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A Just Retirement Pension System: Beyond Neoliberalism

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  • Mark Hyde
  • John Dixon

Abstract

This article takes issue with the neoliberal conception of justice that has informed much of retirement pension policy in recent decades. Drawing upon an appraisal of a spectrum of liberal philosophical perspectives, it develops an evaluative framework that specifies the appropriate normative foundations of the design of retirement pension systems. We contend that justice is comprised of three core principles: need, which legitimates the social minimum that is necessary to sustain an adequate standard of living for the least advantaged; desert, which provides a justification for allocating income in accordance with differentials in work participation prior to retirement; and equality, which provides a normative rationale for universal citizenship entitlements. Their corresponding design features may be used to assess the degree to which the design of retirement pension systems is consistent with the requirements of distributive justice.

Suggested Citation

  • Mark Hyde & John Dixon, 2009. "A Just Retirement Pension System: Beyond Neoliberalism," Poverty & Public Policy, John Wiley & Sons, vol. 1(1), pages 1-25, March.
    • Handle: RePEc:wly:povpop:v:1:y:2009:i:1:p:1-25
    DOI: 10.2202/1944-2858.1000
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    References listed on IDEAS

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    1. Duco Bannink & Bert de Vroom, 2007. "The Dutch Pension System and Social Inclusion," Chapters, in: Traute Meyer & Paul Bridgen & Barbara Riedmüller (ed.), Private Pensions versus Social Inclusion?, chapter 3, Edward Elgar Publishing.
    2. Jay Ginn, 2004. "Actuarial Fairness or Social Justice? A Gender Perspective on Redistribution in Pension Systems," CeRP Working Papers 37, Center for Research on Pensions and Welfare Policies, Turin (Italy).
    3. Mitchell, Olivia S. & Utkus, Stephen P. (ed.), 2004. "Pension Design and Structure: New Lessons from Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780199273393.
    4. Mark Hyde & John Dixon, 2008. "A comparative analysis of mandated private pension arrangements," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 35(1/2), pages 49-62, January.
    5. Mark Hyde & John Dixon, 2008. "A comparative analysis of mandated private pension arrangements," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 35(1/2), pages 49-62, January.
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    Cited by:

    1. Mark Hyde & Silvia Borzutzky, 2015. "Chile's “Neoliberal” Retirement System? Concentration, Competition, and Economic Predation in “Private” Pensions," Poverty & Public Policy, John Wiley & Sons, vol. 7(2), pages 123-157, June.
    2. Kaifala, Gabriel B. & Paisey, Catriona & Paisey, Nicholas J., 2021. "The UK pensions landscape – A critique of the role of accountants and accounting technologies in the treatment of social and societal risks," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 75(C).
    3. Michael W. Kpessa, 2010. "Ideas, Institutions, and Welfare Program Typologies: An Analysis of Pensions and Old Age Income Protection Policies in Sub‐Saharan Africa," Poverty & Public Policy, John Wiley & Sons, vol. 2(1), pages 37-65, January.

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