The proposed SERPS revision wipes another £250 a month from my expected State pension. The ten years I will have worked for Friends will only provide a small company pension. In short, we will not have enough income to survive.

My wife I plan to work until around 67 although I know I won’t be able to continue a demanding middle management role. There are three clear plans:

* To get a ten-year mortgage on a second house for a letting income into our 70s,

* If possible, for me move to a lower-paid, but more 9-5, technical role and

* My wife to reduce her teaching hours.

How do we feel about this? Counter-intuitively, I know I enjoy working and the dream above was just a dream. The working itself won’t be a problem . . . but will there be the opportunities and will our health and mental abilities be up to it? Only time will tell.

Steve Parrett , Senior Project Office Manager, Friends Life