Older people have worked hard through their lives, and have often made sacrifices to save for their retirement. But Labour has repaid then by reckless public spending -  pensioners are now some of the most exposed as income from their savings falls.

And Labour’s pension crimes don’t end there.  The pensions stealth tax, introduced by Gordon Brown in 1997, has cost pension funds £5 billion a year; the pension credit is so complicated and unpopular that up to 1.8 million pensioners are not claiming the help they are entitled to; the number of pensioners going bankrupt has more than doubled in five years and around half of those missing out on benefits are living in poverty. It’s a disgrace.

Rather than penalising those who have done the right thing and saved for their retirement, the Conservatives want to cut taxes on savings and help turn Britain from a spend, spend, spend, society into a save, save, save society. We want to deliver a culture of thrift at the heart of government and a culture of saving at the heart of our economy.  Specifically, our proposals – paid for by limiting spending growth in some departments – are based on a fair approach to pensions that would see poorer pensioners better off. They include:

• Raising the income tax allowance for pensioners, with age-related personal allowances rising by £2,000, increasing incomes by up to £400 a year
• Giving basic rate taxpayers – which includes many pensioners – freedom from tax on their income from savings, making older people up to £7,200 a year better off
• Restoring the state pension to earnings link to help stop the spread of means testing
• Establishing emergency pension protection so people don’t have to lock themselves into long-term arrangements when facing problems in the current financial situation
• Simplifying pension rules and regulations to encourage companies to offer high quality pension provision.

The Conservatives recognise the important contribution our older people have made to society. We need to see retirement as a process, not an event, where people feel secure in moving from full-time economic activity into their retirement, often continuing to give so much to our area. The least we can do in return is to provide a fair and supportive pensions system.