Is there a Pensions Crisis in the U.K.?
AbstractThe U.K. pension system is traditionally seen as offering a good example to other countries, having features such as low social security pension expenditure and a high coverage of well-financed voluntary private schemes. But recent developments suggest that the model has shown weaknesses. The most pressing current issue is underfunding of defined benefit occupational schemes following the bear market; but there is also the ongoing crisis of mis-selling of personal pensions and the failure of the Equitable Life insurance company. In this paper we seek to investigate whether there is indeed a crisis and what the locus of the difficulty is. We find that there are important longer-term weaknesses of the U.K. system as well as these current difficulties, focusing on social security and private pensions. Pitfalls faced by U.K. policymakers offer important lessons to other countries seeking to set up or expand private pension provision. Copyright 2004 The International Association for the Study of Insurance Economics.
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Bibliographic InfoArticle provided by The International Association for the Study of Insurance Economics in its journal The Geneva Papers.
Volume (Year): 29 (2004)
Issue (Month): 3 (07)
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Other versions of this item:
- E. Philip Davis, 2004. "Is there a Pensions Crisis in the U.K.?," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 29(3), pages 343-370, July.
- E Philip Davis, 2003. "Is There A Pensions Crisis In The Uk?," Public Policy Discussion Papers 03-21, Economics and Finance Section, School of Social Sciences, Brunel University.
- Davis, Philip E., 2003. "Is There a Pensions Crisis in the UK?," Discussion Paper 175, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- E Philip Davis, 2003. "Is There A Pensions Crisis In The Uk?," Economics and Finance Discussion Papers 03-21, Economics and Finance Section, School of Social Sciences, Brunel University.
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