Pension Fund

The Rowntree Board instituted a pension scheme in 1906. A considerable sum was required to start the fund to ensure it was on a solvent basis and Joseph personally contributed £10.000. Today, this is the equivalent of around £800,000 – a considerable amount of money which demonstrates Joseph’s care for his employees and his generosity towards others. 98% of employees joined in the first year. In setting up this fund he ensured that one of the great fears of old age – destitution – had been removed from thousands of workers. The plight of widows of men who died in service during the First World War led to provision being made for them in 1917, and this was later extended to include provision for women of 50 and upwards. In the Cocoa Works Magazine Joseph wrote: – “….I should like to say that I am very glad that it has been possible to inaugurate this fund for the widows of our employees during my lifetime. I have taken great interest in the creation of the fund, and in the solution of the complicated and difficult problems that arose in connection with it. I sincerely trust that it may be of real benefit to those for whom it is being founded.” November 12th , 1917.

Image from originals held at the Borthwick Institute for Archives.