Editing Pension (section)

=== Germany ===
{{Main|State Socialism (Germany)}}
{{See also|Pensions in Germany}}
As part of [[Otto von Bismarck]]'s social legislation, the [[State Socialism (Germany)#Old Age and Disability Insurance Bill of 1889|Old Age and Disability Insurance Bill]] was enacted and implemented in 1889.<ref>{{cite web|last1=Gianasso|first1=Alexandre |title=A Brief History of Pensions|url=http://www.damgoodpensions.com/blog/a-brief-history-of-pensions/|website=Davidson Asset Management|access-date=29 June 2015}}</ref> The Old Age Pension program, financed by a tax on workers, was originally designed to provide a pension annuity for workers who reached the age of 70 years, though this was lowered to 65 years in 1916. Unlike accident insurance and health insurance, this program covered industrial, agrarian, artisans and servants from the start and was supervised directly by the state.<ref>Holborn, Hajo: A History of Modern Germany – 1840–1945: Princeton University Press; 1969; pp. 291–93.</ref>

Germany's mandatory state pension provisions are based on the pay-as-you-go (or redistributive) model. Funds paid in by contributors (employees and employers) are not saved and neither invested but are used to pay current pension obligations.