Poser on pensions

They will, inevitably, be persuaded by Rachel Reeves, the Leeds MP and shadow pensions minister, that the changes should be deferred. Equally, many will accept the Government's argument that the country "can't go on paying the state pension at an age that was set early in the last century".

This dilemma – and the coalition certainly deserves credit for facing up to the pensions crisis – demonstrates why previous governments allowed policy in this sphere to drift with potentially ruinous consequences for many; they were too afraid of alienating voters.

Yet, because of this, Ministers are having to act hastily. The status quo is simply not a viable proposition. And, while Ms Reeves is right to question the limited time that these women, including her mother, will have to prepare for the changes, difficult decisions have to be taken.

This would not be happening if there was a creditable and sustainable pensions policy in place. That such a strategy is only evolving now, as Ministers recognise the funding challenges posed by an ageing society, still leaves many millions of people facing an uncertain retirement and accepting the need to work longer than they once envisaged.

More pertinently, they will be relieved that BP is reinstating share dividend payments, albeit on a reduced basis. Like it or not, many pension funds are allied to the financial fortunes of the oil giant that received so much opprobrium following the Gulf of Mexico environmental catastrophe.

Yet, while this will help many, it is unlikely to compensate, fully, for the years of policy failure that the coalition is now trying to address.