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Why Employer-based Pension Plans? The Case of Britain

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  • Hannah, Leslie

Abstract

Private savings–often through employer-based pension plans–account for a larger proportion of retirement incomes in Britain than elsewhere. The strength of employer–based pension plans in Britain can be traced to a variety of factors; their early development and security are emphasized. The pattern of spread, with heavy concentration initially in bureaucratic firms, suggests that old-age saving entered the employment relationship around 1900 because large-scale bureaucracies needed conditional, lifetime payment systems. By the 1930s, the other main intermediaries for old-age saving, specializing in private provision on an individual basis, had moved into the market for collective, employer-based pension plans.

Suggested Citation

  • Hannah, Leslie, 1985. "Why Employer-based Pension Plans? The Case of Britain," The Journal of Economic History, Cambridge University Press, vol. 45(2), pages 347-354, June.
    • Handle: RePEc:cup:jechis:v:45:y:1985:i:02:p:347-354_03
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    Cited by:

    1. Peter Howlett, 2004. "The internal labour dynamics of the Great Eastern Railway Company, 1870–1913," Economic History Review, Economic History Society, vol. 57(2), pages 396-422, May.
    2. van der Heide, Arjen & Kohl, Sebastian, 2022. "Private insurance, public welfare, and financial markets: Alpine and Maritime countries in comparative-historical perspective," MPIfG Discussion Paper 22/4, Max Planck Institute for the Study of Societies.

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