Dear Sir,

Your headline on November 15, entitled “Seniors will receive boost to pensions” regrettably gives unwitting credibility to the financial distortions that politicians have foisted on the public for many years now.

Let me deal with just three of them:

Patricia Gordon-Pamplin is recorded as stating that the increase is “not benevolence on the part of the Government”, continuing that “this is money paid in by working people”.

This is, of course, not correct. The amounts paid in were used to pay those who had already retired. This is the essence of a Ponzi scheme: collect from future suckers and pay out to existing beneficiaries, and by the time the fraud is discovered the present crop of politicians will be retired.

David Burt stated “seniors had not been given fair treatment under the OBA government”. As a senior, let me just say that we had been treated fairly — indeed, too fairly — in the recent past. Inadequate contributions over many years were paid by people such as me, and we received, and are still receiving, vastly more than we paid in because of that political stunt.

Without putting too fine a point on it, most seniors are “thieves”, unwitting for the most part, with politicians constantly misleading voters as to the financial stability of the Contributory Pension Fund. You do not need a mask and a gun to be a robber; just vote for an unscrupulous politician.

Renée Ming said it was “a step in the right direction” and “a promise made, a promise kept”. The only promises made were that seniors would get something for nothing and this would be paid for by children at school. As for a step in the right direction — stealing?

According to page 72 of the latest actuarial report by Morneau Shepell, dated August 1, 2014 on the Contributory Pension Fund: “As at July 31, 2014, the estimated accrued liability assuming future increases to benefits and valued at a real return of 3 per cent per annum, is $3,722 million. The fund at $1,802 million covers approximately 48.4 per cent of the accrued benefits — excluding future administration expenses. This level of coverage is higher than that indicated in the previous review (42.7 per cent).”

In plain English, this means that seniors in the past did not pay sufficient contributions to justify the present level of pensions. At just under 50 per cent funding — 48.4 per cent — seniors now are getting a good deal. It is worth $1,902 million to use the figures of the actuary.

The question is: who will pay this $1.902 billion? The answer is: our grandchildren or children yet to be born. With the connivance of hypocritical politicians, we are robbing future generations.

Charles Jeffers says we should be grateful. Can I just say that I am not in the least grateful; I am ashamed of receiving stolen goods. As a senior, I do not wish to be guilty, even second-hand, of theft from youngsters at school.

This boost in pensions is nothing more than robbery and financial child abuse.

ROBERT STEWART