A century of the state pension – and why the next redesign is overdue

'A pension promise only works if contributors believe it is fair and durable'

clock • 4 min read

As the state pension turns 100, Adam Cole argues reform is needed. The triple lock has served a political purpose and delivered real gains, but it is unsustainable, he explains

As the pensions industry spends most of its time looking forward, 2026 offers a rare excuse to look back. Just over 100 years ago, parliament passed the Widows', Orphans' and Old Age Contributory Pensions Act 1925, a milestone that helped shift the UK from a limited, largely means-tested safety net towards a national system based on contributions and pooled risk. It was not simply a technical reform. It reflected a recognition that old-age poverty, the death of a breadwinner and insecure work were risks individuals could not sensibly manage alone. The state stepped in to mutualise tho...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Women's pensions: Why the gender savings gap opens at age 28

Women's pensions: Why the gender savings gap opens at age 28

Women in their late 50s hold 48% less in their pension than men

Rachel Vahey
clock 11 June 2026 • 3 min read
DC pension pot growth points to increased fraud risk, pensions minister warns

DC pension pot growth points to increased fraud risk, pensions minister warns

Torsten Bell says expanding DC pots will attract increased fraudster attention

Martin Richmond
clock 11 June 2026 • 2 min read
Revised transfer regs widely backed but industry calls for 'clear and practical' guidance

Revised transfer regs widely backed but industry calls for 'clear and practical' guidance

DWP makes key changes to traffic-light transfer conditions

Jonathan Stapleton
clock 10 June 2026 • 7 min read