Pond life is a term mainly used by London blokes to decribe scum. Pond life could be a family shacked up in a cold smelly flat with the mum bed ridden, the man out of work and spending his benefits on cheap value beer and cannabis whilst 7 kids run around aimlessly smashing windows and swearing. They will probably have a pit bull for a dog who never gets walked and has actually experianced the effects of heroin. They will undergo there 'weekly' shop very rarely and will gather as less goods to merely survive.
Dave: You alrite steve,
Steve: Yeh mate just see fucking whats name.
Steve: Wayne Roberts?
Dave: Oh not that cunt, last time i heard he was shacked up on smack with a fat state for a bird.
Steve: Not wrong mate , proper pond.
Dave: Yeh proper pond life.