The sums are easy
Try to imagine saving £1.8M after taxes over a lifetime. Can't be done. That's why the easy promise ('we will pay you 66% of your salary for the rest of your natural ' ) came unstuck. Those promises were made as part of what was effectively a pyramid selling scheme (DB pensions generally) and now they are going the same way as the old endowment mortgages which offered daft bonuses over a 25 year term as a sprat to catch teh mackeral. Odd, it was an Equitable Life agent who told me this and I still bought the contract. Dummy.