THESE are not happy days for pensioners. There appears to be no immediate prospect that the link between pensions and the average wage will be restored.

Of course, many older people have modest savings in banks and building societies. Interest rates are at the lowest level since 1874.

Indeed, when the Stock Exchange was booming, some elderly folk, disillusioned by the performance of their savings in the traditional institutions, may have been tempted to transfer their money directly into shares.

Now there is the onset of a "bear" market. People may have lost money that they can ill-afford to lose.

Clearly, even if it is not practicable to re-align pensions wholly with wages, there should, nevertheless, be a considerable increase in pensions across the board.

Let it be remembered that a society which neglects its elderly is a society without merit. It is a worthless society.

D E MARGRETT, Worcester.