Il pilastro privato del sistema previdenziale: il caso del Regno Unito

Il pilastro privato del sistema previdenziale: il caso del Regno Unito (di Francesco Spadafora) - ABSTRACT: In striking contrast with the majority of other European economies, the UK pension system does not pose problems of financial sustainability to public finances. Public expenditure for pensions is foreseen to remain relatively stable for the next 50 years, around 5% of GDP, thanks to the considerable stock of privately-funded, actuariallyfair pension provision accumulated by the country. Nonetheless, an intense debate is under way on the alleged crisis of the pension system, resulting not only from the private cost but also from the level of the benefits. The debate encompasses both the demand and the supply side of the pension system. The present work illustrates the structural characteristics and significant peculiarities of the UK pension system, with particular emphasis on the evolution of pension savings in the private sector. Furthermore, it surveys the main aspects of the current debate and the different measures put forward as possible solutions. With reference to Italy, the UK experience may constitute a source of meaningful reflections for the current debate on the evolution of private pensions.