The Old Age Security Act came into force in 1952, replacing the provincially-run, means-tested old age benefit system that came before it.

Since then, various changes have taken place to OAS including:  the drop in age of eligibility from 70 to 65, phased-in between 1965-1969; the establishment of the Guaranteed Income Supplement in 1967; and a full cost-of-living indexation on a quarterly basis by 1973.

Today, OAS is available to any Canadian citizen or permanent resident 65 years or older who has lived in the country for at least 10 years and pays a maximum benefit of $540.12 a month for seniors with less than $69,562 in annual net income, which gradually becomes less until it disappears for those earning more than $112,772.

As the centerpiece of the country's public pension system, OAS is funded entirely by government revenues - in other words, taxpayers like you and me.

As a result, over the years, governments in Canada have been faced with figuring out a way to ensure our retirement system remains sustainable over the long term.

Unfortunately, it turned out to be the kind of discussion that was unpopular with voters and so, decisions have been avoided and put off until another day.

Now in 2012, as the reality of a growing ageing population gets closer, we cannot put those considerations off any longer.

Last year alone, Canadian taxpayers paid out $72 billion through the pension system with every indicator telling us that it is only going to get more expensive.

The challenge facing OAS is that baby boomers will retire in greater numbers than usual and there will be fewer Canadians in the workforce to pay the taxes that support OAS.

In the next 20 years, the number of Canadians over the age of 65 will increase from 4.7 million to 9.3 million, while the number of working taxpayers will decrease from 4 to 2.

If you also consider that the OAS program was built when Canadians were not living the longer, healthier lives they are today, it’s clear that we have to do something to make sure OAS is sustainable by 2030 and beyond.

The question is do we do it now while we have time to adjust or do we leave it to the next generation to deal with when it becomes a financial crisis?

What a shame that any reasonable discussion that could be taking place in Parliament is being drowned out by the hysteria generated by the Opposition parties, causing serious anxiety among current pensioners.  It’s entirely unnecessary.

Not only has the Prime Minister made it clear that transfers to individuals and provinces will not be cut, including health care and social transfers, he has also been clear that there will be no changes to the benefits seniors currently receive or for those close to retirement.

Furthermore, any changes that will be made to address the growth in the aging population will be done with substantial notice and a generous adjustment period to allow younger people time to adjust and plan for their retirement.

Since 2006, this government has provided more benefits to seniors than ever:  we have significantly lowered taxes, providing $2.3 billion annually in additional tax relief through pension-income splitting and by increasing the age credit and we have increased the Guaranteed Income Supplement(GIS), the largest increase to the GIS in 25 years.

But, it is clear that we all need to take responsibility for planning our retirement and it is even clearer that it is absolutely necessary our federal government leads by example, including a review of MP pensions.

Once again, there is only one taxpayer.  I am not alone when I say I prefer a government that is willing to ask the hard questions and be fiscally responsible now, so that a strong, stable retirement income system will be there for Canadians for generations to come.

Ron Cannan is the Member of Parliament for Kelowna-Lake Country