Private Pensions in OECD Countries: The United Kingdom
E. Philip Davis
This volume is part of a series of monographs on private pensions in OECD countries. Previous titles have considered the situation in Canada, Ireland, New Zealand and the United States. The United Kingdom pension system has some distinctive characteristics. Publicly-provided pensions have become less important as a source of retirement income. The ageing of the population will shrink the numbers of those working relative to those receiving old-age pensions, but because of the low rates of public pension payments, contribution rates will not need to rise dramatically to cover pension costs. Funded company-based schemes are extensive, with one of the highest asset to GDP ratios among the OECD countries. Personal private pensions are growing rapidly in coverage. Evidence suggests that these pension funds have boosted saving and increased the supply of long-term funds, so stimulating the development of capital markets. The size and scope of private pensions in the United Kingdom makes the ...
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