 The 1938 Social Security Act lowered the age for the means-tested pension to 60, and introduced a universal (not means-tested) superannuation from age 65.The universal pension catered to a strong demand for universal payments, while the lowered age for the means-tested pension provided for the likes of manual workers who were worn out and still poor at the age of 60.The Third Labour government introduced a compulsory superannuation scheme in 1975, according to which employees and employers each contributed at least 4 per cent of gross earnings.