Address by the President. The outlook for pensioning

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Abstract
Almost a quarter of a century ago—in 1958 to be precise—one of my predecessors devoted the main part of his Presidential Address to a discussion of state and occupational pensions. He spoke at a time when price inflation was 2¾%, growth in the national income had been averaging 2% p.a. in real terms and the number out of work was half a million. The redemption yield on long-dated Government stock was about 5¼% and the dividend yield on the Actuaries' Investment Index of Ordinary Shares was 5¾%—we did not yet have the reverse yield gap that recognizes the endemic nature of inflation.

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