Pensions are a pillar of modern  society, as we live longer the need for a dependable income in old age becomes more urgent.  Yet the growth of means testing and a lack of understanding about contributory  pensions has meant that some people, even those in work who who want to provide sensibly for their older age, have not got a pension beyond the state pension. Now that is under fire.

I have written before about constituents who invested in property instead of a pension. They thought their future would be "safe as houses".  But it usually ended in tears, despite the property boom.  For that to be a sensible investment the property would have to outperform the market by 20%, because few people stopped to think that the money you put into your pension is free of tax. Taxes on pension contributions are deferred until the investor receives the pension.

That's just one reason why we all should be doing our best to build up a pension, but the decision to invest in a retirement plan depends on people trusting pensions.  I worry that the government has damaged trust in state pensions: after the election they agreed to increase the age at which we draw our pensions,  that is necessary as we live longer.  But they promised to make no change before 2020, giving people 10 years to prepare.  That is not long, but people might have accepted it. Now they have accelerated the plan and wil; raise the State Pension Age to 66 by 2020.

Women are especially hard hit, following a decision in 1993 women's retirement age has been increasing since last year to equal men's, but the pace of change for women will be accelerated. If the proposals go through as they stand I will lose some £5000 of state pension, but constituents have written to me who are due to lose much more, one who was looking forward to retirement as her health declines is due to lose £9,300.

These changes to the State Pension Age will not help to cut the national deficit.  The savings come through after the current deficit reduction plan is complete.  But they will hurt individuals in their  fifties who do not have enough time to change their retirement plans. Confidence in the pension  system will decline and in turn, this could mean fewer people save for retirement, which will harm our economy.