Failing pension

IT’S no surprise the Universities Superannuation Scheme finds itself in deficit. This is the result of Government legislation that did not allow pension funds to run a surplus.

In the stock market boom times of the Nineties, pension schemes had a surplus and members enjoyed a contribution holiday.

But instead of being permitted to boost its coffers when things were booming to cover the lean times, the

scheme is in deficit. Those who had a contribution holiday should bear some of the brunt, as should the Government, whose regulations caused the problem. HILARY WOODWARD,

Dereham, Norfolk.