Private pensions are a privilege for the lucky few and a curse for everyone else. Do standard-rate taxpayers know that they get half the subsidy for pension saving that higher-rate taxpayers receive? While many people will devote their retirement to charity work or looking after children, for too many living the retirement dream is to inhabit a comfortable cocoon. However, as the state pension has faded into insignificance for many better-off workers, the incentive changes. Chief among the winners these days – those with guaranteed pensions linked to their salary rather than to the stock market – are public sector workers.