Many pensioners have seen their incomes fall as a consequence of the low interest rates that Britain has deliberately pursued to support the economy. It’s time Britain helped them out in return.

Pension pots are much less than expected because of Gordon Brown’s tax raid on them.

This Budget creates a new pensioner bond that will offer retired savers a return that is better than anything pensioners can get now. It also brings in the biggest reform of pension taxation in a century. Millions of people on defined contribution schemes will no longer have to buy an annuity if they don’t want to and there will be no punitive 55 per cent tax rate if you want to draw down more than your tax free lump sum.

These radical changes will give pensioners more freedom over their pension pot and will help deliver economic security for pensioners. We are backing people who have worked hard, saved hard and done the right thing.

Watch out though, Labour will see pensions as an indication of being rich and will be after them again.