There are many references to pensions in the pages of the Journal, most of them to the provision of pensions by means of private funds. I am proposing, however, to deal with the provision of pensions and life assurance by means of what are known as group schemes—a comparatively modern innovation. Pensions themselves are not new—in fact, references can be found in history to old retainers and the families of dead retainers living on the charity of the barons. More recently, however, pensions have come to be looked upon not as charity, but as something due as a moral right by virtue of long service. On the other hand, there is still a tendency to consider as charity the provision for dependents of deceased employees.