Roman Pensions

• The Romans had two types of Pensions, the Annua for the civilian population and the Praemium for the legionary soldiers.

 Annua

• The Annua was similar to an Annuity Pension.
• The Roman citizens made an annual payment to the civic authority.
• In old age, the civic authority would then provide a lifetime pension or Annuity.

Praemium

• The Praemium was a Lump Sum introduced by Augustus, which was awarded to the legionary by the Aerarium Militare (Military Treasury) on retirement when he was discharged after 20 years service.
• A Legionary received 12,000 sesterces, which was approximately thirteen times his annual salary. It was later doubled under Caracalla to 20,000 sesterces.
• A legionary in the Praetorian Guard received 20,000 sesterces. This may also have been doubled under Caracalla but is not confirmed.