Historian Dan Snow highlighted that pensions are a European invention, speaking at the Pensions and Lifetime Savings Association's Investment Conference yesterday, 8 March.
In his talk about the nature of the UK/European relationship throughout history, Snow pointed out that the Romans first invented the concept of pensions. This was through providing Roman soldiers payment in retirement after 25 years of service.
He added that in a more modern form, the idea of 'pensions' was then established by Otto von Bismarck in 1881. Bismarck presented the idea of government-run support for the over 70s as a response to socialist opposition pressure; eight years later it was implemented.
Snow also highlighted that the word 'pensions' or 'pensione' in Latin, means 'to pay'.