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Pension Schemes and Pension Funds in the United Kingdom

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Author Info

  • Blake, David

    (Professor of Financial Economics and Director of the Pensions Institute, Birkbeck College, University of London)

Abstract

Never has there been so much media interest in pensions as there is currently. Never has the pensions world changed so rapidly as it has over the last few years; we have seen the introduction of a new state supplementary pension scheme, new stakeholder pensions, and a flood of companies closing their final salary schemes and replacing them with defined contribution schemes. Never have there been so many complaints about our pension system; about the state pension falling behind earnings, about the misselling of personal pensions, about the perceived poor value of annuities, and about high charges and poor investment performance. This new edition of Pension Schemes and Pension Funds in the United Kingdom provides the latest information on all the key state and private pension schemes operating in the UK, including: the basic state pension, minimum income guarantee and pension credit; the state second pension; company pension schemes; and personal and stakeholder pension schemes. It does this within the context of the long historical development of the UK pensions system since medieval times. It also examines government pensions policy over the last twenty years, in particular the reduction in state pensions and the transfer of the burden of pension provision to the funded private sector. It also examines future trends and future concerns, such as increasing longevity and the adequacy of savings for retirement when people are young and in work. As most pension schemes are funded, the author also examines the latest issues in pension funding, such as the new accounting standard FRS17, active and passive fund management, investment risk budgeting and management, global investment performance standards, short-termism and the Myners review of institutional investment. The book concludes with a proposal for the Ideal Pension Scheme.

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Bibliographic Info

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This book is provided by Oxford University Press in its series OUP Catalogue with number 9780199243532 and published in 2003.

Edition: 2
ISBN: 9780199243532
Order: http://ukcatalogue.oup.com/product/9780199243532.do
Handle: RePEc:oxp:obooks:9780199243532

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Web page: http://www.oup.com/

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Citations

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Cited by:
  1. Blake, David, 2001. "The United Kingdom Pension System: Key Issues," Discussion Paper 15, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  2. Blake, David & Timmermann, Allan & Tonks, Ian & Wermers, Russ, 2010. "Decentralized investment management: evidence from the pension fund industry," MPRA Paper 35767, University Library of Munich, Germany.
  3. Anastasia Petraki & Anna Zalewska, . "Jumping over a low hurdle: Personal pension fund performance Abstract: This study analyses a sample of 8,255 UK personal pension funds operated by 60 providers over a 30 years’ period (1980 – 2009," The Centre for Market and Public Organisation 13/305, Department of Economics, University of Bristol, UK.
  4. Glaessner, Thomas Charles & Valdes-Prieto, Salvador, 1998. "Pension reform in small developing countries," Policy Research Working Paper Series 1983, The World Bank.
  5. Armando Barrientos, 1998. "Supplementary pension coverage in Britain," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 429-446, November.
  6. Eich, Frank, 2009. "Public sector pensions: Rationale and international experiences," EconStor Preprints 54560, ZBW - German National Library of Economics.
  7. David Blake, 2003. "UK pension fund management after Myners: the hunt for correlation begins," LSE Research Online Documents on Economics 24833, London School of Economics and Political Science, LSE Library.
  8. Richard Johnson, 2000. "The effect of old-age insurance on male retirement : evidence from historical cross-country data," Research Working Paper RWP 00-09, Federal Reserve Bank of Kansas City.
  9. Michael E. Drew, 2010. "The Puzzle of Financial Reporting and Corporate Short- Termism: A Universal Ownership Perspective," Discussion Papers in Finance finance:201005, Griffith University, Department of Accounting, Finance and Economics.
  10. Franz Rothenbacher, 2004. "The Welfare State of the Civil (or Public) Servants in Europe: A Comparison of the Pension Systems for Civil (or Public) Servants in France, Great Britain, and Germany," MZES Working Papers 74, MZES.
  11. Amy Finkelstein & James Poterba, 1999. "Selection Effects in the Market for Individual Annuities: New Evidence from the United Kingdom," NBER Working Papers 7168, National Bureau of Economic Research, Inc.
  12. Richard Disney & Carl Emmerson & Sarah Smith, 2004. "Pension Reform and Economic Performance in Britain in the 1980s and 1990s," NBER Chapters, in: Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980-2000, pages 233-274 National Bureau of Economic Research, Inc.
  13. Alessandra Guariglia & Sheri Markose, 2000. "Voluntary Contributions to Personal Pension Plans: Evidence from the British Household Panel Survey," Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 469-488, December.
  14. David Blake, 2003. "What is a promise from the government worth?: measuring and assessing the implications of political risk in state and personal pension schemes in the United Kingdom," LSE Research Online Documents on Economics 24856, London School of Economics and Political Science, LSE Library.
  15. Luciano Fanti, 2012. "PAYG pensions and fertility drop: some (pleasant) arithmetic," Discussion Papers 2012/147, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  16. David Blake, 2003. "Financial system requirements for successful pension reform," LSE Research Online Documents on Economics 24862, London School of Economics and Political Science, LSE Library.
  17. Peter Diamond, 1998. "The Economics of Social Security Reform," NBER Working Papers 6719, National Bureau of Economic Research, Inc.

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