ELI5 Pensions - where did the modern pension come from?

Why do we have pensions schemes? How did first pension fund come into existence in the 1700s? What did Bernoulli and Scottish Presbyterian priests have to do with it? How can I save $1500 this year with Empower?   ... We explain like i'm five!   Thank you to Empower, the sponsor of today's episode. For more info about Empower, visit: empower.me/ELI5   Help more people fund us by leaving a rating on iTunes.   Thank you to the r/explainlikeimfive community as always. This podcast also referenced several blogs and articles including the Sapiens Book, Legacy Trust and Life Insurance KZ. To the ELI5 community that has supported us so far, thanks for all your feedback and comments. Join us on Twitter: https://www.twitter.com/eli5ThePodcast/ or send us an e-mail: [email protected]