For me it all depends on what the threshold might be before there is any means tested reduction. I have saved into a private pension scheme for the last 30 or so years of my working life and am now drawing down a modest amount every month from the pot. I think it would be unfair to penalise me for being thrifty over those years and putting some money aside to provide a pension.

P.S. I am not a millionaire but one of the asset rich, cash poor, pensioners.