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My father and I spoke quite often about his private pension as I went into financial services about 10 years after he retired.
He woke up when he reached 64 and realised that he hadn't organised a pension for his upcoming retirement. So, he called in a broker and the broker got him a cracking deal (those days are long gone) with, I think, Standard Life whereby if he paid £25,000 a year for three years, then in the 4th year they would provide him with a tax free cash sum of about £25,000, plus a starting pension of around £11,000 p.a., with an annual escalator bonus.
I think that they miscalculated dreadfully. But they dutifully paid out. However, I don't think that they had expected him to live until he was 94. So every year around his birthday we would joke that this would be the year that the insurance company would send a hit man to rid them of this growing debt. His last payment was in excess of £19,000, and over the years they were enough to cover his annual round the world cruise.
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