[gadders]

Pensions used to be great when you had final salary ones.

[pjc50]

Unfortunately people stopped smoking.

(the downside of 20th century work on increasing life expectancy is that most of it happens in retirement, making pensions much more expensive)

edit: I have not done the maths, but I would not be surprised to discover that the total average pension paid to someone retiring at age 65 in 2026 was much more than the total average pension paid to someone retiring at age 65 in 1986, while at the same time the weekly amount of the earlier one would be higher. Because the more recent one has to spread the money over more years.

(inflation adjusted as well)

[gadders]

I'd retire later if I got a higher pension rate.

i.e.

Opt to retire at 65, but you get a defined contribution pot

Opt to retire at 70, you get final salary pension.

[ben_w]

FWIW, the UK state pension does go up if you defer it: https://www.gov.uk/deferring-state-pension/print

[gadders]

Yeah, but I want 2/3 of my salary when I retire, not £300/week.

[ben_w]

Your private pension is only 70 a week?