UK State Pensions Turn 100-Years-Old

Do you know anyone who is at least 100-years-old? Even with today's improved nutrition and medical treatment, living for an entire century is certainly a milestone in any Briton's life. In fact, lasting at least 100 years is a tremendous accomplishment for anyone or anything in this world. For instance, last year the UK State Pension system, which still provides uk pensions, celebrated its 100th anniversary.

How did it all begin? In August of 1908, the UK passed the Old Age Pensions Act. Then the following year (on January 1, 1909) the UK made its first State Pension payments. During that first month of 1909, more than 500,000 people went to their local post office, in order to receive the initial UK State Pension payments. The payments were quite meager, at five shillings for a single male or female. That figure is equal to slightly below £20 today! Furthermore, recipients of the State Pension were required to be 70-years-old. Interestingly, only roughly one-in-twenty of the UK's population was at least that age.

Furthermore, one had to meet certain income requirements in order to receive the State Pension. For instance, your income had to be lower than 12 shilling per week, in order to avail of it. Additionally, the government could reduce your State Pension payments if you owned too much furniture.

Reasons for the government's denying you a State Pension included:

• If you were unemployed when you were capable of working

• If you were constantly drunk

• If you had been imprisoned in the past decade

While the UK State Pension helped some of the country's impoverished elderly, it provided minimum assistance and provided it under extremely strict requirements. In fact, "Pension s Officers" would visit the State Pension candidates in their homes, evaluate their financial situation, and then make official recommendations to a body called the "Pensions Committee."

Although the UK government had been tossing around the idea of a State Pension for three decades, it did not become a reality until the Liberals won a landslide election in 1906. The UK State Pension was born two years later. Throughout the decades, the pension reached more Britons and included larger payments. The modern UK State Pension system was born in 1948, and was based on the system that Sir William Beveridge had proposed during World War II. All Britons became eligible to participate in the system, and contributed to their accounts via national insurance contributions. Furthermore, the UK government dropped the pension age for females, to 60-years-old. Finally, the actual amount of the State Pension payments increased.

The million-pound question is: will the UK State Pension system celebrate its 200th anniversary? Today, the UK State Pension comprises about 55% of men's total income, and roughly 65% of women's total income. Thus, the State Pension's life will likely last much longer, considering that most people will never be capable of saving up an equivalent amount during their lives. So, wish the UK State Pension a happy birthday and hope for many more!