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PENSION ( See also: regular or periodical payment made by private employers, corporations or governments, in consideration either of past services or of the abolition of a See also: post or office
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Such a pension takes effect on retirement or when the See also: period of service is over
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The word is also used in the sense of the payment by members of a society in respect of dues
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See also: United See also: Kingdom
.
In the United Kingdom the majority of persons in the employ of the See also: government are entitled to See also: pensions on reaching a certain age and after having served the See also: state for a certain minimum number of years
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That such is the See also: case, and moreover that it is usual to define such pensions as being given inconsideration of past services, has led to the putting forward very generally the See also: argument that pensions, whether given by a government or
by private employers, are in the nature of deferred pay, and that £3174,087
.
A return is published annually containing a See also: complete holders of posts which carry pensions must therefore be rewarded
by a remuneration less than the full market See also: rate, by the difference of the value of the pension
.
This view is hardly correct, for the See also: object of attaching a pension to a post is not merely to See also: reward past services, but to attract continuity of service by the holder as well as to enable the employer to dispense with the services of the employe without hardship to him should age or infirmity render him less efficient
.
Dissatisfaction had been expressed from See also: time to time by members of the See also: English See also: civil service with the See also: system in force, viz. that the benefit of long service was confined only to survivors, and that no See also: advantage accrued to the representatives of those who died in service, This was altered by an See also: act of 1909
.
See Royal Commission on Superannuation in the Civil Service: Report and Evidence (1903)
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