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Is there a Pensions Crisis in the U.K.?

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E. Philip Davis

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Abstract

The 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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Article 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)
Pages: 343-370
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Handle: RePEc:bla:geneva:v:29:y:2004:i:3:p:343-370

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  1. Machiel van Dijk & MIchiel Bijlsma & Marc Pomp, 2006. "The price of free advice," CPB Discussion Papers 66, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  2. Edward Martin & Noel FitzGerald, 2006. "Can “Compulsory” Annuities Provide a Fair Pension?," Economics and Finance Discussion Papers 06-15, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
  3. Jacob A. Bikker & Peter J.G. Vlaar, 2006. "Conditional Indexation in Defined Benefit Pension Plans," DNB Working Papers 086, Netherlands Central Bank, Research Department. [Downloadable!]
  4. Marc Pomp & M. Bijlsma & Machiel van Dijk & Michiel van Leuvensteijn & C. Zonderland, 2005. "Competition in markets for life insurance," CPB Documents 96, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  5. Eckardt, Martina & Räthke-Döppner, Solvig, 2008. "The Quality of Insurance Intermediary Services – Empirical Evidence for Germany," MPRA Paper 10703, University Library of Munich, Germany. [Downloadable!]
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