The pension is dead, retirement no longer exists and the generation that cannot retire is working now.
Scottish Life head of pensions strategy Steve Bee gave this cheerful message in his now traditional PIMS address.
Bee delivering his doomsday message in sunglasses, said the structure of retirement would change because of the retreat of the welfare state and of employers from occupational schemes.
He said this has caused chronic under funding for personal pensions.
The over 65s will continue working in some form, but use their meagre pension pots to supplement some form of income.