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A Brief History Of UK
Pensions
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A Brief History of
UK PENSIONS
1590
Chatham Chest established
to provide pensions for
disabled seamen
1672
The first organised pension
scheme is established for
Royal Navy Officers
1684
First civil service pension
provided to Martin
Horsham, an official in
the port of London
1707
One of the first FRIENDLY
SOCIETIES created for
Oxford University's
printers.
FRIENDLY SOCIETIES
were groups of workers forming mutual societies
to save for funeral costs and put money aside for
old age, illness or unemployment.
1739
First pension granted at the
Bank of England
1901
=
1 PENSIONER
10 WORKERS
1908
Old Age
Pensions
Act
Old Age Pensions Act introduces the
first old age pension paying a
non-contributory amount of between
10p and 25p a week, from age 70.
LIFE
EXPECTANCY
50
53
YEARS OLD
YEARS OLD
N E
S
·
O
H
I
L
L I N G
L I N G
L
N E
S
H
G
O D
L
E
S
S
BENEFICIARIES RECEIVED
T H
E
1
B
Q
I
·
O
U E E N
5
SHILLINGS
/WEEK
(25 PENCE IN TODAY’S MONEY)
E
L
B
I
G
I
L
INE
S
N
O
I
S
N
FOR PE
Citizens who had an annual income of
more than
£31.50
1925
First contributory benefits:
Widows, Orphans, & Old
Age Contributory
Pensions Act
83
79
65
65
1981
LIFE EXPECTANCY
(AFTER 65)
1991/2
MAXWELL SCANDAL
Mirror newspaper proprietor Robert Maxwell had
used about £460 million from his group's
pension funds to finance business dealings.
1995
Pensions
Act
Pensions Act sets up regulatory and
compensation schemes in response to
Maxwell.
2011
AVERAGE PENSION POT
£25,000
ANNUITY
£1,250
/YEAR
2013
AVERAGE PENSION POT
£36,800
SENIOR RAILCARD
£28
/YEAR
33%
OFF ALL
UK RAIL TICKETS
CHRISTMAS BONUS
£10
ESTABLISHED 1972
(WORTH £98 IN TODAY’S MONEY)
Live dangerously
an enhanced annuity due to
being a heavy drinker or
smoker could bring in extra
income in retirement up to
40% or more.
GET STARTED NOW!
To get started on your UK workplace pension, visit:
www.autoenrolment.co.uk
BROUGHT TO YOU BY:
SOURCES
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