David Cameron told ITV News it was "very condescending" to suggest people who are given the opportunity to drawdown money from their pensions will spend it all at once.
The Prime Minister told ITV News Deputy Political Editor Chris Ship: "I think it is a very condescending view to say to people who've worked hard, who've saved, 'We don't trust you because we think you're going to blow all that money you saved on one item or one holiday'.
"I simply don't believe people will do that ... These people who've worked hard, who've saved, they've been thinking about their retirement and it's only fair to let them spend their money in their retirement as they choose".
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"You are one of the silence breakers and we all owe you a debt of gratitude."
Maximum temperature 11 C (52 F).
A cut in stamp duty to help first-time buyers is likely to push prices by at least the amount the reduction is supposed to save, MPs said.