I find most of the letters to Editors and on other forums statements that we should have saved for our pensions to be slightly insulting - and of course ignorant.

Pensioners have been saving for their retirement since January 1st 1946 when the government established the National Welfare Fund (now Centrelink).
The purpose of these three bills was to have each worker in our country pay 7.5% of personal income into a retirement fund that was not part of consolidated revenue.
The balance of this fund in 1950 was 100 million pounds and in today's reckoning that would be about 2 billion dollars.
When Bob Menzies cane into office he amended the act in 1949 so that the 7.5% went into consolidated revenue.
So much for Parliament being the trustee to our retirement fund.
Paul Keating repealed the acts of the National Welfare Fund which, from then on, ceased to exist.
But the fact remains we have all still be paying the 7.5% so pensioners have been responsible for their retirement and are entitled to it.