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Is There A Pensions Crisis In The Uk?

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  • E Philip Davis

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Abstract

The UK pension system is traditionally seen as offering a good example to other countries, having features such as a low social security burden of the public sector as well as 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 are also the ongoing crises of mis-selling of personal pensions and the failure of Equitable Life insurance company. In this paper we seek to investigate whether there is indeed a crisis and what the locus of the true crisis is. We find that there are important longer-term weaknesses of the UK system as well as these current difficulties, focusing on social security as well as private pensions. Pitfalls faced by UK policymakers offer important lessons to other countries seeking to set up or expand private pension provision.

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Bibliographic Info

Paper provided by Economics and Finance Section, School of Social Sciences, Brunel University in its series Public Policy Discussion Papers with number 03-21.

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Length: 25 pages
Date of creation: Nov 2003
Date of revision:
Handle: RePEc:bru:bruppp:03-21

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Postal: Brunel University, Uxbridge, Middlesex UB8 3PH, UK

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  1. Miles, David, 1993. "Testing for Short Termisn in the UK Stock Market," Economic Journal, Royal Economic Society, vol. 103(421), pages 1379-96, November.
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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. Jacob A. Bikker & Peter J.G. Vlaar, 2006. "Conditional Indexation in Defined Benefit Pension Plans," DNB Working Papers 086, Netherlands Central Bank, Research Department.
  5. 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.

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