Pension Reform in the United Kingdom: An Economic Perspective. (August 2016)

• Record Type: Journal Article
• Authors: Disney, Richard
• Is Part Of: National Institute economic review. Volume 237:Number 1(2016)
• Page Start: R6
• Page End: R14
• Publication Date: 2016-08
• Subjects: pension reform -- employer-provided pensions -- annuities; H55 -- J32 -- G22; Economic history -- 1945- -- Periodicals; Economics -- Great Britain -- Periodicals; Great Britain -- Economic conditions -- 1945-1964 -- Periodicals; 330.941
• DOI: 10.1177/002795011623700111
• Languages: English
• ISSNs: 0027-9501

Abstract

This paper considers the evolution of the UK's pension programme in the light of various stated rationales for public intervention. It argues that the publicly-provided (tax-financed) pension programme has gone through four distinct stages since 1946. It examines some of the issues that have arisen in the context of private pension provision in the UK, both in the form of so-called 'defined benefit' and 'defined contribution' pension plans, as well as individual purchases of annuities.