I am writing in response to the column by Tony Hazell (FA, 26 May), that referred to the Bank of England’s chief economist, Andy Haldane, belonging to a non-contributary pension scheme.
Firstly, well done and congratulations for commenting on this thorny issue. It would appear that a very senior civil servant specialist in economics has no idea about the final salary non-contributory schemes.
Secondly, I profess I am not a pension specialist, but my experience in the life assurance industry for almost half a century has perhaps equipped me to agree entirely with your assertion that Mr Haldane needs your help to understand the mechanics between more common defined contribution pensions and generous final-salary schemes, increasingly limited to the public sector.
To make pension benefits more fair, it is necessary to level the playing field between DC pensions and final-salary public schemes.
Andreas Petrou
Director,
HIFS Account No 2
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