THE only thing wrong with the Government’s calculation of available pension is that it forgot to figure in all the people who died before they collected their old age pension.

Where did all that money go?

Remember, not only do you contribute to our pension, your employer does too. It totals 15 per cent of your income before taxes.

If you average only £15,000 per year over your working life, that is close to £220,500.

We are talking about the money you and your employer put in a government bank to ensure that you have a retirement pension from the cash put in.

It is not money the Government should have a right to spend elsewhere.

Now the Government has started to call the money paid in an ‘entitlement’ when you reach the age to take it back.

If you calculate the future invested value of £2,500 per year (your and your employer’s contribution) at a simple five per cent interest – which is less than what the Government pays on the money it borrows from overseas – after 49 years of working you would have £892,919.98.

If you took out only three per cent annually you would receive £26,787.60 per year and it would last more than 30 years – until you are 95 if you retire at 65 – and that is with no interest paid on that final amount on deposit.

If you bought an annuity with the money and it paid four per cent per year you would have a lifetime income of £1,976.40 per month.

The Government has pulled off a much bigger robbery than the Great Train Robbers ever did.

Entitlement? My foot! It is your money that you paid in cash for your pension.

Just because the Government borrowed the money to spend on other things it does not make your pension some kind of charity or handout.

Do you know MPs’ benefits? Free healthcare, outrageous retirement packages, 67 days’ paid holidays, three weeks’ paid vacation, unlimited paid sick days.

Now that really should be called welfare entitlements.

Yet the Government has the nerve to call your old age pension retirement payments entitlements.

Why did the Government borrow from it in the first place?

It was supposed to be in a securely locked box, not to be used as part of the Government’s general funds.

Name and address supplied