LETTER : Investors pay for personal pensions
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.From Mr R. A. J. Waddingham
Sir: Your leader (19 April) on pensions fails to criticise the Government for its part in the mis-selling of personal pensions. Sir Norman Fowler's introduction of personal pensions in 1988 (incidentally they were not new - we already had them under a different name - retirement annuity policies) encouraged many people to leave, or not to join, company schemes.
You overlook the press's own role. Much advice was misleading. Indeed your leader perpetuates the myth that people who expect to change jobs during their career are not best suited to company pension schemes. This is not the case. Generally, any employee offered membership of a company pension scheme should accept with alacrity even if he thinks he might not stay long in that job.
If he leaves within two years he gets back his own contributions and will have lost nothing. If in the event he stays in the scheme at least two years he will also keep the benefit of the employer's contributions, a distinct advantage.
Yours sincerely,
R. A. J. WADDINGHAM
Chalfont St Peter,
Buckinghamshire
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments