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. The Geneva Papers on Risk and Insurance (2004) 29, 343–370. doi:10.1111/j.1468-0440.2004.00292.x
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance.
Volume (Year): 29 (2004)
Issue (Month): 3 (July)
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
Other versions of this item:
- 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?," Public Policy Discussion Papers 03-21, Economics and Finance Section, School of Social Sciences, Brunel 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.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- David Miles, 1992.
"Testing for short-termism in the UK stock market,"
Bank of England working papers
4, Bank of England.
- Guillen, Montserrat & Jorgensen, Peter Lochte & Nielsen, Jens Perch, 2006. "Return smoothing mechanisms in life and pension insurance: Path-dependent contingent claims," Insurance: Mathematics and Economics, Elsevier, vol. 38(2), pages 229-252, April.
- Eckardt, Martina & Räthke-Döppner, Solvig, 2008.
"The Quality of Insurance Intermediary Services – Empirical Evidence for Germany,"
10703, University Library of Munich, Germany.
- Martina Eckardt & Solvig Räthke-Döppner, 2010. "The Quality of Insurance Intermediary Services-Empirical Evidence for Germany," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(3), pages 667-701.
- Christine Lagoutte, 2006. "Financement des retraites par capitalisation et équilibre des systèmes financiers : le cas du Royaume-Uni," Revue d'Économie Financière, Programme National Persée, vol. 86(5), pages 331-362.
- Jacob A. Bikker & Peter J.G. Vlaar, 2006. "Conditional Indexation in Defined Benefit Pension Plans," DNB Working Papers 086, Netherlands Central Bank, Research Department.
- Michiel Bijlsma & Machiel van Dijk & Marc Pomp & Cora Zonderland, 2005. "Competition in markets for life insurance," CPB Document 96, CPB Netherlands Bureau for Economic Policy Analysis.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Gale).
If references are entirely missing, you can add them using this form.