The Development of Private Pension Schemes and the Pension Reform

Earlier, we considered households’ substantial and growing investment in pension saving. This investment is closely related to the limited role of public pensions. The interaction between public and private pensions is easier to understand if set against a historical background. UK private pension provision, both occupational and personal, has roots reaching far back into the past. Its growth was subsequently influenced to a considerable extent by the birth and successive reforms of public pension provision. 1 These reforms have become stratified over time, making the pension system extremely complex and very difficult to reform radically. In this respect reference has been made to the path-dependent nature of pensions and stress placed on the ‘problem of history for any radical reform of British pensions’. 2 These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.