Is There a Pensions Crisis in the UK?
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.
(This abstract was borrowed from another version of this item.)
|Date of creation:||Sep 2003|
|Date of revision:|
|Note:||9th September 2003, Keynote address for the Japan Pension Research Council meeting, Tokyo, 18-19 September 2003|
|Contact details of provider:|| Postal: 2-1 Naka, Kunitachi City, Tokyo 186-8603|
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- David Miles, 1992.
"Testing for short-termism in the UK stock market,"
Bank of England working papers
4, Bank of England.
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