Abstract
The creation of public systems of old-age provision is, by historical standards, a fairly recent development. Pension systems were established around the beginning of the 20th century as part of a more general move towards systems of public insurance and welfare. The first compulsory public pension scheme was introduced in the German Kaiserreich by Chancellor Bismarck (for historical overviews see Fisch (2000); Haerendel (2001); Hohn (2004)).
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