Wealthier pensioners to keep benefits for now

But Nick Clegg said he believes such policies are no longer “justifiable” as spending continues to be cut back, and should be looked at again after 2015.

In a speech designed to emphasise the differences between his party’s approach and that of the Conservatives, the Liberal Democrat leader opened the door to the means testing of pensioner benefits in the future while adhering to the coalition’s pledge to protect them for the life of this Parliament.

Mr Clegg said: “We have a coalition agreement commitment to maintain those universal benefits for all pensioners, so I’m not asking the Prime Minister to re-open that during this Parliament.

“We made it quite clear – he (David Cameron) was very keen on this – it should be in the Coalition Agreement and we should not reopen it now.”

But the Sheffield MP went on: “What I’m saying is in the future, as we make further savings, and I say this as the Liberal Democrat party leader... I just don’t think it’s justifiable or sustainable when so many other people are tightening their belts, to somehow say that multimillionaire pensioners still receive universal benefits across the board.

“I just think it’s one of the things we need to look at.”