|The 'philanthropic highwayman' in this cartoon is Lloyd George,
the Chancellor of the Exchequer, whose Old Age Pensions Act of 1908
contained proposals for funding pensions out of direct taxation. The
alternative was to rely on workers' contributions - which would not
have helped women who had no opportunity to work, or those who were
paid too little to make contributions.
PRO LIBRARY Punch, p.101 (5 August 1908)