The Government said that it would consider calls led by David Cameron for a suspension of pension rules to prevent people retiring now being disadvantaged by the financial crisis.

Chris Grayling, the Shadow Pensions Secretary, and Mr Cameron called for help for people who, under the present law, are required to take out annuities either when they retire, if they are seeking a tax-free lump payment at the same time, or at the age of 75 if they have not done so.

Mr Grayling said that people are having to make a long-term commitment about the level of their pension through the purchase of an annuity. “It makes no sense to penalise someone whose birthday happens to fall within the current period of extreme turbulence,” he said. “We want to see an immediate change to the rules.”

In a letter to James Purnell, the Pensions Secretary, he requested a temporary period in which people had the right to defer their decisions.

Mr Cameron, in an interview with ITV, said: “It's one thing, it's a small thing, but it needs to be done and it needs desperately to be done now.”

Rosie Winterton, the Pensions Minister, said: “We have worked very closely with stakeholders to deliver a consensus in the important pensions issues over recent years and, in these times, we continue to be keen to meet opposition parties and industry experts to discuss their concerns.”

The department admitted there was a problem for people who retired now at the age of 65 and needed a lump payment, requiring them to “annuitise”.

Explore Economics

• Pre-Budget Report 2009

• Budget 2009

• World Economic Forum

• The Times MPC

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive