
The first pensions being paid at a post-office in London.
Source: Illustrated London News
9 January 1909.
January 2009 will mark the 100th anniversary of the first pension payment, following the passing of the Old Age Pensions Act in August 1908. On today’s Money Box Live, Paul Lewis was fielding listeners’ questions about pensions and discussing them with a panel of experts:
- Michelle Cracknell, strategy director at investment group Skandia
- Tom McPhail, head of pensions research, Hargreaves Lansdown
- Malcolm McLean, chief executive, The Pensions Advisory Service
You can listen to the actual discussion at this link, which will be available until January 5th. Thereafter the transcript should be available at this link in two to three weeks.
The reference to the frozen UK pension issue being daft comes about 15 minutes into the broadcast. David Wood of Kuala Lumpur in Malaysia raised the issue that half of all British pensioners living outside the UK have frozen pensions while the other half receive pensions exactly like UK residents. Indeed if he lived a little to the north in the Philippines he also would receive a pension adjusted for inflation. He would also receive a subsidy for fuel even though that is clearly illogical. As Malcolm McLean said, there is no rhyme or reason in the way UK pensions are being administered for their recipients. It’s just plain daft.
Moneybox seems to be a great initiative and there are some excellent external internet links. In particular Paul Lewis, the host, has a large collection of articles on Money, which will be of particular interest to UK residents.
Related Posts:
- Frozen UK Pensions – European Court of Human Rights – Decision
- Frozen UK Pensions – Should Legality, Equity or Morality Apply?

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