and taking this away from the philisophical bent back to the practical, I think most of us under 50, if fit, will be in poverty or working. Current annuities are paying about ?6.5K for every ?100K in your pension pot so...Say, by some miracle, you manage to squirrel away ?200k in a pension, you can take a lump sum of ?50k and then have a taxable income of ?18k not much for running a car and going on holiday and the occasional meal.....most people under 50 in the private sector have sod all in a pension in reality, so, crumbly poverty is our lot.....unless you're a banker (or, dare I say a doctor).