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A brewing controversy over pensions has forced the federal government to blunt criticism that it plans to cutback on federally-funded plans like Old Age Security.

On Friday, talking points coming from the Prime Minister's Office stated that any proposed cuts were still several years away, and wouldn't affect any Canadians currently approaching retirement age.

The PMO memo, sent to Conservatives across the country, came a day after the prime minister delivered a speech at the World Economic Forum in Switzerland that focused on the need to reduce deficits in developed countries.

In his speech at Davos to world financial leaders, Stephen Harper said that demographic pressures from an aging population could force Canada to "limit" spending on pension programs.

"Our demographics also constitute a threat to the social programs and services that Canadians cherish," Harper said Thursday.

Part of that plan to cut back could include raising the eligibility age on OAS from 65 to 67, Â鶹ӰÊÓ reported Thursday.

But a day later, Harper's office was clear to state that there would be substantial notice given before any cuts are approved.

"We will ensure any changes are done with substantial notice and adjustment period and in a way that does not affect current retirees or those close to retirement, and gives others plenty of time to adjust and plan for their retirement," said Andrew MacDougall, a spokesperson from the Prime Minister's Office, in an email to CTVNews.ca.

"OAS is funded primarily through taxes on working people and is unsustainable on its current course. If we do nothing, OAS will eventually become too expensive and unsustainable."

Despite Friday's developments, the Liberal party called Harper's speech in Davos an "attack" on public pensions.

"Instead of bringing in the changes our pension system needs to ensure sustainable prosperity, this government is stripping benefits from seniors that they rely on and have earned. This is completely unacceptable," said MP Bob Rae, who is the interim Liberal leader, in a news release.

Rae added that Harper hasn't been clear with Canadians on his approach to the pension issue, and he criticized Harper for not bringing his intentions about pensions to the public during the last federal election.

"He didn't have to go to his alpine perch to let us in on the news," said Rae. "He should have told Canadians before the election."

It's expected that by 2035, the ratio of working Canadians to those over the age of 65 will be two-to-one. Currently, that ratio is four-to-one.

Meanwhile, the finance department in Ottawa reported Friday that the government is ahead of schedule for debt reduction.

In November 2011, the deficit was $1.9 billion. In the same month a year earlier, that number was $4.5 billion.

With a report from The Canadian Press