From Church PAYGO to Fully Funded

Offers a historical overview of some earlier annuity schemes attempted by the Church of Scotland, decades earlier, and the unfunded pay-as-you-go nature of those arrangements. The earlier attempts, which might have been suggested by Daniel Defoe’s work, involved a very small number of participants which didn’t allow for proper longevity risk pooling. The chapter then presents a brief overview of Presbyterian Church politics during the 1720s and 1730s which might have impeded or delayed the development of a final scheme. Sums up with a timeline table for the three decades from 1718 (earliest attempts) to 1748 (final version). It concludes by offering sources for additional reading and references.