Sir, Patrick Hosking writes (Business, June 1) that pension providers are being far too optimistic in assuming a 7 per cent annual growth in pension funds. He suggests that a figure of 5 per cent would be more realistic. From my experience a figure of 1 per cent would be closer to the mark. I have a pension fund invested with Aviva (formerly Norwich Union) which was valued in 1999 at £126,000; today it is valued at £144,000, a 15 per cent increase in 13 years. This does not compare well with the increase in remuneration received by Aviva executives in the same period.
John Hughes
Orleton, Worcester