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Pension reform in the UK: re-casting the public/private mix in pension provision 1997-2000

Fawcett, Helen (2002) Pension reform in the UK: re-casting the public/private mix in pension provision 1997-2000. In: European Consortium for Political Research. Workshop 21: The Politics of Pension Reform. European Consortium for Political Research (21). European Consortium for Political Research, Turin, Italy.

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Abstract

The UK is one of the few countries in Europe that is not facing a serious pension crisis. The reasons for this are straight forward: state pensions (both in terms of replacement ratio and as a proportion of average earnings) are among the lowest in Europe, the UK has a long-standing funded private pension sector ... and its governments have, since the beginning of the 1980s, taken measures to prevent a pension crisis developing. These measures have involved making systematic cuts in unfunded state pension provisions and increasingly transferring the burden of providing pensions to the funded private sector, principally on a defined contribution basis.