The long awaited pension bond of up to 4 per cent promised in the 2014 budget has finally arrived.

The only worthwhile government bond to stem from the 2014 budget will be on offer in January 2015 and pays 3.2 per cent for three years, but in reality the mechanics of it seem no better than playing monopoly with the devil since only 1 million bonds were forecast to be on offer.

The 3.2 per cent bond delivers no income before 2018 and what income is delivered will have 20 per cent tax removed at source.

It does not address the much needed shortage of monthly or annual income and, even worse, the bond is taxed annually as income although no income is received until 2018.

The bond will shut out all those who cannot afford to lock away with Gov. UK, £10,000 for three years which then effectively shuts out the majority of pensioners who lack the necessary valuable portfolio of spare cash.

Since 5.8 million pensioners over 65 are women and 4.6 million are men then if the bonds were split evenly among sexes, 5.3 million women will never see and bond along with 4.1 million men.

So much for playing budget monopoly promises with crafty government accountants who say they will help pensioners but whose real art is to deceive over 9.4 million who can never get a bite of the cherry nor get a glimpse of the promised land.

Douglas Mills Fraser Road, Poole