Steps To Take To Finance Our Own Retirement Due To The Current Pension Deficit
It would appear that in just over a hundred years we have come full circle with regards to deficits in our state pension
The Old Age Pensions Act was passed in August 1908 and the first payments were made on the 1st January 1909 when the maximum payment was five shillings for a single man or woman. Payment was only eligible if you earned an income of less than twelve shillings a week and the pension could even be reduced if a person had too much furniture.
The pension was denied altogether if a person had been to prison in the previous ten years, was habitually drunk, had not worked when able to or was generally regarded as a bad character.
