Aycliffe, County Durham