HOW TO CLEAR UP THE PENSIONS MESS

David Simpson

Economic Affairs, 2003, vol. 23, issue 3, 11-15

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.

Date: 2003
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