Otto von Bismarck is unfortunately not available to offer advice on pensions. The Iron Chancellor introduced the world’s first state pension in Germany in 1889. We do have some of his words to go on at least: “Anybody who has before him the prospect of a pension, be it ever so small, in old age and infirmity is much happier and more contented in his lot, much more tractable and easy to manage,” he said.

Bismarck’s innovation, followed up and expanded upon by later generations, was a striking example of enlightened self-interest. Providing pensions – and other new benefits, such as disability insurance – was one way of undercutting support for the growing menace of socialists and social democrats.