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The United Kingdom pension system: key issues

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  • Blake, David

Abstract

This paper examines the key issues relating to the UK pension system. It reviews the current system of pension provision, describes and analyses the reforms since 1980, examines the legal regulatory and accounting framework for occupational pension schemes, assesses the different types of risks and returns from membership of defined benefit and defined contribution pension schemes, and investigates the management and investment performance of pension fund assets. The paper ends with a discussion of the review of institutional investment in the UK conducted by Paul Myners and published in March 2001.

Suggested Citation

  • Blake, David, 2003. "The United Kingdom pension system: key issues," LSE Research Online Documents on Economics 24851, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:24851
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    File URL: http://eprints.lse.ac.uk/24851/
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    References listed on IDEAS

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    1. David Blake, 1999. "Annuity Markets: Problems and Solutions," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 24(3), pages 358-375, July.
    2. Josef Lakonishok & Andrei Shleifer & Robert W. Vishny, 1992. "The Structure and Performance of the Money Management Industry," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1992 Micr), pages 339-391.
    3. David Blake & Allan Timmermann, 1998. "Mutual Fund Performance: Evidence from the UK," Review of Finance, European Finance Association, vol. 2(1), pages 57-77.
    4. David Blake & John Board, 2000. "Measuring Value Added in the Pensions Industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 25(4), pages 539-567, October.
    5. ,, 1999. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 15(3), pages 427-432, June.
    6. D Blake & B N Lehmann & A Timmermann, 2002. "Performance clustering and incentives in the UK pension fund industry," Journal of Asset Management, Palgrave Macmillan, vol. 3(2), pages 173-194, September.
    7. ,, 1999. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 15(4), pages 629-637, August.
    8. ,, 1999. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 15(5), pages 777-788, October.
    9. Blake, David & Lehmann, Bruce N & Timmermann, Allan, 1999. "Asset Allocation Dynamics and Pension Fund Performance," The Journal of Business, University of Chicago Press, vol. 72(4), pages 429-461, October.
    10. ,, 1999. "Problems And Solutions," Econometric Theory, Cambridge University Press, vol. 15(1), pages 151-160, February.
    11. Valdés-Prieto,Salvador (ed.), 1997. "The Economics of Pensions," Cambridge Books, Cambridge University Press, number 9780521552301, September.
    12. Blake, David, 2003. "Pension Schemes and Pension Funds in the United Kingdom," OUP Catalogue, Oxford University Press, edition 2, number 9780199243532.
    13. Blake, David, 1998. "Pension schemes as options on pension fund assets: implications for pension fund management," Insurance: Mathematics and Economics, Elsevier, vol. 23(3), pages 263-286, December.
    14. Burgess, Simon & Rees, Hedley, 1994. "Lifetime Jobs and Transient Jobs: Job Tenure in Britain 1975-91," CEPR Discussion Papers 1098, C.E.P.R. Discussion Papers.
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    Citations

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    Cited by:

    1. Vittas, Dimitri, 2011. "The mechanics and regulation of variable payout annuities," Policy Research Working Paper Series 5762, The World Bank.
    2. Michiel Bijlsma & Cora Zonderland & Machiel van Dijk & Marc Pomp, 2005. "Competition in markets for life insurance," CPB Document 96, CPB Netherlands Bureau for Economic Policy Analysis.
    3. Joachim Inkmann & Paula Lopes & Alexander Michaelides, 2011. "How Deep Is the Annuity Market Participation Puzzle?," The Review of Financial Studies, Society for Financial Studies, vol. 24(1), pages 279-319.
    4. Inkmann, Joachim, 2006. "Compensating wage differentials for defined benefit and defined contribution occupational pension scheme benefits," LSE Research Online Documents on Economics 24516, London School of Economics and Political Science, LSE Library.
    5. Michiel Bijlsma & Machiel van Dijk & Marc Pomp & Cora Zonderland, 2005. "Competition in markets for life insurance," CPB Document 96.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
    6. Mariacristina Rossi, 2009. "Examining the Interaction between Saving and Contributions to Personal Pension Plans: Evidence from the BHPS," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 71(2), pages 253-271, April.
    7. Angeliki Theophilopoulou, 2008. "The Impact of Structural Pension Reforms on the Macroeconomic Performance: An Empirical Analysis," Birkbeck Working Papers in Economics and Finance 0806, Birkbeck, Department of Economics, Mathematics & Statistics.
    8. Hinrichs, Karl, 2004. "Active Citizens and Retirement Planning: Enlarging Freedom of Choice in the Course of Pension Reforms in Nordic Countries and Germany," Working papers of the ZeS 11/2004, University of Bremen, Centre for Social Policy Research (ZeS).

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    More about this item

    Keywords

    UK pension system; pension reforms; state pensions; private pensions; defined benefit; defined contribution; pension fund management; investment performance; Myners review of institutional investment;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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