Security in retirement

Most people now receive some form of pension throughout their retirement. This pension may be regarded as a payment of deferred salary, and all pension schemes provide for contributions to be made during a person's working life. These contributions, supplemented in various ways, eventually give rise to the benefits paid on retirement. All who have reached retirement age receive a basic State Pension, and this may be further augmented by the Graduated Pension Scheme; the extent, however, varies considerably with individual circumstances. Many people receive in addition an occupational pension for which they will have contributed during their working life. This pension may become payable at a different retirement age from that of the State Pension. The total pension a person receives may therefore be made up of a number of separate pensions. This article deals first with the evolution of the State Pension, and secondly with the evolution of the occupational pension.