WELL done to Ian Gray (Letters, June 19) for correcting a widely-held misconception. There are currently two "think tanks" – Baron Willetts’s Resolution Foundation and Lord True’s Committee on Intergenerational Fairness – that are under the same misapprehension.

When I took my pension seven years ago, the annuity rate was one per cent and having contributed to a personal pension for 25 years (as was recommended) my level of disappointment was immeasurable.

Some pensioners may well be 60 per cent better off (using Marianne Taylor’s figures), but the vast majority can barely be described as even being comfortably off, since during the past 20 years most final salary pensions have been terminated.

Francis Deigman, Erskine.

IAN Gray highlights the statistic that pensioners have seen disposable income rise by 60 per cent in the last 12 years while many pensioners like him have not seen such a significant increase in disposable income during that same timeframe.

Ironically, at the time that the Conservative Party seeks a new Prime Minister, the answer to Mr Gray’s conundrum is provided by Benjamin Disraeli who reportedly stated that there are three kinds of lies: lies, damned lies, and statistics.

The statistic which shows a 60 per cent increase in disposable income for pensioners over 12 years compares the average disposable income of all who are pensioners just now and all who were pensioners 12 years ago. These two groups are not the same – the original group has been boosted by those who have become pensioners in the period and has been reduced by those who have died. A more interesting statistic for Mr Gray would be a comparison of the average disposable income only of those who have been pensioners throughout the12-year period. I suspect that statistic would make sad reading.

Sandy Gemmill, Edinburgh, EH3.