One in six of the population is an old-age pensioner and everyone has the prospect of becoming one in their time. It is therefore unsurprising that pensions have been a subject of much political debate. There has, however, been little investigation of what people think about pensions. Politicians have tended to declare that pensions are too low but have in practice been constrained in raising them by their conception of the willingness, or unwillingness, of the working population to pay for higher pensions.