HOW TO CLEAR UP THE PENSIONS MESS |
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| Authors: | David Simpson |
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| Institution: | David Simpson was Economic Adviser to Standard Life from 1989 to 2001. From 1975 to 1988 he was a Professor of Economics at the University of Strathclyde. His publications include Regulating Pensions: Too Many Rules, Too Little Competition, IEA Hobart Paper 131, and 'Cost-Benefit Analysis and Competition,' in Peter Andrews (ed.) Some Cost-Benefit Issues in Financial Regulation;, London: FSA Occasional Paper 12. |
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| Abstract: | All three pillars of the British pensions system are crumbling. The basic state pension is unsustainable in its present form. Defined benefit occupational pension schemes are fast disappearing, and with them the retirement hopes of millions of workers. A further 3 million low-income earners are not saving enough for their retirement. And uncertainty about pensions choices is widespread. In each case the primary cause of the problem is governmental or regulatory failure. The paper makes eight general and four specific proposals for restoring the system. |
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