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  A fair view but one with which I disagree David,
  
  The public sector pensions are indeed unsustainable and, I have said before, that they need to drop the defined benefit scheme and adopt a funded defined contribution scheme instead.
  
  The State Pension is insufficient to provide anyone with a decent living in retirement and is a safety net only. Measures to link it to age expectancy are a help with funding it.
  
  As for private provision do not confuse the current economic circumstances with the long-term picture. These things always come in cycles. There are good investments and with the right type or combination of investments a decent return can be obtained. Indeed even over the last 5 years my own portfolios have achieved a decent average growth rate, above average and providing an appropriate premium over cash*. It is most certainly possible to accumulate a reasonable sum with the right investment strategy even now. Annuity rates are appalling but they do reflect interest rates and longevity with enhanced rates available as a result of lifestyle and health factors. You also need to consider that annuities no long have to be bought at all and flexible drawdown is a great help if someone has built up sufficient provision to be able to take advantage of it.
  
  Do remember, retirement planning is not just pension planning, a pension is just one of the tools used to achieve an income in retirement. It is an important tool of course, simply because every payment made into one grosses up - £100 spent is £125 invested with extra tax relief for higher rate taxpayers. Stocks and Shares ISAs can also give a good income yield with the right combination of funds with a tax-free income, yields on income portfolios are anything between 4% and 6% tax free, depending on capital risk. There are other investment 'tools' that can be used as well.
  
  So it is all about getting it right. I have never been busier!!!
  
  * Past performance is not necessarily an indication of future performance
  * investments can go down as well as up

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