sorry, I should have been more precise: By "pensioners" I meant "older people look to preserve their wealth in the later part of their life so they dont run out of money before they die". That's a pretty huge pot of value that's currently monetising other assets.

I don't think today's old people will save the large part of their wealth in bitcoin, they'll chose other assets. BTC feels too volatile, unknown and unsafe to them. As bitcoin will be a larger and larger part of successive generations' financial life, you'd expect bitcoin saving amongst old people to trend upwards over time though.

It may be that the first gen to save in BTC as old people will have to be "bitcoin native" generation (i.e. born into a world where bitcoin is normal). 

 I think this makes a lot of sense. I also think there needs to be a global technical standard for inheriting bitcoin. A lot of bitcoin will be lost before there is such a standard. 

 Norway:
It has realised a long time ago, that to have a sustainable pension system they need to invest generating ealth. That's why they have a sovereign fund, that buys shares/companies, and it is their wealth generation that funds their pension system.

To be clear, generating wealth is not generating cash. it is a principle of transformation, generating/transforming things that are essential for your life.

From a tree, to pulp, to a fiber that you wear every day, or paper, or packaging.
From water, sun, wind, to energy, to power your home, to bitcoin.
Form coper, to wire, to energy trasmission.
These are sustainable wealth generating cycles and they are essential to you.

And when you switch from fiat to bitcoin, those companies will be there and remaining a vital part of your life. you will just use bitcoin for their products / services. and the cycles will go on. 
However in a better structured cycle, with an underlying solid financial system.

Who lives without paper, or energy, or sanitation? 

That's why all communist states fail. They take the wealth but they cannot generate it.