Pensions

Abstract

The provision of pensions for those in the later years of life, particularly when they cease to be economically active and retire from work, is at present an issue of some controversy. From the first decade of this century the state has provided a system of pensions for the elderly, and a state pension, based on contributions paid while working, was a central feature of the Beveridge Report and was implemented by the National Insurance Act 1946. As well as state provision of pensions, however, large numbers of people have also sought to secure financial resources in old age by paying into private pension schemes. These usually take one of two forms. An occupational pension scheme covers employees working for the same employer or in the same occupation while a personal pension is one created for a particular individual.