Of course. But those wealthy pensioners of yours have been hit by a double whammy, low savings rates and a weak pound, and, on top of that, the old age pension in this country is one of the worst in the developed world. Look it up anywhere you like if you don't believe me. They won't be taking quite as many of those foreign holidays this year. Joining their ranks in years to come will be pensioners who will not only have worked to the point of exhaustion as pensionable ages go up and up but who will also have far poorer works pensions than were enjoyed by earlier generations.