YOU HAVE YOUR SAY

EVERY week Money Mail receives hundreds of your letters and emails about our stories. Here’s what you had to say after we revealed pensioners will be left with just £6 a day following the Bank of England’s bid to boost the economy: WHY doesn’t the Government step in while annuity rates are so low? I think it should guarantee an index-linked return of 6 pc on the first £30,000 that savers put into a pension. But it should be done in a way that doesn’t subsidise pension providers. P. P., Blackpool. SO BORROWERS get their loans at very cheap rates while savers are stabbed in the back? If there is a political party out there that will promise to give pensioners a fair deal, they will get my vote. C. R., Luton. PEOPLE are living much longer, so to get the level of income you want, you’ll have to save much more during your working life.

The state pension is only meant to keep you just above the poverty line. The standard of living you enjoy (or suffer) in your retirement is in your own hands. T. M., Coventry. I WAS shocked when I worked out that my £40,000 pension pot will be worth just £80 a month when I retire. What’s more, I would have to live until 120 until I got all of it back. That’s ridiculous.

I think the Government has a big problem because many people will be reliant on state support. S. L., Solihull, W. Mids. IF YOU get just £2,500 from a £100,000 pot, then it would take more than 40 years to get your investment back. Surely this means income drawdown from self-administered personal pension is a no-brainer? P. G., Bristol. WHAT turns my stomach is the gold-plated public sector — sat on untouchable pension pots paid for by us — who are laughing all the way to the bank.

I know many who are getting more than £30,000 a year for life. Then to add insult to injury, they get a state pension on top of it. It’s a national scandal. A. C., Cumbria. THE problem is that you can’t have it both ways. If interest rates are raised, thousands of borrowers would struggle to repay their mortgages and the economy would fall into recession.

In turn, this would lead to huge job losses. S. C., Glos.

WRITE to Tony Hazell at Ask Tony, Money Mail, Scottish Daily Mail, 20 Waterloo Street, Glasgow G26DB or email asktony@dailymail.co.uk — please include your daytime phone number, postal address and a separate note addressed to the offending organisation giving them permission to talk to Tony Hazell. We regret we cannot reply to individual letters. Please do not send original documents as we cannot take responsibility for them. No legal responsibility can be accepted by the Daily Mail for answers given.

Pensions that won’t even buy a fish supper: Annuity payouts slashed again after last week’s rate cut Money Mail, August 10