The transition from social insecurity |
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| Authors: | Philip Booth |
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| Affiliation: | Philip Booth is Senior Lecturer in Actuarial Science, Department of Actuarial Science and Statistics, City University, and Director, Social Insurance Reform Research Unit, Actuarial Research Centre, City University. |
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| Abstract: | The paper analyses the insecurity of state relative to private pensions. It considers issues such as moral hazard, policy-induced risk and the way in which property rights accrue to a scheme's beneficiaries. The article concludes that state schemes are fundamentally more insecure than private schemes and that the difficulties of state schemes have not arisen simply because of an accident of demographics. The difficulties of private pension schemes are also discussed as well as the transition problems arising from moving from state to private arrangements. |
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