A turbulent history of British pensions, since 1874
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From a five-shilling payment for men over 70 to George Osborne’s reforms, Telegraph Money charts the eventful history of pensions past.
By Teresa Hunter
The road to our brave new world of pensions has been a rocky one. Paved with best intentions, the journey ended, sadly too often, in scandal, u-turns and empty promises – potholed by political meddling and rising life expectancy.
For some, those days are over. Ros Altmann, the Government’s older workers’ tsar, believes we have finally arrived at our destination – a modern, user-friendly retirement solution, fit for the 21st century.
But leading commentator Tom McPhail of Hargreaves Lansdown is more ambivalent. He fears the speed of reform will ignite a bonfire, making more change inevitable.
He said: “One thing I am sure of is that this is just the beginning. There will be more change, although it is hard to say what that will be. Many good things will come out of the reforms. Some people will make mistakes. Where we go next, I real...
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