On 1st August, we mark the 100th year anniversary of the first state pension, introduced by David Lloyd-George in the Old Age Pensions Act of 1908. These were non-contributory means tested benefits provided to pensioners aged over 70. Grateful recipients are said to have cried ‘God Bless that Lord George’ as they collected their 5 shillings a week.
It was not until 1948 that the National Insurance Act came into force however, providing a minimum level of state pension based on National Insurance Contributions. This was the foundation of the UK state pension system as we know it.
More recently, 1978 saw the introduction of a system of contracting out, which allowed individuals to opt out of the additional state pension, and 1988 witnessed one of the greatest transformations in non-state provision with individuals being given the choice of opting out of their occupational pension schemes, and opting into private pensions instead.
Punter Southall also celebrates its own twentieth anniversary in 2008. From small beginnings in 1988 and an original workforce of just nine people, it has grown to a group of companies employing around 700 people.
To celebrate these anniversaries, Punter Southall is publishing two documents. The first is a booklet that covers all the pensions anniversaries we are celebrating this year as well as examining current developments in the world of pensions and looking forward to the pensions landscape we might expect to see in 20 years time, when Punter Southall hits 40. The second is an essay by David Willetts MP, Senior Adviser to Punter Southall, on the two key anniversaries, 1908 and 1948.
Punter Southall’s Chairman Stuart Southall says:
“There can be few politicians in the UK, or indeed in the world, who have the vast knowledge and understanding of pensions of our Senior Adviser, David Willetts, MP. That’s why we are delighted to publish an essay by David on two key pension anniversaries happening this year – the anniversary of the first Old Age Pensions in 1908 and of the first flat rate universal basic state pensions in 1948.”
Punter Southall will be continuing the theme of Pensions Past, Present and Future at its London Conference to be held at BAFTA on 25 September 2008. We are delighted to announce that Tim Jones, Chief Executive of the Personal Accounts Delivery Authority will be our keynote speaker, looking forward to the future introduction of personal accounts. David Willetts will be looking back over the past hundred years of pensions to see what lessons we may be able to learn for the future, and a panel of expert speakers will aim to elucidate some of the problems being faced by pension schemes today.
Request copies of the booklet and essay by contacting Jenny Gallagher at Punter Southall on 0118 912 2834.
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For further information contact:
Penrose Financial
Roman Townsend/Sarah Caddy
020 7786 4875/4819
Trustee training - Pension scheme investment (September 2010)
