Public Expectations of Pension Provision

Taylor-Gooby, P.F. (2005) Public Expectations of Pension Provision. Project report. Institute and Faculty of Actuaries, London (The full text of this publication is not available from this repository)

The full text of this publication is not available from this repository. (Contact us about this Publication)
Official URL
http://www.actuaries.org.uk/__data/assets/pdf_file...

Abstract

This study is based on analysis of data on trust in pensions from the 2002 British Social Attitudes survey, specially-commissioned focus group interviews and literature review. It shows: Current government policies in the field of pensions lead to a dilemma between the goals of an expanded private sector (which means more private and less state provision) and guaranteed adequate benefits underwritten by a means-tested government scheme (which may lead to more state provision). It is difficult to resolve this without an increase in the resources applied to at least one of the sectors. Trust in both private and state pensions is low; this makes a solution to the dilemma more difficult, because it weakens individual propensity to invest and voter willingness to pay higher taxes. Trust is socially divided: better educated, more middle class groups tend to have higher levels of mistrust in both private and state sectors. More working class groups on lower incomes tend to have higher trust overall, and to report a kind of grudging trust in the state sector because they believe that they cannot afford an alternative: ‘They won’t let you starve, will they?’ Middle class people prefer investments which offer a high degree of user control and are transparently advantageous. More flexible pension contracts are likely to be more attractive. Returns which investors believe are superior to and more secure than those from alternatives (such as buy-to-let or small business), increase the attractiveness of pensions. These depend on fiscal and regulation regime and the extent to which contributions from employers are compulsory. Those on lower incomes will continue to require state support.

Item Type: Monograph (Project report)
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculties > Social Sciences > School of Social Policy Sociology and Social Research > Social Policy
Depositing User: Peter Taylor-Gooby
Date Deposited: 18 Sep 2008 15:44
Last Modified: 14 Jan 2010 14:17
Resource URI: http://kar.kent.ac.uk/id/eprint/4720 (The current URI for this page, for reference purposes)
  • Depositors only (login required):