THE YOUNG HELD TO RANSOM – A PUBLIC CHOICE ANALYSIS OF THE UK STATE PENSION SYSTEM

Philip Booth

Economic Affairs, 2008, vol. 28, issue 1, 4-10

Abstract: As populations age, it will become increasingly difficult to reform state pension systems. Reform will not be impossible, but the process of ‘buying off’ interest groups will be expensive. State pension provision must use the contributory principle combined with an accruals system – though private pension provision would be better still. There are serious flaws in the so‐called ‘citizens pension’ much promoted by interest groups in the UK.

Date: 2008
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