Why are six million workers not saving enough to fund their retirement?

DON’T point the finger at six million middle-class workers who are deemed not to be saving sufficient funds for their retirement (Mail). MPs award themselves pay increases and receive goldplated pensions paid for by the taxpayer. Fat-cat bosses misappropriate pension funds and subject employees to abysmal pay rates. Chief executives, NHS bosses and university chancellors receive outrageous salaries, in addition to bonuses. Those in public life who woefully fail in their role still receive pay increases, bonuses and pensions. Meanwhile, public sector workers have been sold out over their pensions.

IAN R. WILLSHER, Milton Keynes, Bucks.

WHO’S going to pay the pension contributions for those in the gig economy or on zero-hours employment? These youngsters don’t know from one day to the other if they have a day’s work, never mind a pension plan.

S. T. VAUGHAN, Birmingham.

A PRIMARY school class were each given a biscuit and told they could eat it immediately or, if they waited for half an hour, they would get another. Fewer than half of them received a second biscuit. The exercise taught a lesson that many adults are ignoring. By giving up something now to save towards a pension the reward will be worth the sacrifice. But for too many people, by the time the penny drops it is too late.

Name supplied, Melton Mowbray, Leics.

HOW are we supposed to save enough for our retirement? There is no way we can invest in anything that will have any future value as the returns on all schemes are all but worthless. You are just as likely to lose it all in a financial crash. To get a decent pension, you would need to save more than you could ever afford — more than a third of your income — unless, of course, you work in a government department with a goldplated pension scheme. If we assume we will all be poor at retirement, what option do we have but to work until we die?

DAVE TUTT, Chatham, Kent.

I HAVE been forecasting the middleclass pension crisis since 1993, when I was questioned in the Commons by the social security select committee. I have written to all prime ministers since Tony Blair urging compulsory pension contributions, increasing modestly year on year, by employer and employee. Politicians continue to dither. MPs have no worries about a good pension, even if they serve just one term. It is hardly a vote winner telling people they have to pay into a pension all their working lives. Put little in, get little out. It’s simple. Penury in retirement will increase year on year for future generations. JAMES WIGNALL, Accrington, Lancs.