Old age

The Nordic pension schemes derive from the Danish implementation in 1891 of legislation to provide financial assistance to the elderly. The Icelandic law on support funds for the elderly was passed in 1909, followed by the first public insurance scheme in Sweden in 1913.
Norway implemented a needs-tested benefit system in 1936, whereas Finland passed the first pension law in 1939. In 1999 the first Faroese pension law was passed replacing Danish pension legislations implemented on the Islands.
Old couple on pier
First old age pension scheme was established by Otto v. Bismarch in Germany in 1889