During the previous Government Mr Brown decided that any pension derived from SERPS contributions would not qualify in future for annual adjustment by application of the inflation indices. It is my view the government has broken a contract with its pensioners; the alternative option at the time of starting SERPS would have been to take an insured top-up pension, which would still now be adjusted for inflation. As a personal example, my SERPS income was the same as the then prevailing Old Age Pension.