Occupational Pension Schemes: Prospects and Reforms in the UK

Abstract

Private pensions seem likely to provide the dominant source of income for the majority of retired workers in the future. New private pension instruments developed since 1986, notably personal pensions, have proved popular, but concern as to ‘overselling’ of personal pensions and as to the risks associated with the ‘money purchase’ form of pension provision is frequently voiced by commentators. For many people, rightly or wrongly, the ‘traditional’ finalsalary- based occupational pension remains the bench-mark for private pension provision in the UK. Nevertheless, recent trends, most notably the growth of alternatives to final- salary-based arrangements and a shift in attitudes towards pension provision among employers, suggest that the occupational pension sector will undergo significant changes in the future.

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