01 August 2008
Today marks the centenary of the introduction of the state
pension, which came into being with the 1908 Old Age Pension
Act.
The 1908 Act was an innovation of the Lloyd George government
and kept many people out of destitution, despite its many
limitations - the pension was means-tested, payable to the
over-70s, only paid 5 shillings a week, and was restricted to
people of 'good character'.
In 1908, only 1 in 4 people survived to age 70. Today, 84% of
people live to collect their state pension and live out 24 years in
retirement, on average.
