(S (S (BASENP (DT The) (NNS pensioners)) (VP (VP (VBP spend) (NP (BASENP (NN most)) (PP (IN of) (BASENP (DT the) (NN year))))) (S (VP (VBG saving) (PP (IN for) (BASENP (NNP Christmas) (NNS gifts))))))) (PERIOD .))