Short answers, pulled from the story.
A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. This financial arrangement may take two distinct forms known as defined benefit plans or defined contribution plans.
Germany was the first country to introduce a universal pension program for employees when the Old Age and Disability Insurance Bill was enacted and implemented in 1889. The Old Age Pension program originally designed to provide a pension annuity for workers who reached the age of 70 years was lowered to 65 years in 1916.
Augustus Caesar introduced one of the first recognisable pension schemes in history with his military treasury in 13 BC. In this plan retired soldiers were to receive a pension of minimum 3,000 denarii in a lump sum after 16 years of service in a legion and four years in the military reserves.
In OECD countries the gender pension gap varied from 3% in Estonia to 47% in Japan according to data between 2013 and 2018. There is a gender gap in expected years in retirement with 22.8 years for women and 18.4 years for men on average as reported by the OECD in 2022 contributed by sex differences in life expectancy.
Pillar 1 sometimes referred to as the public pillar or first-tier answers the aim to prevent the poverty of the elderly provide some absolute minimum income based on solidarity and replace some portion of lifetime pre-retirement income. Pillar 2 or the second tier built on the basis of defined benefit and defined contribution plans aims to protect the elderly from relative poverty and provides benefits supplementary to the income from the first pillar to contributors.