Some Financial and Statistical Considerations of the Old Age Pension Scheme

Abstract

There are many references in the pages of the Journal to Old Age Pensions, and in view of the Act of last year the subject—from a financial and statistical aspect—may be discussed without transgressing on questions of State policy. I therefore venture to submit the following notes of some of the financial and statistical questions involved, stimulated in so doing by Mr. G. F. Hardy's statement in his Presidential Address, that he believed our most important work lies in the proper application of actuarial principles to the many practical questions which arise from time to time.Old age pensions ranging from 1s. to 5s. a week according to the yearly means of the pensioners are granted to British subjects resident in the United Kingdom who have attained the age of seventy years, provided their yearly means do not exceed ￡31 10s., and provided they are not disqualified on the ground of Poor Law Relief, imprisonment, or the other reasons set forth in Section 3 of the Act.