Although the ‘Thatcher evolution’ in pensions amounted to a major reform, it nevertheless represented a significant step back from reformers’ initial neoliberal vision. These architects of reform were not just disappointed; they also feared that Britain might have ended up with the ‘worst of both worlds’ because of the compromises forced upon them. This chapter asks whether they were right and focuses on the legacy of Thatcher-era reform. It begins by assessing the long-term implications of delinking the basic state pension from earnings and reducing the generosity of SERPS. It then turns its attention to defined benefit (DB) occupational pensions, teasing out the consequences of reform for their long-term sustainability. The chapter goes on to consider the legacy of personal pensions, beginning by acknowledging significant early successes in terms of sales. It then explores two misselling scandals and their effects, however, before highlighting the consequences of poor performance, largely driven by high charges, inadequate contributions, and poor investment returns. Finally, the chapter draws the focus out to examine the ways in which the reforms of the 1980s served to generate market failure across state, personal, and occupational pensions, considering the consequences of increasing regulation and describing reductions in pension entitlement at the aggregate level. It concludes that all this amounted to a significant political failure that meant Britain did indeed end up with the worst of both worlds in terms of pensions, though not entirely for the reasons identified by the Thatcher-era reform project’s disappointed neoliberal architects.